Former ADOR CEO Min Hee Jin is seeking legal recourse to be reinstated as an inside director of ADOR. On September 13, Min Hee Jin’s representatives announced that an application for an injunction had been filed with the Seoul Central District Court. The purpose of this legal action is to convene an extraordinary general meeting of shareholders to facilitate her reappointment.The complete statement, as reported by Soompi, read:
“Hello, This is Macoll Consulting Group, responsible for media communication in collaboration with Sejong Law Firm, representing former ADOR CEO Min Hee Jin.
Today, former CEO Min Hee Jin filed an application for injunction to convene an extraordinary general meeting of shareholders and reappoint Min Hee Jin as an inside director of ADOR with the Seoul Central District Court. We would like to explain why we applied for an injunction to appoint her as director and CEO instead of an injunction to suspend the dismissal of the CEO.
The dismissal of former CEO Min Hee Jin is a violation of the shareholders’ agreement and contradicts the court’s decision to prohibit the exercise of voting rights. We were preparing an injunction to contest the validity of the CEO’s dismissal. However, considering the need for an extraordinary general meeting of shareholders to reappoint [Min Hee Jin as] ADOR’s director by November 2, 2024 and the court’s review period for the injunction, we applied for an injunction to reappoint former CEO Min Hee Jin as a director of ADOR and then appoint her as CEO.
Former CEO Min Hee Jin is guaranteed a five-year term as CEO and inside director of ADOR under the shareholders’ agreement. This fact has already been clearly recognized by the Seoul Central District Court’s decision to prohibit the exercise of voting rights. Nevertheless, HYBE unilaterally dismissed former CEO Min Hee Jin for the same reasons as before. This is a direct violation of the still-valid shareholders’ agreement and the court’s injunction decision to guarantee the CEO’s term.
On November 2, 2024, the three-year term of former CEO Min Hee Jin as an inside director of ADOR will expire. HYBE is unilaterally claiming that the shareholders’ agreement has been terminated without any basis although there are less than two months left in former CEO Min Hee Jin’s term as an inside director. It is evident that HYBE will not reappoint former CEO Min Hee Jin as an inside director under these circumstances.
Therefore, we inevitably applied for an injunction to convene an extraordinary general meeting of shareholders before the expiration of former CEO Min Hee Jin’s term as an inside director and to exercise voting rights in favor of the ‘Reappointment of Min Hee Jin as an Inside Director’.
We hope that HYBE will cease the continuous contract violations, business interference, defamation, and insults and make reasonable management decisions for the future of ADOR and NewJeans. Thank you”.
This development follows ADOR’s announcement on August 27 that Min Hee Jin would step down as CEO but would remain with the company as an internal director overseeing NewJeans’ content. Min Hee Jin’s representatives have criticized the board’s decision, claiming it was procedurally flawed and in breach of both the shareholders’ agreement and a court ruling. In response, all five members of NewJeans held a YouTube live broadcast on September 11, demanding HYBE reinstate Min Hee Jin as CEO by September 25. The outcome of this situation remains to be seen.
“Hello, This is Macoll Consulting Group, responsible for media communication in collaboration with Sejong Law Firm, representing former ADOR CEO Min Hee Jin.
Today, former CEO Min Hee Jin filed an application for injunction to convene an extraordinary general meeting of shareholders and reappoint Min Hee Jin as an inside director of ADOR with the Seoul Central District Court. We would like to explain why we applied for an injunction to appoint her as director and CEO instead of an injunction to suspend the dismissal of the CEO.
The dismissal of former CEO Min Hee Jin is a violation of the shareholders’ agreement and contradicts the court’s decision to prohibit the exercise of voting rights. We were preparing an injunction to contest the validity of the CEO’s dismissal. However, considering the need for an extraordinary general meeting of shareholders to reappoint [Min Hee Jin as] ADOR’s director by November 2, 2024 and the court’s review period for the injunction, we applied for an injunction to reappoint former CEO Min Hee Jin as a director of ADOR and then appoint her as CEO.
Former CEO Min Hee Jin is guaranteed a five-year term as CEO and inside director of ADOR under the shareholders’ agreement. This fact has already been clearly recognized by the Seoul Central District Court’s decision to prohibit the exercise of voting rights. Nevertheless, HYBE unilaterally dismissed former CEO Min Hee Jin for the same reasons as before. This is a direct violation of the still-valid shareholders’ agreement and the court’s injunction decision to guarantee the CEO’s term.
On November 2, 2024, the three-year term of former CEO Min Hee Jin as an inside director of ADOR will expire. HYBE is unilaterally claiming that the shareholders’ agreement has been terminated without any basis although there are less than two months left in former CEO Min Hee Jin’s term as an inside director. It is evident that HYBE will not reappoint former CEO Min Hee Jin as an inside director under these circumstances.
Therefore, we inevitably applied for an injunction to convene an extraordinary general meeting of shareholders before the expiration of former CEO Min Hee Jin’s term as an inside director and to exercise voting rights in favor of the ‘Reappointment of Min Hee Jin as an Inside Director’.
We hope that HYBE will cease the continuous contract violations, business interference, defamation, and insults and make reasonable management decisions for the future of ADOR and NewJeans. Thank you”.
This development follows ADOR’s announcement on August 27 that Min Hee Jin would step down as CEO but would remain with the company as an internal director overseeing NewJeans’ content. Min Hee Jin’s representatives have criticized the board’s decision, claiming it was procedurally flawed and in breach of both the shareholders’ agreement and a court ruling. In response, all five members of NewJeans held a YouTube live broadcast on September 11, demanding HYBE reinstate Min Hee Jin as CEO by September 25. The outcome of this situation remains to be seen.