Han & Company, a private equity fund manager, won a lawsuit against Namyang Dairy Chairman Hong Won-sik's family to transfer stocks according to the contract.
The 30th Civil Settlement Division of the Seoul Central District Court ruled in favor of the plaintiff in a stock transfer lawsuit filed by Han&Co against Chairman Hong and his family.
In May of last year, Han&Co signed a stock purchase contract to acquire the shares of Namyang Dairy owned by the Hong family, but Chairman Hong notified the contract termination on September 1 of the same year.
Han&Co filed a lawsuit to hand over the stock saying, "Chairman Hong unilaterally notified the termination of the contract."
In the lawsuit, Chairman Hong's side claimed that Han&Co had unfairly interfered with management and terminated the contract in violation of confidentiality obligations.
Chairman Hong filed a lawsuit claiming a penalty for breach of contract, claiming that Han&Co is obligated to pay 31 billion won under the contract as Han&Co is responsible for the termination of the contract.