“Min Hee-jin’s dismissal” interrogation ends in 30 minutes+ ADOR’s board of director to be held next month

An interrogation was conducted on permission for HYBE to hold an extraordinary general shareholders’ meeting over the dismissal of CEO Min Hee-jin of ADOR.

The Seoul Western District Court held an interrogation date at 4:45 p.m. on April 30 (KST) to approve the dismissal of Min. The interrogation was conducted behind closed doors and ended at 5:13 p.m (KST).

“The comeback date is set in May, and the music video has been released,” said ADOR’s lawyer Lee Won-ho (Sejong Law Firm), who attended the court before the closed-door interrogation. “They raised this issue while we had to prepare (for the comeback of NewJeans),” he said. “We are not aware of it, but this has been delivered and we will proceed on time.” “It is too much to do this right now.”

On the other hand, HYBE’s lawyers (Kim & Chang’s Law Firm) headed to court without answering reporters’ questions.

About 30 minutes later, ADOR’s lawyer said, “As decided, the board of director meeting will be held by May 10 and the shareholders’ meeting will be held by the end of May,” adding, “We will give you additional announcement before May 13th.”

“Because today is a day of deliberation, you’re hearing arguments from both sides, and we don’t think it’s much different from what we originally thought,” said HYBE’s chief legal officer (CLO) Jeong Jin-soo.

Meanwhile, HYBE conducted an audit on April 22nd after detecting circumstantial evidence that Min and the current executives of ADOR were planning to take over management control. It also requested that a board meeting be held on the 30th to replace ADOR’s management personnel. HYBE holds an 80% stake in ADOR, so it can dismiss the management team including Min when an extraordinary shareholders’ meeting is held. Min’s side completely denies the allegation of breach of trust. If the court accepts HYBE’s request, the shareholders’ meeting is expected to be held as early as five weeks later.