The long-standing discord within the Hanmi Group's founding family may have ended.

According to a statement released by Locomotive, the PR agency of the eldest son Lim Jong-yoon, Hanyang Precision Chairman Shin Dong-kuk,  who is the largest individual shareholder outside of the Hanmi family has played a central role in resolving the six-month family dispute. Shin has been known for his close ties with the late founder Lim Sung-ki.

Chairman Shin stressed that he values loyalty to the late founder Lim and has had multiple discussions with the family members, prioritizing the swift stabilization of Hanmi Pharm, which has led to a balanced and robust management structure, providing a foundation for stability and growth.

In collaboration with Lim Jong-yoon, Director of Hanmi Science, and Lim Jong-hoon, CEO of Hanmi Science, Chairman Shin plans to shift from the traditional owner-centric management system to a professional management system focused on on-site operations.

This approach aims to combine the best of professional management and shareholder value, ensuring transparency, speed, and swift results.

Chairman Shin also commended Song for her  recentdecision to step down from frontline management for the company's benefit.

"I highly appreciate Song's decision to step back from the frontline for the company's development," he said.

Chairman Shin also addressed speculation about potential partnerships with specific major shareholders or a recompetition of shares.

He stated that none of the Lim family members intend to sell Hanmi Pharm to foreign entities, asserting that such a move would contradict the company's identity as a Korean pharmaceutical company.

Shin promised strict action against any false rumors about a foreign sale.

Additionally, Chairman Shin assured that they would resolve the inheritance tax issues internally to avoid any overhang concerns from major shareholders.

While the statement claims that the dispute between family members is over, the industry is still watching to see if Hanmi Group can actually resolve its internal struggles towards a unified front.

A spokesperson for Hanmi Pharm had stressed that the statement does not represent the company's position and added that they are unsure if they will release a statement of their own.

Meanwhile, the conflict between the Hanmi family members dates back to January this year, when Chairwoman Song announced a merger with OCI Group, which was opposed by brothers Lim Jong-yoon and Lim Jong-hoon.

The dispute escalated when Shin, holding over 12 percent of Hanmi Science shares, sided with the brothers.

The dispute led to a contentious shareholder meeting in March, resulting in a victory for the brothers.

In April, Song Young-sook and Lim Jong-hoon appeared to stabilize the situation by taking on co-CEO roles at Hanmi Science.

However, by May, Lim Jong-hoon became the sole CEO. Last month, the brothers entered Hanmi Pharm as the board of directors.

Still, an attempt to appoint Lim Jong-yoon as CEO was thwarted, indicating underlying tensions.

On July 3, Song, her daughter Lim Ju-hyun, and Shin signed a joint voting agreement and a share purchase contract, leading to speculations of a renewed power struggle.