Court Decision Prevents Hybe from Voting to Dismiss Min Hee-jin During Shareholders' Meeting

Courtesy of Min Hee Jin's instagram

The Seoul Central District Court on Thursday upheld a preliminary injunction filed by Ador CEO Min Hee-jin against Hybe on May 7. This ruling prevents Hybe, the parent company of Ador, from exercising its voting rights to dismiss Min during the company’s extraordinary shareholders’ meeting scheduled for Friday.

“The material evidence submitted to date does not sufficiently establish Hybe’s alleged grounds for (Min’s) dismissal,” the court ruled. The court further noted that while Min Hee-jin appeared to be seeking ways to reduce Hybe’s control over Ador and increase her own, there was no concrete evidence of her taking definitive action that would constitute a dereliction of her duties to Ador.

Following the court’s decision, Min’s PR agency, Macoll Consulting Group, released a statement: “The court judged that Hybe’s witch-hunt-style claims, which were recklessly distributed through the media, were not correct. We hope that Hybe will respect the court’s decision.”
 

▲ Courtesy of Min Hee Jin's instagramHybe responded with a statement affirming its respect for the court’s judgment and its decision not to exercise voting rights against Min. The company indicated it would pursue follow-up actions within legal boundaries in the future.

The court’s decision was unexpected, as it had been anticipated to favor Hybe, given that Min’s attempt to prevent the parent company from exercising voting rights was seen as a potential violation of the Commercial Act, which protects shareholder rights.

Min also urged Hybe to retain Ador’s two other directors, whom the parent company had planned to remove along with Min. Macoll Consulting Group stated, “There is no reason to sack the two other internal directors, just as there is no reason to sack Min. If Hybe removes them, it will be an act that disrespects the court’s decision.”

Earlier this month, Ador’s popular K-pop girl group NewJeans, along with their parents and 10,000 fans, signed petitions opposing Min's dismissal.

Sayart

Joy, nunimbos@gmail.com