(Photo=HYBE)

 

[Alpha Biz= Reporter Kim Jisun] On the 7th, Min Hee-jin, CEO of ADOR, filed for an injunction against HYBE at the Seoul Central District Court to prohibit the exercise of voting rights related to the dismissal of Min. ADOR is a label under HYBE that specializes in managing the popular girl group NewJeans.

Min's legal representative from the law firm Sejong stated, "HYBE's proposal to dismiss Min Hee-jin, the CEO and an internal director of ADOR, by calling for an extraordinary shareholders' meeting violates the shareholder agreement signed between HYBE and Min." The representative further emphasized, "HYBE should not exercise voting rights in favor of the dismissal proposal, as it violates the right to demand compliance with the shareholder agreement."

ADOR is scheduled to hold a board meeting on the morning of the 10th, with the agenda being the proposal for an extraordinary shareholders' meeting. Previously, Min's side stated that they would hold a board meeting by the 10th of this month and convene an extraordinary shareholders' meeting by the end of the month.

HYBE initiated an internal audit after receiving a tip-off about Min Hee-jin's alleged attempt to attract external investors to sell HYBE's stake in ADOR, a move referred to as a "takeover" attempt. Following this, HYBE demanded Min's resignation. However, Min's side claimed, "Bang Si-hyuk, the chairman of HYBE, allowed the group ILLIT, produced by HYBE, to copy NewJeans without permission, and when we protested against it, we were asked to resign."

 

 

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