The battle for control of South Korea’s Hanmi Pharmaceutical Group intensified as Hanmi Science Co. unveiled a contested 800 billion won ($620 million) investment strategy that sparked immediate criticism from the founder’s family members.
The holding company, run by founder Lim Sung-ki’s sons Jong-yoon and Jong-hoon, plans to deploy 568 billion won for acquisitions and 200 billion won for research through 2028. The blueprint targets sales of 2.33 trillion won and promises to boost shareholder returns to 25% from 18%.
The announcement drew sharp rebuke from a coalition led by the late chairman’s widow Song Young-sook, who questioned the funding sources. The group, which includes Lim’s daughter and Hanyang Precision chairman Shin Dong-guk, called the strategy a “patchwork” plan that cost 3 billion won in consulting fees.
The funding mystery looms large given Hanmi Science’s limited cash reserves of 2.4 billion won as of June. Critics point to the brothers’ personal debt burden, which requires nearly 10 billion won in annual interest payments.
The dispute highlights growing tensions in one of Korea’s prominent pharmaceutical dynasties, with both sides seeking to convince shareholders of their vision for the company’s future.
