On August 29th, Min Hee-jin‘s side stated, “CEO Min Hee-jin has not violated the shareholder agreement, a fact confirmed by the court’s injunction decision. Therefore, HYBE does not have the right to terminate the shareholder agreement, and HYBE’s notice of termination holds no legal effect.”
They continued, “Just because HYBE has declared the shareholder agreement terminated and filed a lawsuit to confirm the termination does not create a right to terminate that did not previously exist, nor does it bring about the effect of termination. In other words, the shareholder agreement is still valid, and CEO Min Hee-jin’s rights, including the put option, remain in effect.”
Furthermore, they explained, “On the contrary, HYBE attempted to remove CEO Min Hee-jin from her position as director and violated the shareholder agreement by having the ADOR directors dismiss her from her role as CEO. This situation grants CEO Min Hee-jin the right to terminate the shareholder agreement.“
They concluded by stating, “If CEO Min Hee-jin decides to terminate the shareholder agreement, HYBE would be liable for damages, including the put option amount and any profits she would have received if she had worked as CEO for the agreed five-year period.”
Source: Daum
