HYBE reiterates court's agreement with Min Hee Jin's attempt to take control of ADOR; likely to appeal ruling

HYBE has issued a response after the court approved ADOR's CEO Min Hee Jin's injunction. The statement suggests that Min Hee Jin's legal dispute with HYBE might not be resolved yet.

By Pratyusha Dash

Updated on May 30, 2024 | 06:34 PM IST | 152.3K

Min Hee Jin (Image Credits- HYBE)

HYBE has issued an official statement in response to the recent court ruling siding with Min Hee Jin. Today, May 30, the Seoul Central District Court approved Min Hee Jin’s plea for an injunction, preventing HYBE from using its voting rights in her removal from ADOR.

HYBE releases statement on favored ruling for Min Hee Jin

In their statement, HYBE expressed their respect for the court's decision regarding the provisional injunction lawsuit brought by ADOR CEO Min Hee Jin. They announced their intention not to exercise voting rights in favor of the "Dismissal of Inside Director Min Hee Jin" during the upcoming extraordinary shareholders' meeting.

Furthermore, as per the court's ruling, which explicitly pointed out that "it is evident that Min Hee Jin sought ways to weaken HYBE’s control over ADOR and allow Min Hee Jin to control ADOR independently by either taking NewJeans out of HYBE’s control or pressuring HYBE to sell its shares in ADOR," HYBE intends to proceed with subsequent steps within the legal boundaries.

Court rules in favor of ADOR CEO Min Hee Jin

On May 30, the Seoul Central District Court granted Min Hee Jin’s request for an injunction, barring HYBE from exercising voting rights concerning her removal from ADOR.

The court highlighted that HYBE's reasons for Min Hee Jin’s dismissal or resignation lacked sufficient substantiation. Additionally, while Min Hee Jin’s actions might be viewed as a betrayal to HYBE, the court found it challenging to categorize them as actions breaching trust specifically in relation to ADOR.

Previously, on May 7, Min Hee Jin filed for an injunction to block HYBE from using its voting rights to support her dismissal at the scheduled ADOR extraordinary shareholders' meeting on May 31. With the court accepting her request, HYBE is unable to exercise its voting rights for Min Hee Jin’s dismissal during the May 31 meeting.

Consequently, Min Hee Jin will maintain her position as the CEO of ADOR. Had the injunction been rejected, Min Hee Jin's dismissal would have been unavoidable, given that HYBE holds 80 percent of ADOR’s shares. Hence now, with HYBE’s recent statements, it seems that Min Hee Jin’s legal conflict with HYBE may continue despite the recent developments.

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