On September 13, Min Hee-jin’s side announced that Min Hee-jin has filed an injunction at the Seoul Central District Court to convene an extraordinary shareholders’ meeting and reappoint her as an inside director of ADOR.
The full official statement from Min Hee-jin’s side is as below:
“Hello, this is the Marcol Consulting Group, representing former ADOR CEO Min Hee-jin, in cooperation with Sejong Law Firm.
Today, former CEO Min Hee-jin filed an injunction at the Seoul Central District Court to convene an extraordinary shareholders’ meeting and reappoint her as an inside director of ADOR (Seoul Central District Court 2024-Kahap-21391, injunction on the exercise of voting rights, etc.). Below is an explanation as to why we chose to file for the reappointment of a director and CEO rather than seeking a suspension of her dismissal.
The dismissal of Min Hee-jin as CEO violates the shareholder agreement and contradicts the court’s prior ruling prohibiting the exercise of voting rights. We were preparing an injunction to contest the validity of her dismissal as CEO. However, considering the need for an extraordinary shareholders’ meeting before November 2 to reappoint her as a director and the court’s review period, we have filed this injunction to reappoint her as an inside director and subsequently reinstate her as CEO.
Min Hee-jin’s five-year term as ADOR’s CEO and inside director is guaranteed under the shareholder agreement. Despite this, HYBE unilaterally dismissed her as CEO for the same reasons as before, in direct violation of the valid shareholder agreement and the court’s injunction that guaranteed her term as CEO.
Min Hee-jin’s three-year term as an inside director of ADOR ends on November 2, 2024. HYBE has claimed, without any valid basis, that the shareholder agreement has been terminated, and it is clear they have no intention of reappointing her as an inside director.
Therefore, we were left with no choice but to request an extraordinary shareholders’ meeting before her term as an inside director expires and file an injunction to ensure voting rights are exercised in favor of her reappointment as an inside director.
We urge HYBE to cease contract violations, obstruction of business, defamation, and insults, and make reasonable management decisions for the future of ADOR and NewJeans.”
Source: Daum
