Tensions soar: Min Hee-jin rejects HYBE's board meeting demand
The legal tussle between South Korean entertainment powerhouses HYBE and ADOR is escalating. On Monday, Min Hee-jin (CEO of ADOR) announced through her representatives that "she has chosen not to comply with a board decision made by HYBE." This decision follows an unexpected audit of ADOR's management by HYBE on April 22. Post-audit, Min was accused of embezzlement, leading to HYBE demanding her resignation.
'Request for a board meeting wasn't legally valid'
Representatives for Min informed Newsen that the request for a board meeting to address a shareholder meeting resolution—prompted by the audit—was deemed "legally invalid." Under the law, the auditor's authority to convene such a meeting was restricted to the extent required for reporting audit findings. Consequently, ADOR opted not to hold the requested board meeting. Meanwhile, HYBE has urged ADOR to proceed with the meeting on Tuesday.
HYBE took legal action amid board meeting uncertainty
In anticipation of the potential collapse of the ADOR board meeting, HYBE took proactive steps by filing a request with the court on April 25 to "convene a temporary general meeting of shareholders." If approved, notification of the temporary shareholder meeting will be issued on the same day, and a subsequent board meeting is expected to take place about 15 days later. HYBE intends to utilize this meeting to remove the current directors, including Min, and appoint new ones.
Min refutes allegations, accused HYBE of retaliation
Min is also accused by HYBE of conspiring to seize control of the company with other executives. However, Min refuted these allegations during an urgent press conference in Seoul, last week. She presented several messages exchanged with Bang Si-hyuk, Chairman of HYBE, and CEO Park Ji-won, denying any intentions or actions to take over the company. Min argued that the evidence presented by HYBE was manipulated and misinterpreted—labeling their accusations as retaliation for an internal copyright-related complaint.
HYBE responded to Min's press conference assertions
In response to Min's press conference, HYBE issued a statement. They claimed that many of Min's assertions were factually incorrect and difficult to refute individually. They reiterated their demand for her resignation, stating that her conduct at the conference demonstrated her unsuitability as an executive. Meanwhile, Min's legal team highlighted that with HYBE owning an 80% stake in ADOR and Min only 18%, a takeover would be highly unlikely.
