Civil Resolution Board No. 50 of the Seoul Central District Court on May 30 decided to approve ADOR CEO Min Hee Jin‘s application for a temporary restraining order against HYBE’s voting rights.
After reviewing the arguments and documents presented by HYBE, the court said that its reason for firing CEO Min Hee Jin had not been fully proven. According to the court, HYBE must compensate 20 billion won if it wants to fire Min.
Therefore, HYBE is expected to be unable to exercise its voting right on the dismissal of CEO Min Hee Jin at ADOR’s irregular General Meeting of Shareholders to be held on May 31. CEO Min Hee Jin can maintain her role as CEO of ADOR.
HYBE, the company that owns 80% of ADOR’s shares, has submitted the dismissal of ADOR CEO Min Hee Jin as an agenda at the irregular General Meeting of Shareholders. HYBE wants to appoint a new board of directors for ADOR. Min Hee Jin objected to this and filed an application for a temporary restraining order with the Seoul Central District Court to prevent HYBE from exercising its voting rights. Once the request for a restraining order filed by CEO Min Hee Jin has been approved, the war between CEO Min Hee Jin and HYBE is expected to continue.
However, as HYBE is expected to replace other directors of ADOR besides CEO Min Hee Jin, Min is also expected to face significant limitations in her actions.
