On Thursday, October 29, Ilgan Sports, a prominent media organization in Korea, disclosed Min Hee-jin’s official response concerning the rejection of her provisional injunction. This statement pertains to the ongoing legal dispute between HYBE and the former CEO of ADOR, revolving around their shareholders’ agreement and the possibility of reinstating Min Hee-jin as ADOR’s CEO.
“This ruling does not imply that the court validated HYBE’s claims. We call upon HYBE to make judicious decisions that uphold the shareholders’ agreement and foster the growth of NewJeans and ADOR,”the statement emphasized.
Even though Hee-jin’s appeal for reinstatement was turned down, her representatives mentioned the court’s lack of clarity regarding the shareholders’ agreement, noting:
“The court did not examine the legitimacy of the shareholders’ agreement. The case lacked merit because if HYBE were mandated to instruct ADOR’s board members to fulfill their responsibilities, those members are not compelled to adhere to such direction.”
The statement further elaborated,
“The dismissal of the injunction was strictly based on legal factors concerning the enforceability of the procurement clause, and does not negate the validity of the shareholders’ agreement.”
Thus, Hee-jin’s representatives maintained that the shareholders’ agreement between HYBE and ADOR remains intact, as the court has not issued a definitive ruling on its validity. They further advocated for her reappointment as CEO of ADOR, referencing the established and binding shareholders’ agreement.
Essential Details on Former ADOR CEO Min Hee-jin’s Statement About Her Reappointment
In August, Min Hee-jin was ousted from her role as the CEO of ADOR. While she still holds the position of internal director within the agency, she conveyed her desire for reinstatement as the CEO, referencing the shareholders’ agreement with HYBE.
Min Hee-jin’s termination was not voluntary; she was dismissed by the agency, a move she claims violates the shareholders’ agreement. This led to a legal battle against HYBE as she sought her reappointment as CEO of ADOR, though her demand was initially denied by the court.
Following her submission of a provisional injunction in support of her demands, the court’s rejection prompted a response statement from the former CEO. In her statement, she reaffirmed that the shareholders’ agreement is still valid, and her tenure with HYBE and as the CEO of ADOR extends until November of the following year, thus legitimizing her call for reappointment.
Her statement included the following:
“The shareholders’ agreement with HYBE and Min Hee-jin remains valid. Under this agreement, her tenure as ADOR’s CEO is secured until November 1, 2026. Therefore, Min formally urges ADOR’s board members to reinstate her as CEO during the board meeting set for October 30, 2024.”
The statement elaborated,
“Should HYBE and the ADOR board members appointed by HYBE neglect to reinstate Min Hee-jin as CEO, she will seriously contemplate her rights in response to HYBE’s violation of the shareholders’ agreement.”
As of now, neither the court nor HYBE has issued a response to the former ADOR CEO’s statement regarding her desired reinstatement.
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