Namyang chairman tries to reschedule hearing date Chairman Hong hires LKB& Partners as legal representative

Translated by Kim So-in 공개 2021-12-01 08:12:53

이 기사는 2021년 12월 01일 08:10 더벨 유료페이지에 표출된 기사입니다.

Namyang Dairy Products chairman Hong Won-sik has decided to participate in the main lawsuit against Seoul-based private equity firm Hahn & Company through his legal representative LKB& Partners, while trying to postpone the trial.

Hong has hired LKB& Partners as his legal representative for the main case, which was filed by Hahn & Co to force him to fulfill a share purchase agreement that the two sides signed in May, legal sources said. LKB& Partners submitted a warrant of attorney to the Seoul Central District Court on November 26.

This is the first time Hong has ever taken action regarding the main case since Hahn & Co filed the main lawsuit with the court in August through its legal representative Yoon & Yang.

There has been no response from Hong and two other defendants, even after Hahn & Co's request to the court for the designation of a hearing date for the main case earlier this month.

There have been speculations that Hong will replace LKB & Partners with a new legal representative. LKB & Partners represented Hong, his wife and their grandson in an injuction case filed by Hahn & Co to prohibit them from exercising voting rights at the shareholder meeting, which was accepted by the court in October. But Hong has reaffirmed his trust in the law firm by hiring it once again.

Hong, however, appears to want to buy more time before the trial begins as LKB& Partners made an application to the court for a change of a hearing date on the same day it submitted a warrant of attorney.

The request to change the hearing date is contrary to Hong's position expressed during the National Assembly audit in October and a conditional deal to sell his controlling stake to Dayou Winia Group that he said was intended to resolve the legal dispute with Hahn & Co as soon as possible.

Rescheduling a hearing date will be accepted only if there is a valid reason, and otherwise the proceedings will continue as originally scheduled.

The court’s first ruling validated the stock purchase agreement between Hahn & Co and Hong, and didn’t accept Hong’s argument that the spin-off of ice cream desert cafe brand Baekmidang from the dairy firm was a prerequisite for the contract between him and the private equity firm. (Reporting by Gyoung-tae Kim)
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