'Dismissal Defense' Min Hee-jin... Hearing Today on Injunction to Prohibit Voting Rights Against HYBE

The hearing for the injunction to prohibit the exercise of voting rights filed by Min Hee-jin, CEO of Adore, a group 'NewJeans' agency, against its parent company HYBE will be held on the 17th.

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 trust and other allegations. Photo by Kang Jin-hyung aymsdream@

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The Seoul Central District Court Civil Division 50 (Chief Presiding Judge Kim Sang-hoon) will hold a hearing in the morning on the injunction filed by CEO Min against HYBE, requesting to prohibit the exercise of voting rights.

Previously, HYBE requested the convening of an extraordinary general meeting of shareholders, and on the 10th, the Adore board of directors resolved to hold the extraordinary general meeting on the 31st after approving the agenda.

HYBE, which holds 80% of Adore's shares, demanded the dismissal of CEO Min as an agenda item at the extraordinary general meeting. Since HYBE holds the majority of Adore's shares, the dismissal of CEO Min is considered certain.

HYBE has alleged CEO Min's conspiracy to seize management rights of Adore and breach of trust. On the 25th of last month, HYBE filed a complaint with the Yongsan Police Station in Seoul against CEO Min on charges of breach of trust.

CEO Min's side filed an injunction application at the Seoul Central District Court against HYBE, requesting that HYBE not exercise voting rights in favor of the dismissal agenda.

Sejong Law Firm, representing CEO Min, stated, "HYBE requested the convening of an extraordinary general meeting regarding the dismissal agenda of CEO Min Hee-jin, who is also an inside director, which violates the shareholder agreement signed with CEO Min Hee-jin."

They added, "CEO Min filed the injunction on the grounds that the right to claim performance of the shareholder agreement is a right to be preserved (qualified to file an injunction), and that HYBE should not exercise voting rights in favor of the dismissal agenda."

They also explained, "HYBE's allegations of breach of trust are groundless, and the injunction to prohibit the exercise of voting rights was filed to protect the artists belonging to Adore and the corporate value of Adore."

Since results usually come out within two weeks after the hearing, the court's decision is expected to be made before the shareholders' meeting scheduled for the 31st. If the court grants CEO Min's injunction, HYBE's plan to dismiss CEO Min and stabilize Adore will face significant setbacks. Conversely, if the injunction is dismissed, HYBE can exercise shareholder rights to dismiss CEO Min and replace Adore's management.

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