Court Decision on Injunction Against Hybe to Determine CEO's Future Ahead of Shareholders' Meeting

Courtesy of HYBE's website

According to an industry source on Monday, the fate of Ador CEO Min Hee-jin, as the leader of the Hybe sublabel, will be practically decided on Friday, coinciding with a hearing for the injunction against Hybe.

Min filed for an injunction with the Seoul Central District Court on May 7, seeking to prohibit Hybe from exercising its voting rights in favor of a proposal to dismiss her. The court's decision on Min's petition for an injunction will significantly impact her future, particularly with Ador's extraordinary shareholders' meeting scheduled for May 31. 

▲ Courtesy of HYBE's website

With Hybe owning 80 percent of Ador's shares, they hold the power to potentially dismiss Min by exercising voting rights against her at the upcoming extraordinary shareholder's meeting.

Entertainment law expert Lee Jae-kyoung expressed skepticism regarding Min's chances, noting that injunctions of this nature are rarely granted. Lee emphasized that Min's attempt to prevent Hybe's shareholders from exercising their voting rights contradicts the fundamental principles of company law aimed at protecting shareholder rights.

▲ NewJeans / Courtesy of AdorMeanwhile, Ador released an announcement following its May 10 board meeting, stating their decision to hold an extraordinary meeting of shareholders on March 31. The agenda of the shareholders' meeting was approved as requested by Hybe.

NewJeans, Ador's only K-pop group, is expected to release a new mini album titled "How Sweet" on May 24. However, if Min is dismissed, there may be potential implications for the group's promotional activities, both domestically and internationally, as Min serves as their main producer.

Sayart

Kelly.K, pittou8181@gmail.com