The conflict between Min Hee Jin and HYBE has escalated, with reports stating that the ADOR CEO has refused to attend a board of directors meeting that was set for April 30.
Report: ADOR CEO Min Hee Jin Refuses HYBE Board Meeting Invitation
On April 29, Korean media sources reported on the ongoing conflict between Min Hee Jin and HYBE.
According to reports from Korean media, Min Hee Jin refused HYBE’s request for a meeting with their board of directors. Sources revealed that Min Hee Jin argued that HYBE’s demand for a new CEO and board of directors for ADOR was unlawful.
Min Hee Jin declined the meeting as she believed that the audited board of directors’ convention was in violation of the law and exceeded HYBE’s legal boundaries.
“The CEO shared that the rights to convene a board of directors meeting were limited to the scope and parameters of an audit, making their request to hold such a meeting illegal. As a result, the decision was made not to proceed with convening a meeting with the board.”
In the event of a cancellation, HYBE had already submitted a request to the court on April 25 to hold a meeting with shareholders. News sources also stated that these types of decisions typically take 8 to 9 weeks to be finalized.
If the meeting is granted approval, the officials will strive to remove Min Hee Jin from her position as CEO of ADOR and appoint a new board of directors for the label.
According to HYBE’s statement, the auditor has the power to audit the directors’ performance and call for a board meeting, as stated in the company’s articles of association. Therefore, HYBE is unable to understand why Min Hee Hin is unwilling to comply.
HYBE Accuses Min Hee Jin of Breach of Trust, Shares Interim Report on Audit of ADOR
On April 25, HYBE announced their intentions to press charges against Min Hee Jin and other associates for breach of trust. The company verified that substantial evidence was uncovered during the audit, exposing Min Hee Jin’s efforts to take over management control.
One of the auditors presented digital evidence outlining a detailed framework for taking control of HYBE’s management and contacting external investors. The evidence also included specific actions, such as attacking HYBE during the investigation.
The interim report of the agency stated that Min Hee Jin directed the management team to devise strategies for HYBE to divest its shares in ADOR. This was followed by deliberations on methods to terminate contracts with the artists and dissolve the agreement between Min Hee Jin and HYBE.
In addition, the report included a statement from Park Ji Won, the CEO, in which he expressed apologies to all individuals impacted by the ongoing situation. The CEO also emphasized the company’s commitment to prioritizing the physical and mental health of its artists.
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