HYBE Responds To Court’s Decision On Min Hee Jin’s CEO Role In ADOR + Accepts Dismissal Of Voting Rights

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The company has responded to the court.

On May 30, Korean news outlets reported that Min Hee Jin had won her injunction against HYBE Labels. According to sources, the Seoul Central District Court officially granted Min Hee Hin’s appeal to prohibit HYBE from putting voting rights into effect which would lead to her removal as ADOR CEO.

HYBE Logo
 (Photo : Twitter: @HYBEOFFICIALtwt)
Court Rules in Favor of Min Hee Jin's Injuction + CEO's Lawyers Release Lengthy Statement
 (Photo : News1)

HYBE is prohibited from using its voting rights in the shareholder meeting on May 31, 2024,” Min Hee Jin’s legal representative stated. “Should HYBE ignore this ruling and proceed to remove Min Hee Jin and ADOR’s executives, they will be required to pay a penalty of ₩20.0 billion KRW ($14,544,000 USD) to Min Hee Jin.”

It added, “We urge HYBE to respect and adhere to the court’s injunction.”

This prompted the company to release a brief statement not long after the decision was made. HYBE replied that the company would respect the decision and that the voting rights would not be exercised. HYBE also added that it plans to take the next steps that are enclosed by the law’s boundaries.

Read HYBE’s full statement below:

“In respect of the court’s decision regarding the preliminary injunction lawsuit filed by CEO Min Hee Jin, we will not exercise our voting rights in favor of the ‘Removal of Inside Director Min Hee Jin’ at the upcoming extraordinary general meeting of shareholders.

Additionally, as the court stated in this decision, ‘It is clear that CEO Min Hee Jin sought a way to weaken HYBE’s control over ADOR and allow Min Hee Jin to independently control ADOR by taking NewJeans out of HYBE’s control or pressuring HYBE to sell its stake in Adore.’

We plan to follow up the next course of action that is within the boundaries of the law.”

On social media platform X (Twitter), netizens reacted to Min Hee Jin’s retainment of her role as ADOR CEO.


 

 

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