Former ADOR CEO Min Hee Jin Files Injunction For Reappointment As Inside Director

Sep 13, 2024

Former ADOR CEO Min Hee Jin Files Injunction For Reappointment As Inside Director

Former ADOR CEO Min Hee Jin has taken legal action to be reappointed as an inside director of ADOR.

On September 13, a representative of Min Hee Jin released an official statement, announcing, “Today, former CEO Min Hee Jin filed an application for injunction to convene an extraordinary general meeting of shareholders and reappoint Min Hee Jin as an inside director of ADOR with the Seoul Central District Court.”

Read the full statement below:

"Hello,

This is Macoll Consulting Group, responsible for media communication in collaboration with Sejong Law Firm, representing former ADOR CEO Min Hee Jin.

Today, former CEO Min Hee Jin filed an application for injunction to convene an extraordinary general meeting of shareholders and reappoint Min Hee Jin as an inside director of ADOR with the Seoul Central District Court. We would like to explain why we applied for an injunction to appoint her as director and CEO instead of an injunction to suspend the dismissal of the CEO.

The dismissal of former CEO Min Hee Jin is a violation of the shareholders’ agreement and contradicts the court’s decision to prohibit the exercise of voting rights. We were preparing an injunction to contest the validity of the CEO’s dismissal. However, considering the need for an extraordinary general meeting of shareholders to reappoint [Min Hee Jin as] ADOR’s director by November 2, 2024 and the court’s review period for the injunction, we applied for an injunction to reappoint former CEO Min Hee Jin as a director of ADOR and then appoint her as CEO.

Former CEO Min Hee Jin is guaranteed a five-year term as CEO and inside director of ADOR under the shareholders’ agreement. This fact has already been clearly recognized by the Seoul Central District Court’s decision to prohibit the exercise of voting rights. Nevertheless, HYBE unilaterally dismissed former CEO Min Hee Jin for the same reasons as before. This is a direct violation of the still-valid shareholders’ agreement and the court’s injunction decision to guarantee the CEO’s term.

On November 2, 2024, the three-year term of former CEO Min Hee Jin as an inside director of ADOR will expire. HYBE is unilaterally claiming that the shareholders’ agreement has been terminated without any basis although there are less than two months left in former CEO Min Hee Jin’s term as an inside director. It is evident that HYBE will not reappoint former CEO Min Hee Jin as an inside director under these circumstances.

Therefore, we inevitably applied for an injunction to convene an extraordinary general meeting of shareholders before the expiration of former CEO Min Hee Jin’s term as an inside director and to exercise voting rights in favor of the “Reappointment of Min Hee Jin as an Inside Director.”

We hope that HYBE will cease the continuous contract violations, business interference, defamation, and insults and make reasonable management decisions for the future of ADOR and NewJeans.

Thank you."

Previously on August 27, ADOR announced that Min Hee Jin would no longer be serving as CEO of the company but that she would continue to produce NewJeans’ content as an internal director at ADOR. Min Hee Jin’s representatives argued that the board’s decision was procedurally flawed and that the decision to dismiss her as CEO violated the shareholders’ agreement and ignored the court’s ruling. Following the incident, all five members of NewJeans held a live broadcast on YouTube on September 11, issuing an ultimatum to HYBE to reinstate Min Hee Jin as CEO by September 25.

 

 

source: Soompi

Tags: #Min Hee Jin; #ADOR; #HYBE;
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