In an unfolding corporate drama at Hanmi Group, a major South Korean conglomerate, the company announced the sudden removal of two key figures from their leadership roles, only days before their annual shareholders' meeting. Hanmi Science's President Lim Jong-yoon and Hanmi Pharmaceuticals' President Lim Jong-hoon, both sons of the conglomerate's founder, were dismissed amid a growing family feud over a proposed merger with OCI Holdings.

The company cited their involvement in disputes, which jeopardized crucial resolutions and inflicted "irreparable damage" to the corporation, as the reasons for their dismissal. 

Additionally, President Lim Jong-yoon faced accusations of neglecting his duties by pursuing personal business interests, notably his involvement with another company, Dx&Vx, which allegedly tarnished Hanmi Group's reputation.

Hanmi Group expressed regret that the paths of the two presidents diverged from the company's envisioned future. They emphasized this decision as a testament to their dedication to safeguarding the corporate reputation and operational integrity.

In tandem with these dismissals, Hanmi Science CEO Lim Joo-hyun and OCI Holdings Chairman Lee Woo-hyun held a press conference, with the aim of guiding the company through the turbulent times.

Hanmi Science CEO Lim Joo-hyun stated that the decision was made by Hanmi Group Chairwoman Song Young-sook, the mother of the two Lim brothers and the daughter CEO Lim, after much deliberation, with the hope of resolving ongoing disputes that had tarnished the company's operations and image.

"Chairman Song had hoped for a long time that this conflict be resolved peacefully, but as the situation is at a stalemate, the chairman decided to dismiss the two sons from the company's management roles ahead of the general meeting to prevent turmoil within the organization," CEO Lim Joo-hyun said.

She emphasized that the steps were taken to ensure the stability of the company, indicating that internal stability was paramount to preventing the loss of everything the company has worked towards.

During the conference, she also highlighted Hanmi's significant achievements, including generating substantial revenue from Rosuzet and ongoing R&D investments, which have restructured the company's disease-specific pipeline.

Despite these successes, she voiced concerns over the stock's performance and unresolved inheritance tax issues from major shareholders and reaffirmed the company's commitment to becoming a "true global enterprise" through its planned integration with OCI Holdings.

Lim, the daughter of the Hanmi founder, stressed the importance of the deal with OCI, suggesting that without it, Hanmi might remain a top domestic pharmaceutical company but would not be able to become a global pharmaceutical company.

The proposed merger between Hanmi Pharmaceutical Group and OCI Group has been a contentious issue, with the owner families at odds and the outcome uncertain.

Presidents Lim Jong-yoon and Lim Jong-hoon of Hanmi Pharmaceutical and Hanmi Fine Chemicals, who hold a combined stake of 40.57 percent after aligning with Hanyang Precision's Chairman Shin Dong-guk, the major shareholder outside family members, are opposed to the integration.

In contrast, Hanmi Group Chairman Song Young-sook and President Lim Joo-hyun, with a combined 35 percent stake, advocate for the merger.

President Lim, the daughter of the founder, expressed her determination to engage in dialogue and convince stakeholders of the merger's benefits, emphasizing the role of the National Pension Service as a significant shareholder.

"Despite Hanmi's record performance last year, its corporate value has not been fully reflected in its stock price due to these inheritance tax issues," Lim said. "The merger has the potential to resolve the overhanging issue of inheritance taxes issue and enhance corporate value."

With regards to the upcoming shareholders meeting, "I hope shareholders will reconsider whether the two sons board composition proposal is right for the company's future as if it passes all four family members will be engaged in the company's board activities," Lim said. "In a way, it goes against ESG (environmental, social and governance) management."

Responding to claims by the Lim brothers regarding a proposed 1 trillion won investment to grow the company to a 50 trillion won valuation, the sister countered that such assertions seemed not to fully appreciate Hanmi's current circumstances, especially regarding its differentiated production processes at the Pyeongtaek plant.

"The mentioned amount of 1 trillion won is not significant and without a clear explanation of how these funds will be utilized, opposition to their plan is unwarranted," Lim, the daughter, stated.

She reaffirmed the merger with OCI as the strategic choice aligned with the founder's vision and the best way to preserve Hanmi's unique DNA while questioning the feasibility of becoming a truly global player without such integration.

She said she has filed a lawsuit against her eldest brother, Lim Jong-yoon, regarding the 26.6 billion won that she loaned him.

"Once the debt is settled, a significant portion of my inheritance tax will be resolved," she said.

However, the sister still offered an olive branch to her brothers, stating that she is still open to reconciling and becoming a family once more.

"Of course, we will try to have a dialog or reconciliation," she said.

Meanwhile, OCI Holdings Chairman Lee, appearing alongside Lim, shared insights into the partnership's formation, emphasizing the mutual understanding and investment necessities recognized through discussions with Hanmi.

Despite facing unexpected conflicts and public scrutiny, Lee remains optimistic about enhancing shareholder value through this strategic alliance.

Notably, Lee stressed that he would put a three-year lock-up period into his investment in Hanmi Science.

"We decided to invest with the understanding that it might take years before seeing returns, prepared for the long haul to assist Hanmi," Lee said.