The hearing ends in 30 minutes. HYBE requests permission from the court to dismiss ADOR CEO Min Hee-Jin at the shareholders’ meeting
A new development in the HYBE-ADOR dispute! On April 30, the Seoul Western District Court heard HYBE’s motion.
HYBE and ADOR’s first judicial appearance
The Seoul Western District Court heard HYBE’s motion to call a general shareholders’ meeting with the aim of dismissing ADOR CEO Min Hee-jin at around 4:45 PM on April 30. Following the Non-Litigation Case Procedure Act’s guidelines, the court held the hearing in secret.
For the benefit of the unaware, HYBE had applied to the court on April 25 for authorization to call a “extraordinary general meeting of shareholders.” If the court approves the shareholders’ meeting, notice will be sent out to set a date for the meeting within 15 days. HYBE plans to select new directors and CEO Min Hee-jin to replace ADOR’s present team during this meeting. It is estimated that the full procedure will take more than two months.
In thirty minutes, the hearing on whether to call an extraordinary general meeting of shareholders to discuss CEO Min Hee-jin’s departure was concluded. After the questioning, ADOR’s attorneys purportedly said that the management of the label intends to convene a meeting of the board of directors by May 10 and a meeting of the general shareholders by the end of May.
HYBE-ADOR’s continuing conflict
HYBE began an audit against ADOR CEO Min Hee-jin on April 22. According to the reports, HYBE accused ADOR’s CEO and management of hatching a scheme to take over ADOR, disclosing confidential information to other parties, and attempting to damage HYBE’s and its artists’ reputations via public opinion manipulation.
Min Hee-jin accused ILLIT, HYBE’s newest female group, of ripping off NewJeans after HYBE’s audit. The conflict persisted, so on April 25, the CEO of ADOR called a press conference where she disclosed startling conversations she had with Bang Si-hyuk, the chairman of HYBE, addressed allegations that a shaman had influenced her label-related choices, and discussed the uncertain future of NewJeans.
