The showdown between Kumho Asiana Group and the largest shareholder of its previously owned express bus unit Kumho Express has been marred by a violent clash, leaving 14 injured, ahead of the sale of the bus company.

The injured were involved in two-day scuffles, which broke out after some 30 people hired by IBK Securities-Keistone Partners ― which owns 100 percent stake in the bus firm ― occupied an executive office of Kumho Express in Seoul, according to the police.

“Some people from IBK raided the office and broke down the locked door while we were having lunch,” a Kumho Express official said.

Four people, including two Kumho Express officials and two from the private equity fund, were wounded during a tussle at the bus company’s headquarters on Monday.

On Sunday, 10 additional injured workers were sent to a hospital for medical treatment.

Tension between the two sides escalated when the PEF dismissed Kumho Express CEO Kim Sung-san, tapped by the group, from his post and appointed a new head in November last year. The PEF claimed that Kim had interrupted efforts to sell the company.

In 2012, Kumho Asiana group sold the bus unit to IBK Securities-Keistone Partners for 330 billion won ($300 million) to weather a worsening liquidity crunch.

The group’s chairman Park Sam-koo has shown a strong will to repurchase Kumho Express since it is perceived as being symbolic for the transport conglomerate.

IBK Securities-Keistone Partners said that the group and its employees interfered in the management of the bus firm such as blocking the new CEO from entering his office and ignoring his orders. The PEF also warned of stern legal action against further obstruction on Jan. 28.

According to the group, the PEF’s decision to carry out an open takeover bid for the transport company is against its stock purchase agreement signed in 2012. Under the contract, the PEF must negotiate first with Kumho when it decides to sell the company.

By Park Han-na (hnpark@heraldcorp.com)