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Hahn & Co. private equity investment firm based in South Korea, has filed a new lawsuit against the owners of Namyang Dairy Products. This is an additional legal action against chairman Hong Won Sik and his family that was filed before the appellate court hand its decision on the latter’s liability stemming from the stake sale deal dispute.
The court is expected to release the judgment next month, and according to business insiders, Hahn & Co. is claiming damages of around KRW50 billion or $37.4 million. The suit was filed on Tuesday by the PEF company’s legal representative, Yoon & Yang law firm.
“Given the court’s unequivocal ruling in all four court injunctions and the lawsuit itself that Hong and family must unconditionally honor the agreements they signed and agreed to, Hahn & Co. has decided to further seek compensation for damages incurred by Hong’s actions,” an official at Hahn & Co. said regarding the company’s new lawsuit filing.
In September, Hahn & Co. scored a win in its court battle against Namyang Dairy. Pulse News mentioned this case is related to the food and dairy giant’s sudden termination of the controlling stake deal, which it did not consent to.
Hong’s lawyers filed an appeal, and this will be decided on by the court on Dec. 8. It was noted that Namyang and its owners also changed lawyers after a series of losses in court.
The troubles between the companies started when Hahn & Co. and Namyang Dairy signed a purchase agreement in May 2021. The sale will give the PEF company a 53% controlling stake in the dairy firm. However, chairman Hong suddenly cancelled the deal by September of the same year, so Hahn & Co. brought the matter to the court.
In September this year, Hong was ordered by the court to hand over the shares to Hahn & Company. The Seoul Central District Court ruled that the chairman and his family must honor their stock purchase agreement (SPA) with Hahn & Co. which means the court upheld the initial 53% acquisition deal despite the Hong family’s claims that the company breached their non-disclosure agreement.
"The stock trading contract was completed, and the defendant's insistence on the violation of the Attorneys-at-Law Act, as well as the unjust hiring of the same legal representatives, are not accepted," the court ruled two months ago and further ordered the chairman of Namyang Dairy Hong to pay the legal fees.
