Kolmar Korea Chairman Yoon Donghan Withdraws Lawsuit Against Eldest Son Over Return of Shares

Management Rights Dispute Nears Conclusion Amid Sibling Conflict

Yoon Donghan, Chairman of Kolmar Korea and founder of Kolmar Group, has withdrawn the lawsuit he filed against his eldest son, Yoon Sanghyun, Vice Chairman of Kolmar Holdings, seeking the return of shares.

According to Kolmar Korea and related parties on May 27, Chairman Yoon submitted a withdrawal of lawsuit to the Seoul Central District Court, and Vice Chairman Yoon also submitted a consent form, finalizing the withdrawal of the lawsuit the previous day.

Yoon Sanghyun, Vice Chairman of Kolmar Holdings. Photo by Yonhap News

Previously, in December 2019, Chairman Yoon gifted 2.3 million shares of Kolmar Holdings to Vice Chairman Yoon. After a free capital increase, this stake has now doubled to 4.6 million shares. Vice Chairman Yoon became the largest shareholder of Kolmar Holdings with a 31.75% stake and was appointed as CEO last year.

However, a conflict arose between the siblings when Vice Chairman Yoon called for a restructuring of the board, citing poor performance at Kolmar BNH, which was led by his younger sister, Yoon Yeowon. Last year, Chairman Yoon supported his daughter’s side and filed a lawsuit demanding the return of the Kolmar Holdings shares he had previously gifted. This escalated into a legal dispute between father and son.

However, as CEO Yoon stepped down from her position at Kolmar BNH last month, the management rights dispute has subsided. Subsequently, with Chairman Yoon withdrawing the lawsuit against his eldest son regarding the return of shares, the dispute is now nearing its conclusion.

This content was produced with the assistance of AI translation services.