HYBE requested to hold a temporary meeting with its shareholders to discuss the removal of ADOR CEO Min Hee-jin. The meeting ended in thirty minutes.
The Korean music industry has grabbed eyeballs all across the globe. The dispute between HYBE and ADOR has become the talking point among all K-pop enthusiasts. Recently, HYBE requested permission to hold a temporary meeting with its shareholders. According to a recent report, the meeting ended in thirty minutes.
On April 30th, the Seoul Western District Court's Civil Department 21 discussed HYBE's request for an interim shareholders' meeting aimed at removing CEO Min Hee-jin. The afternoon session took place behind closed doors, following non-litigation procedure laws. The meeting was also attended by legal representatives from Kim & Jang Law Firm who represent HYBE, and attorneys from Shin & Kim Law Firm who represent ADOR. After the hearing, Shin & Kim's attorney said, “The board of directors will convene by May 10, with the shareholders' meeting expected to follow by the end of May. Any further statements will be made to the court by May 13.”
On the other hand, HYBE’s Chief Legal Officer Jung Jin-soo said, “We have to wait and see if it will be done like that. Since it was stated in court, I don't think it's a lie.” The statement added, “It's not significantly different from what we thought. We don't know ADOR's intentions. We need to watch a bit.”
HYBE has expressed its anticipation that the concerns they have raised will be addressed during the recent proceedings. The company's stance stems from its determination on April 22nd, when it alleged that ADOR CEO Min Hee-jin and other key executives were involved in a takeover attempt, prompting HYBE to exercise its audit rights.
On April 29th, HYBE escalated the situation by filing an embezzlement complaint against CEO Hee-jin with the Seoul Yongsan Police Station. The CEO held an urgent press conference on the same day where he vehemently denied the allegations and asked for a fair assessment of the situation.