An upcoming court interrogation has been scheduled by the Civil Affairs Department Division of the Seoul Central District Court concerning the injunction lodged by CEO Min Hee-jin against her parent company HYBE. This legal proceeding is expected to occur on May 17th.
Previously, on April 7th, representatives from Sejong Law Firm, acting on behalf of ADOR, communicated that “HYBE initiated steps to convene a shareholders’ meeting aimed at ousting Min Hee-jin from her executive roles, which is a direct infraction of the shareholder agreement in place”.
Their statement elaborated, “In response, CEO Min Hee-jin sought a judicial injunction against HYBE to suspend their right to vote on the matter concerning her removal as CEO and an in-house director, seeking to uphold the contractual rights among shareholders”, further explaining “the allegations by HYBE of Min Hee-jin’s betrayal of trust are without merit, prompting her to seek an urgent court order to prevent voting measures and to safeguard the business interests of both ADOR and its talent, such as the artist group NewJeans”.
Amidst the ongoing dispute, CEO Min Hee-jin along with ADOR’s board, which consists of herself, VP Shin, and Senior Creative Director Kim, have informed HYBE of a board meeting designated for the morning of May 10th in Seoul with the purpose of discussing the convening of a general shareholders’ assembly.
Given that HYBE controls an 80% interest in ADOR, any shareholders’ meeting under current circumstances would likely lead to the dismissal of CEO Min from her board membership. To counteract this, CEO Min Hee-jin has taken action by filing a motion to encumber HYBE’s right to vote on such issues.
In the background of these legal actions, HYBE has denounced Min Hee-jin for alleged attempts at management usurpation and trust violation. On April 25th, the company leveled formal complaints against her for breach of duty, which were filed with the Seoul Yongsan Police Station. The authorities have announced that they will prioritize this investigation due to significant public and media scrutiny.
FAQ Section
- What is the reason behind the injunction filed by Min Hee-jin against HYBE?
- When is the court interrogation in regards to this injunction set to occur?
- What are the allegations made by HYBE against Min Hee-jin?
- What action will ADOR’s board attempt on May 10th?
Min Hee-jin has filed the injunction to prevent HYBE from using its voting rights to dismiss her from her position, citing the need to uphold shareholder agreements and the preservation of corporate value for both ADOR and its artists.
The court interrogation is scheduled to take place on May 17th.
HYBE has accused Min Hee-jin of attempting to usurp management rights and committing a breach of trust. HYBE has filed formal complaints about breach of duty against Min Hee-jin with the police.
ADOR’s board, which includes Min Hee-jin, intends to convene to discuss arranging a general shareholders’ meeting.
Conclusion
In summary, the legal tussle between ADOR CEO Min Hee-jin and the parent company HYBE has escalated into a formal court case to be dissected on May 17th. As the battle unfolds with attempts to convene a shareholders’ meeting and Min Hee-jin’s proactive legal defense, the industry and public eye remain fixated on the outcome of this corporate conflict. The intricate balance of contractual obligations and corporate governance will be scrutinized during the upcoming interrogation as the stakeholders await the court’s decision on this high-profile case.