Ador Calls for Shareholder Meeting as Hybe Accused of Unlawful Conduct

Courtesy of Min Hee Jin's instagram

Amidst the ongoing dispute between entertainment conglomerate Hybe and its subsidiary Ador, the latter convened a board meeting on Friday, deciding to hold an extraordinary general meeting of shareholders on May 31. Allegations of an illegal audit conducted by Hybe further fueled tensions between the two entities.

During the brief 10-minute board meeting, attended by Ador executives including CEO Min Hee-jin and a Hybe-appointed auditor, discussions centered around potential actions at the upcoming extraordinary general meeting. Speculation arises regarding the potential dismissal of CEO Min Hee-jin, given Hybe's significant ownership stake of 80 percent in Ador.

However, Min Hee-jin's fate may hinge on a court decision regarding her injunction against Hybe filed earlier in the week, potentially affecting Hybe's voting rights at the shareholder meeting.
 

▲ Courtesy of Min Hee Jin's instagramIn a statement issued by Ador, Hybe was accused of conducting an illegal audit against Ador's styling directing team leader. The audit, initiated after work hours on Thursday and lasting over five hours into the night, allegedly exceeded its scope by demanding personal devices such as cell phones.

Hybe's concerns reportedly stemmed from suspicions of embezzlement in the contractual relationship between Ador and the NewJeans Styling Directing team leader. Ador defended the situation, stating that the actions in question did not result in financial loss and were in line with industry standards, with the information previously communicated to Hybe in February.

Hybe countered Ador's claims, asserting that labeling the audit as "illegal" was problematic and pledged to release a comprehensive statement addressing the matter shortly. The escalation of tensions between Hybe and Ador underscores the complexities of their relationship and the challenges faced in resolving their ongoing disputes.

Sayart 

Sayart, sayart2022@gmail.com