Attorneys For Min Hee Jin Comment On HYBE’s Purported Manipulation Following The Injunction Ruling.

Following the injunction order between the two parties, Min Hee Jin’s attorneys issued a statement regarding HYBE’s purported manipulation. As previously announced, ADOR CEO Min Hee Jin’s plea for an injunction against HYBE was granted by the Seoul Central District Court. This means that the parent label will be unable to use its majority shareholder rights and fire Min Hee Jin from ADOR. HYBE went on to say that they would accept the court’s decision but would still like to pursue legal action. The attorneys for Min Hee Jin claimed that HYBE’s accusations against the ADOR CEO were baseless and that if Min Hee Jin were fired, HYBE would be in violation of the court’s injunction order. Below is a full statement from her lawyers. “Hi there. Sejong Law Firm is here to represent ADOR CEO Min Hee Jin. In order to debate the CEO Min Hee Jin’s and internal director’s proposed removal, HYBE called an interim shareholders’ meeting for April 22, 2024. The tomorrow, May 31, 2024, at 9 a.m., is the scheduled time for the interim shareholders’ meeting. Nevertheless, Min Hee Jin and HYBE’s shareholder agreement is broken by this conduct. In order to prevent the exercise of voting rights on the ‘Dismissal Proposal of CEO Min Hee Jin and Internal Director’ against HYBE, CEO Min Hee Jin filed for an injunction on May 7, 2024 (Seoul Central District Court Case No. 2024KaHap20635). The 50th Civil Division of the Seoul Central District Court rendered a verdict regarding the injunction application on May 30, 2024. Consequently, HYBE will not be able to use its voting rights to support the “Dismissal of Internal Director Min Hee Jin” at the interim shareholders’ meeting of ADOR on May 31, 2024. In the event that HYBE uses its vote rights in violation of the injunction ruling, it will be required to pay CEO Min Hee Jin an indirect penalty of 20 billion won, or $14,536,476 USD. HYBE’s legal representation supplied lengthy written papers eleven times after the injunction application was lodged on May 7, 2024, until shortly before the ruling. Min Hee Jin’s side responded with written materials nine times, including thorough rebuttals. The court considered the arguments put up by both parties and today referred to CEO Min’s request for an injunction. The court determined that all of HYBE’s highly disseminated, media-wide accusations, akin to a witch hunt, were unjustified. In this case, the main questions were: 1) Could HYBE be forced to follow the terms of the shareholder agreement between CEO Min Hee Jin and HYBE, which stipulates that “HYBE must exercise voting rights to maintain Min Hee Jin as CEO and internal director of ADOR for five years,” and 2) Was CEO Min Hee Jin’s resignation or dismissal justified? It is sense to follow the voting rights restraint agreement since it is a contract between the parties. HYBE, however, went so far as to refute this clear understanding between the parties. However, due to the clarity of the shareholder agreement’s wording, the court rejected HYBE’s contention. Despite HYBE’s presentation of all the KakaoTalk conversations disclosed to the media in court, the court dismissed HYBE’s arguments regarding the legitimacy of CEO Min Hee Jin’s resignation or firing. The primary rationale for accepting this application for an injunction is that HYBE was unable to provide evidence supporting CEO Min Hee Jin’s resignation or termination. The data gathered by such illegal audits has been released without restriction since the start of HYBE’s illegal audit on April 22, 2024. But aside from a few KakaoTalk exchanges that would portray CEO Min Hee Jin as the victim of a witch hunt conducted with malevolent intent, HYBE’s allegations have been refuted by the available data. Maliciously altered private discussions between third parties were widely disseminated in the media throughout this trial. Even now, some bloggers and YouTubers are interpreting these modified KakaoTalk conversations anyway they choose, violating people’s privacy and discrediting ADOR members and CEO Min Hee Jin. Please take down any uploaded films right now, as we intend to pursue legal action. Moreover, HYBE needs to abide with the court’s ruling regarding the injunction. In blatant violation of the shareholder agreement, HYBE would act to remove CEO Min Hee Jin from both the CEO and internal director roles in response to the injunction ruling. Furthermore, there are no reasons for CEO Min Hee Jin’s side to fire the two internal directors unless there is a reason for his dismissal. Hence, it would be obvious that HYBE is dismissing these directors without cause and with contempt for the court’s ruling. I’m grateful.