HYBE And ADOR Face Legal Problems As Min Hee Jin Declines A Board Meeting Request

HYBE and ADOR face legal problems as Min Hee Jin declines a board meeting request

ADOR CEO Min Hee-jin declined HYBE’s board meeting request.

Min representatives told Newsen on April 29th that an audit-prompted request for a board meeting to address a shareholder meeting resolution was illegal. An auditor can only hold such a meeting to report audit results, per legislation. Thus, ADOR will not summon the board as requested.

After HYBE’s surprise audit of Ador’s management on April 22nd, Min was charged of work-related embezzlement. To ensure proper management, HYBE has demanded Min’s resignation and the April 30 ADOR board meeting.

HYBE requested a provisional general meeting of shareholders from the court on April 25th in anticipation of the board meeting failing. These court verdicts usually take 4–5 weeks. If approved, the interim shareholder meeting will be announced the same day and followed by a board meeting 15 days later. HYBE aims to fire Min and nominate new directors during this meeting.

HYBE has also accused Min Hee-jin of conspiring with other executives to seize management control by consulting a shaman on critical company decisions. Min Hee-jin denied these charges at an impromptu press conference in Seoul on April 25. She denied taking control of HYBE in many messages with chairman Bang Si-hyuk and CEO Park Ji-won. Min called HYBE’s evidence skewed and contrived, calling the claims revenge for an internal copyright complaint.Min’s legal team stressed that HYBE’s 80% share in ADOR and Min’s 20% stake made a takeover unlikely.

HYBE responded to Min’s news conference by saying many of his assertions were factually false and difficult to rebut. They called for her resignation again to safeguard ADOR’s appropriate management, saying her conference activities showed her unsuitability as an executive.