Will Min Hee-jin Be Dismissed At Shareholders’ Meeting? Result Of Injunction Against HYBE To Be Revealed Soon

The court is expected to announce the conclusion of the injunction filed by ADOR CEO Min Hee-jin against HYBE to prohibit their exercise of voting rights today (May 30th).

According to the legal community on May 30th, Seoul Central District Court’s Civil Agreement Division 50 (Chief Judge Kim Sang-hoon) will decide on the result of the injunction against HYBE’s voting rights filed by CEO Min Hee-jin.

Earlier at the interrogation held on May 17th, the court said they would continue receiving additional documents from both sides until the 24th to review them and make a decision before the shareholders’ meeting on the 31st.

Owning 80% of ADOR’s shares, HYBE filed a complaint against Min Hee-jin for breach of trust after accusing her of attempting to take over the label’s management rights. They also plan to dismiss the board members of ADOR’s board of directors, including Min Hee-jin, at the upcoming shareholders’ meeting on the 31st. Therefore, Min Hee-jin countered by applying for a provisional injunction to prevent HYBE from exercising their voting rights.

The result of the provisional injunction will change the situation significantly. If the court agrees with Min Hee-jin, HYBE will not be able to exercise their voting rights at the shareholders’ meeting and push ahead with the plan to remove Min Hee-jin from the board of directors. However, even if Min Hee-jin remains a CEO, other ADOR executives may still be dismissed because they don’t have any shareholder contracts like her. As such, even if Min Hee-jin is not dismissed, HYBE is still likely to take control of ADOR’s board of directors.

If Min Hee-jin stays, it’s still impossible for HYBE and the female CEO to continue working together. In this case, HYBE can file an appeal and submit new evidence to convene another shareholders’ meeting.

On the contrary, if the court turns down the injunction, HYBE will be able to fire CEO Min and ADOR’s current management team right away at the shareholders’ meeting. There have been rumors that CHRO Kim Joo-young, CSO Lee Jae-sang, and CFO Lee Kyung-joon may lead ADOR in the future.

Of course, there is a possibility that CEO Min Hee-jin will file a lawsuit to claim damages by saying she did not receive compensation for the remaining period. There is no precedent for reference, so the entertainment industry is paying keen attention to the court’s decision