[Edaily Reporter Kim Jinsoo ] Even during the flight from Boston to Seoul—which lasted over 12 hours—he stayed awake all night, unable to sleep, and remained in constant contact. Although his day-night cycle was frequently disrupted by long-haul flights that occurred two or three times a month, this was a task he simply had to complete.

“ OSCOTEC Inc.(039200)is currently at a critical juncture in terms of growth, management stability, and attracting investment. I am being very cautious because if a board dispute were to erupt, it could harm the shareholders. Furthermore, once I join the board, I will need to collaborate with the current management team; if conflicts arise, it will inevitably make it harder to get things done. As a result, I am unable to speak out more actively, and I find this situation frustrating,”

Kim Seong-yeon, a director at Genosco, expressed his concern for OSCOTEC Inc. and its shareholders.

“I’ll do my very best.”

October 22, at the OSCOTEC Inc. office in Pangyo, Gyeonggi Province. Director Kim Seong-yeon met once again with OSCOTEC Inc. CEO Lee Sang-hyun.

The relationship between Director Kim and CEO Lee dates back 25 years. CEO Lee had worked alongside the late Kim Jeong-geun, OSCOTEC Inc.’s founder and former CEO, for many years. He joined OSCOTEC Inc. in 1999 and, after 26 years with the company, rose to the position of CEO in 2025. During that time, Director Kim Seong-yeon—the son of former CEO Kim Jeong-geun—also developed a close friendship with CEO Lee.

However, the two now find themselves at the center of a conflict due to differing stances on maintaining versus restructuring the board of directors.

“There are several conditions for joining the OSCOTEC Inc. board. First, we ask that you guarantee the terms of the current management and directors. We also request that you withdraw the nominations of Go Jong-sung, CEO of Genosco, as a director candidate, and Han Yeon-kyu as an auditor candidate.”

“Even after joining the board, I had no intention of dismissing the current management and directors, and my stance on this remains unchanged. If CEO Ko’s appointment to the OSCOTEC Inc. board would not actually benefit OSCOTEC Inc., I could consider withdrawing his nomination. However, I question whether CEO Ko Jong-sung’s entry onto the board would truly be detrimental to the company. Setting aside other conflicts of interest, I believe we must objectively assess whether this would truly benefit OSCOTEC Inc. or not.”

CEO Lee made several proposals to Director Kim regarding his entry onto the OSCOTEC Inc. board. First, he requested that the terms of the current management team be guaranteed.

He then demanded that the nominations for certain director candidates be withdrawn. Last month, Director Kim requested that OSCOTEC Inc. hold an extraordinary general meeting of shareholders and proposed an agenda item regarding the appointment of directors. He proposed Ko Jong-sung, CEO of Genosco, as a candidate for an inside director; Director Kim himself as a candidate for a non-executive director; Park Jong-cheol, a professor at Harvard Medical School, as a candidate for an independent director; and Han Yeon-kyu, a lawyer and former prosecutor, as a candidate for a part-time auditor. Ultimately, OSCOTEC Inc. effectively demanded that only Director Kim and Professor Park Jong-cheol of Harvard Medical School be appointed to the board.

“I also hope that you will not file any civil or criminal lawsuits against OSCOTEC Inc. in the future, and I ask that Chairman Lee Ki-yoon of GK Asset—the second-largest shareholder—and other shareholders refrain from filing lawsuits as well. In the unlikely event that an individual lawsuit is filed, I would like you to bear the legal fees and other costs associated with that lawsuit.”

“I’m not sure if I can control the actions of other shareholders, but I will do my best. However, asking me to bear the litigation costs does not seem reasonable.”

“I conveyed my opinion, but have not received a response from OSCOTEC Inc.”

In an interview with Edaily, Director Kim stated, “I am certainly free to raise issues regarding the current management. However, since I am in a position where I must join OSCOTEC Inc. to stabilize management control and attract investment, it would not be helpful to worsen relations with the existing management.” He added, “It seems OSCOTEC Inc. is aware of this and is taking advantage of the situation. They understand that, since I will be playing a role in the company going forward, I cannot respond in a way that damages the company.”

He continued, “I heard that if Mr. Ko Jong-sung, CEO of Genosco, joins the board, CEO Yoon Tae-young might leave the company. Mr. Ko isn’t even planning to take on the role of CEO or chairman at OSCOTEC Inc.—he simply intends to join the board—so I question whether there’s a need to react so sensitively.”

Director Kim emphasized that the focus should be on determining what is truly beneficial for OSCOTEC Inc., rather than on CEO Yoon Tae-young’s future.

Director Kim said, “CEO Ko Jong-sung and Professor Park Jong-cheol are individuals who will strengthen the board’s research decisions with their expertise in new drug development and clinical trials. Even if there is a possibility that CEO Yoon might leave OSCOTEC Inc., we must make our judgment based on what impact that would have and whether his continued presence would be beneficial in any way. I believe it is inappropriate to make such an important decision based on CEO Yoon’s personal feelings or stance.”

He continued, “Some claim this is a ploy to take control of the board, but this is also untrue. Even if all three nominees are appointed, they would account for only three out of ten directors. Furthermore, as a candidate for non-executive director, I do not intend to serve on a full-time basis or manage the company; rather, as the largest shareholder, I intend to take responsibility for decisions made within the board.”

Finally, he stated, “I conveyed these views to OSCOTEC Inc., but I have not received a specific response. My stance remains unchanged: the interests of the company as a whole must take precedence over the position of the existing management or personal interests.”