In a recent turn of events, ADOR has openly disputed claims made by HYBE concerning the involvement of Min Hee-jin, ADOR’s CEO, in unapproved meetings with foreign investors.
ADOR made a public statement on May 16th, asserting their stance and insisting that, “HYBE should cease creating baseless speculations regarding CEO Min Hee-jin and concocting stories without merit”.
The company clarified further by stating, “It is our intention to rectify the facts concerning HYBE’s allegations that ‘analyst A facilitated a meeting between the executives of ADOR and some international investors’”, with additional remarks that “No suggestions or views relating to the transition of management rights, such as capital injections or sales, have been given. With HYBE holding an 80% ownership in ADOR, there was evidently no discussion of alternative investment strategies for ADOR. The assertion is baseless”.
Moreover, ADOR released a message exchange between CEO Min Hee-jin and analyst A that demonstrates Min Hee-jin seeking counsel on the shareholder agreement, following a suggestion from HYBE’s CEO Park Ji-won.
ADOR’s statement posed a question regarding HYBE’s relentless attacks, with the pointed remark, “To be completely forthright, just admit your distaste for Min Hee-jin”.
They stressed that, “Considering the current predicament, it seems clear that HYBE’s primary objective is to oust CEO Min Hee-jin, tarnish her reputation, and ostracize her. They first launched an assault on CEO Min, and have now begun targeting her associates”.
Source; daum
FAQ Section
What is the nature of the dispute between ADOR and HYBE?
ADOR is disputing claims made by HYBE that suggest CEO Min Hee-jin had meetings with foreign investors that were not sanctioned, and they are refuting allegations related to the management rights within ADOR.
What evidence did ADOR provide in their defense?
ADOR has disclosed message conversations between CEO Min Hee-jin and an analyst, which indicate that she sought advice on the shareholder agreement following a recommendation from HYBE’s CEO.
What is HYBE’s ownership stake in ADOR?
HYBE owns an 80% stake in ADOR, as mentioned in the statement released by ADOR.
What does ADOR claim HYBE’s goal is?
ADOR claims that HYBE’s goal is to remove CEO Min Hee-jin from her position, damage her credibility, and marginalize her within the industry and society.
Conclusion
The conflict between ADOR and HYBE has escalated as ADOR defends CEO Min Hee-jin against HYBE’s claims of inappropriate conduct. Through their detailed statement and release of communications between Min Hee-jin and analyst A, ADOR seeks to clarify their position and challenge HYBE’s assertions. This dispute highlights the complexities of corporate management and the importance of transparency in shareholder relations. As the situation continues to unfold, both companies are likely to remain in the spotlight as observers await further developments.