The long-running family feud over the control of Hanmi Pharmaceutical Group appears to be nearing its conclusion, as the mother-daughter alliance – Hanmi Pharmaceutical Group Chairwoman Song Young-sook and Vice Chairwoman Lim Ju-hyun, Hanyang Precision Chairman Shin Dong-guk, and La Défense Partner -- solidified their dominance over the group's leadership.

The latest resignations of key board members aligned with the brother faction have tipped the balance in favor of the alliance, signaling a shift toward governance stability.

On Tuesday, Hanmi Science announced that independent director Sa Bong-kwan and non-executive director Kwon Kyu-chan had resigned due to personal reasons. Both had been considered key figures aligned with the brother faction, led by Hanmi Science's executive director Lim Jong-yoon and Hanmi Science CEO Lim Jong-hoon.

As a result, the number of registered directors on Hanmi Science's board has been reduced from ten to eight, tilting the balance of power from an evenly split 5-5 to a 5-3 advantage for the four-party alliance.

Simultaneously, Hanmi Pharmaceutical’s independent director Nam Byung-ho also resigned for personal reasons. Before this change, the pharmaceutical subsidiary's board was split 6-4 between the four-party alliance and the brother faction. Nam’s departure has now widened the gap, strengthening the alliance's control.

With these resignations, the mother-daughter faction appears to have secured control over the group's corporate governance, potentially resolving the management dispute that has persisted within the founding family.

The weakening of the brother faction’s influence can be traced back to the eldest brother Lim’s decision to align with the four-party alliance late last year. Facing financial burdens from inheritance taxes and stock collateral agreements, Lim sold 2,051,747 shares of Hanmi Science to Shin Dong-kook for 75.9 billion won ($52.2 million) in an off-market transaction and transferred another 1,367,831 shares to Killington Co., Ltd., a special-purpose corporation affiliated with private equity firm La Défense Partners, for 50.6 billion won.

This led to a significant shift in shareholder support, with the four-party alliance’s stake rising to 54.41 percent while the brother faction’s support dwindled to 21.87 percent.

The reshaped board composition grants the four-party alliance substantial authority over Hanmi Science’s and Hanmi Pharmaceutical’s corporate decisions.

One of the key concerns now is whether Hanmi Science CEO Lim Jong-hoon will retain his position.

Under the current board structure, the alliance possesses enough votes to potentially remove the CEO as board regulations stipulate that dismissing a representative director requires approval from two-thirds of the board members.

"This is the first concrete step toward ending the management dispute and normalizing the management of Hanmi Pharmaceutical Group," a Hanmi Pharmaceutical Group official said. "We plan to convene a board meeting soon to take follow-up measures in stages."

However, the official did not explain the follow-up measures in detail.