Min Hee-jin Refuses To Comply With Board Meeting Request, HYBE Applies For Shareholders’ Meeting
CEO Min Hee-jin expressed her intention to not comply with HYBE’s request to attend ADOR’s board of directors meeting
On April 29th, ADOR’s CEO Min Hee-jin said to Newsen, “ADOR received a request from the auditor for a board of directors meeting to resolve the convening of a shareholder’s meeting. However, the auditor’s authority to convene a board of directors meeting is limited to the extent necessary for reporting the audit results of the audit, so I consider the auditor’s request legally invalid. Therefore, I decided not to proceed with the board meeting”.
Previously, HYBE recently filed a complaint against CEO Min Hee-jin for breach of trust after launching a sudden audit of ADOR’s management on April 22nd. In addition, HYBE demanded Min Hee-jin’s resignation from the CEO position and a meeting of ADOR’s board of directors on the 30th.
According to Newsen’s report, HYBE already submitted a request to the court for a shareholders’ meeting on the 25th in preparation for the failure of the board meeting. It normally takes 4-5 weeks for the court to announce their decision after receiving the application. If the court accepts the application, they will release a notification on the shareholders’ meeting on the same day, and then the board meeting and the shareholders’ meeting can take place two weeks later. HYBE plans to dismiss ADOR’s existing board of directors, including CEO Min Hee-jin, through the shareholders’ meeting and appoint new directors.
Meanwhile, HYBE claimed that CEO Min Hee-jin has been planning to take over the management rights of ADOR with other executives and exposed the female CEO for getting advice from a shaman to deal with company management matters.
At her emergency press conference on April 25th, Min Hee-jin directly refuted all the allegations and suspicions surrounding her. She also revealed message conversations with HYBE’s Chairman Bang Si-hyuk and CEO Park Ji-won and complained of unfairness.
Immediately after Min Hee-jin’s press conference, HYBE countered that Min Hee-jin’s claims were not true and urged her to quickly resign.
