[Edaily Reporter NA EUN-KYUNG ] HanmiPharm(128940)has launched a special audit conducted by an external professional firm regarding the issue of uncollected accounts receivable at its Chinese subsidiary, Beijing HanmiPharm. This action follows requests from some institutional investors for an independent investigation, as expressed in a Seohan.

HanmiPharm announced on the 12th that it had held a meeting on the 8th at its Seoul headquarters—attended by the Audit Committee, the Chief Risk Officer (CRO) team, and two external firms specializing in accounting and legal affairs—to launch the special audit and has now begun the full-scale investigation. This special audit is intended to verify issues regarding receivables management and internal controls that have arisen due to the recent increase in long-term uncollected accounts receivable at Beijing Hanmi Pharmaceutical.

Previously, concerns were raised regarding the financial soundness of Beijing HanmiPharm due to delays in the collection of accounts receivable from certain business partners. According to data released by HanmiPharm last July, Beijing HanmiPharm’s total accounts receivable decreased from approximately 900 million yuan (about 180 billion won) at the end of last year to 670 million yuan (about 130 billion won); however, receivables outstanding for more than three months increased from 320 million yuan (approximately 60 billion won) to 430 million yuan (approximately 90 billion won) during the same period.

In particular, some media outlets raised suspicions that a significant amount of uncollected receivables had arisen from transactions with Lunmeikang, an affiliate of the Kori Group. HanmiPharm stated that long-term uncollected receivables do not necessarily mean they are uncollectible or represent a total loss, but the company has nevertheless moved to improve its receivables collection plan and management system.

Subsequently, last month, some institutional investors sent a Seohan to HanmiPharm’s board of directors and audit committee, requesting a special audit regarding the issue of uncollected accounts receivable. HanmiPharm has stated that it will suspend new transactions with the relevant business partners until the disputed receivables are collected and will strengthen internal controls, including the establishment of a new organization to oversee risk management.

This special audit is a follow-up measure in response to these shareholder demands. HanmiPharm’s Audit Committee began the process of appointing external experts on the 23rd of last month and, after conducting a preliminary review for potential conflicts of interest on the 2nd of this month, appointed an accounting firm and a law firm as the investigating agencies.

The investigation will be conducted under the direction of the Audit Committee, independently of current and former executives and business partners. HanmiPharm plans to provide its existing internal audit materials to the external agencies and examine the circumstances surrounding the creation of the accounts receivable and the current state of management through on-site visits to Beijing and interviews with relevant personnel.

HanmiPharm aims to finalize the investigation results by the end of this month. The findings will be disclosed to shareholders and the market, and based on the confirmed details, the company plans to implement follow-up measures such as debt recovery, a review of relevant contracts and corporate governance, and improvements to internal controls.

A HanmiPharm official stated, “We will humbly accept the issues raised by our shareholders and ensure that an independent and objective investigation is conducted,” adding, “We will transparently share the investigation results and faithfully implement necessary corrective measures to protect shareholder value and enhance trust in our internal controls and corporate governance.”