HYBE Accepts Court’s Decision on Min Hee Jin’s CEO Role in ADOR and Dismissal of Voting Rights

The court has received a response from the company.

On May 30, it was reported by Korean news outlets that Min Hee Jin had successfully obtained an injunction against HYBE Labels. Sources state that the Seoul Central District Court officially approved Min Hee Hin’s appeal to prevent HYBE from implementing voting rights that would result in her dismissal as ADOR CEO.

Court Rules in Favor of Min Hee Jin's Injuction + CEO's Lawyers Release Lengthy Statement
(Photo : News1)
(Photo : Twitter: @HYBEOFFICIALtwt)

“According to Min Hee Jin’s legal representative, HYBE is not allowed to exercise its voting rights in the shareholder meeting scheduled for May 31, 2024. If HYBE disregards this decision and attempts to dismiss Min Hee Jin and ADOR’s executives, they will be obligated to pay a fine of ₩20.0 billion KRW ($14,544,000 USD) to Min Hee Jin.”

The statement emphasized the importance of HYBE respecting and complying with the court’s injunction.

As a result of this, the company quickly issued a concise statement following the decision. In their response, HYBE stated their intention to honor the decision and refrain from exercising their voting rights. They further announced their intention to adhere to the limits set by the law in their next course of action.

Below is HYBE’s complete statement:

“In respect of the court’s decision regarding the preliminary injunction lawsuit filed by CEO Min Hee Jin, we will not exercise our voting rights in favor of the ‘Removal of Inside Director Min Hee Jin’ at the upcoming extraordinary general meeting of shareholders.

Additionally, as the court stated in this decision, ‘It is clear that CEO Min Hee Jin sought a way to weaken HYBE’s control over ADOR and allow Min Hee Jin to independently control ADOR by taking NewJeans out of HYBE’s control or pressuring HYBE to sell its stake in Adore.’

We plan to follow up the next course of action that is within the boundaries of the law.”

Netizens on social media platform X (Twitter) expressed their reactions to the news of Min Hee Jin’s continued position as ADOR CEO.

Please share your thoughts on the court’s decision by leaving a comment below.

Leave a Reply

Your email address will not be published. Required fields are marked *