Hanmi Group whistleblower's credibility unravels amid share-deal ties

Controversy is mounting over the conduct of Kim Tae-ho, the former chief executive of Cure Therapeutics who presented himself as a public-interest whistleblower after raising allegations about asset use by Hanmi Group Chairwoman Song Young-sook and her family. Specific circumstances have emerged showing that Kim brokered the sale of a Hanmi Science stake held by Lim Jong-hoon — a move that directly contradicts his earlier claim that his disclosures were purely motivated by the public interest.

Kim recently told a media outlet that he had "advised Lim Jong-hoon to sell his shares to Chairman Shin Dong-kook" and that he "brokered the deal twice, but it ultimately fell through." He acknowledged arranging the transaction between Shin, chairman of Hanyang Precision, and Lim, the second son of Hanmi's founder and head of Hanmi Fine Chemical, on two separate occasions between February and late June. Shin had sought to acquire all 3,483,808 ordinary shares of Hanmi Science held by Lim — a 5.09% stake — in a deal worth hundreds of billions of won, but Lim rejected the offer, saying he would stand with his family, and the transaction collapsed.

Earlier reports indicated that Kim had directly pursued liquidity of 300 billion won ($212 million) that Shin was to pay Lim, working through a brokerage firm in June. In deals of this kind, a successful intermediary typically receives a fee equal to a set percentage of the total transaction value. Kim has acknowledged brokering the share deal but denied any involvement in arranging the financing, saying, "I never did that."

What stands out is the inconsistency in Kim's account. He had repeatedly insisted that he was "not Shin's man" and that his allegations had "nothing to do with Chairman Shin," drawing a clear line against suggestions that a major shareholder was pulling strings behind the scenes. Yet it has now been confirmed that Kim in practice played a central role in facilitating a large 5% stake transaction aimed at expanding Shin's shareholding — placing him not as a neutral third party but as a key actor working to strengthen a specific major shareholder's influence.

Questions have also surfaced about the personal interests that may have shaped Kim's decision to come forward. Between 2023 and 2024, Kim sought investment and the purchase of research and development equipment from Hanmi Pharm through his biotech venture Cure Therapeutics, but the company's research institute rejected the request, citing insufficient technological differentiation.

Against that backdrop, Kim on Tuesday disclosed additional allegations of procurement misconduct — claiming that former purchasing staff at Hanmi Pharm had accepted bribes worth more than 1 billion won. The disclosure drew skepticism, however, given that Kim himself had previously approached Hanmi Pharm's procurement division seeking a supply contract and been turned down, and that the company had already conducted an internal audit and filed a criminal complaint against the employees in question with the Songpa Police Station in July, setting a legal process in motion.

A key insider with knowledge of the situation said Kim "had gone so far as to arrange specific financing to push through the acquisition of Lim's stake, so when the deal fell apart, he must have been in a very difficult position," adding that "there is a possibility Kim launched an aggressive attack on Chairwoman Song as a way to extricate himself from that situation."

Meanwhile, questions are spreading about how highly sensitive internal documents that Kim made public — including corporate card records of top executives and a list of company assets — were leaked in the first place. Kim disclosed allegations last month regarding Chairwoman Song's use of a corporate card, and the sensitivity of the materials, which would ordinarily be accessible only at the C-suite level, has deepened suspicions that an internal collaborator was involved. Hanmi Group is conducting its own investigation into how the documents were leaked.

Kim joined Hanmi Pharm's trade division as a new hire in 1996 and worked there for roughly three and a half years. Early in his tenure he worked alongside former Hanmi Pharm Vice President Lim Jong-ho, before moving to the executive secretariat, where he served for about a year before leaving the company in 1999. Lim Jong-ho is a nephew of the late founder Lim Sung-ki — the son of his elder brother — and a cousin of Lim Jong-yoon, chairman of Koree Group and the founder's eldest son. Lim Jong-ho recently sold his entire holding of 341,468 Hanmi Science shares, a 0.50% stake, to Shin.

Hanmi Group said its employees were "bewildered to see a former staff member who worked here for about three years some 30 years ago suddenly appear and hold forth on the late founder's management philosophy," and added that "the company has already been carrying out its own internal reforms of practices that needed improvement, and will focus on future growth, including the launch of an obesity drug in the second half of the year and global business expansion."