Min Hee-jin, Unresponsive to 'Adore Board Meeting' Convening Request

Min Hee-jin, CEO of ADOR, is making a statement on the 25th at the Korea Conference Center in Seocho-gu, Seoul, regarding the conflict with the parent company HYBE. Earlier, HYBE announced the results of an interim audit on ADOR's management, including CEO Min Hee-jin, and stated that they would file charges against them for breach of duty and other allegations. Photo by Kang Jin-hyung aymsdream@

Min Hee-jin, CEO of ADOR, has decided not to comply with HYBE's request to convene an ADOR board meeting on the 30th. HYBE filed an application with the court on the 25th to permit an extraordinary general meeting of shareholders. They plan to replace ADOR's management within 1 to 2 months.

According to the music industry on the 29th, CEO Min informed HYBE in the morning under her name that she would not hold the board meeting on the 30th. HYBE had requested the board meeting on the 30th through ADOR’s auditor, citing reasons such as an "attempt to seize management rights," to replace the management.

However, CEO Min rejected the request, arguing that ▲ HYBE's demand to replace ADOR’s CEO and internal board members itself is illegal, and ▲ the auditor’s convening of the board meeting is beyond their authority and thus unlawful.

The voting rights on ADOR’s board are held by three people: CEO Min, Shin (Vice CEO and close associate of Min), and Director Kim. This means the board is controlled by CEO Min. HYBE is reportedly planning to hold an extraordinary general meeting to dismiss CEO Min and replace the management.

HYBE has filed an application for permission to hold the extraordinary general meeting with the Seoul Western District Court. The court will set a hearing date, and usually, a decision on the permission is made within three weeks. Once the court’s decision is made, the notice for convening the extraordinary general meeting is sent on the same day, and the meeting is held 15 days thereafter. HYBE expects that ADOR’s management, including CEO Min, can be replaced within 1 to 2 months.

This content was produced with the assistance of AI translation services.