Hanmi Pharmaceutical’s family feud resolved through mediation

(From left) Lim Jong-yoon and Lim Jong-hoon

The management dispute within Hanmi Pharmaceutical Group is nearing an end, thanks to the mediation efforts of Shin Dong-kuk, the largest individual shareholder of Hanmi Science and Chairman of Hanyang Precision.

Hanmi Science directors Lim Jong-yoon and Lim Jong-hoon, the sons of the late founder of Hanmi Pharmaceutical Group, Lim Sung-ki, are expected to join forces with Chairman Shin in steering the company’s future.

“The family discord within Hanmi Pharmaceutical Group has been dramatically resolved,” Lim Jong-yoon said in a statement on Wednesday. “Through Chairman Shin’s mediation, the three parties have agreed to join forces, establishing a balanced management system.”

As a result, Chairman Shin, Song Young-sook, the widow of the founder and Chairwoman of Hanmi Pharmaceutical Group, Lim Joo-hyun, the eldest daughter and Vice Chairwoman of Hanmi Science, and the two sons, Lim Jong-yoon and Lim Jong-hoon, will form a unified management group.

This coalition will control more than 51 percent of the group’s shares, according to statements from Chairman Shin and Lim Jong-yoon.

“We are moving away from the traditional hierarchical model of a sole chairman and CEO,” said Chairman Shin and Lim Jong-yoon. “By incorporating checks and balances, transparency, and speed, we aim to achieve swift and effective outcomes. We are committed to investing in the necessary human resources to ensure these objectives are met.”