HYBE Reacts To Min Hee Jin’s Court Decision

HYBE reacted to the court decision that supported Min Hee Jin. 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 declared that they intend to pursue legal proceedings, although they will accept the court’s decision. According to HYBE, it is as follows: “Our company will not use its voting rights to support the ‘Dismissal of Inside Director Min Hee Jin’ at the upcoming shareholders meeting, and we accept the court’s ruling regarding the provisional injunction lawsuit brought by CEO Min Hee Jin. Additionally, the court declared unequivocally that “our company plans to proceed with steps within the boundaries set by law.” “It is evident Min Hee Jin looked for ways to weaken HYBE’s control over ADOR and allow Min Hee Jin to control ADOR independently by either taking NewJeans out from under HYBE’s control or pressuring HYBE to sell its shares of ADOR.” According to additional reports, Min Hee Jin would receive 20 billion won ($14,528,232 USD) in compensation from the court if HYBE breaches the judgment granting the injunction. It’s also said that HYBE made $2,106,518.24 in operating profit, or 2.9 billion won. Keep checking back for updates.