Hive pushing out, Min Heejin resisting... "Injunction request to prohibit voting rights exercise"

"Claims of Embezzlement Are Absurd... We Will Protect NewJeans and Corporate Value"

The representative of Min Hee-jin, CEO of ADOR, has filed a provisional injunction with the court to prohibit the exercise of voting rights against the parent company HYBE.

Bang Si-hyuk, Chairman of HYBE, Min Hee-jin, CEO of ADOR.
Photo by Yonhap News

On the 7th, Min Hee-jin's side released an official statement saying, "Today, we filed a provisional injunction to prohibit the exercise of voting rights against HYBE at the Seoul Central District Court."

Min's side claimed, "HYBE requested the convening of an extraordinary general meeting regarding the dismissal of CEO and inside director Min Hee-jin, which violates the shareholders' agreement signed with CEO Min Hee-jin."

They added, "CEO Min filed the provisional injunction to prohibit the exercise of voting rights on the grounds of the right to demand performance of the shareholders' agreement, stating that HYBE should not exercise voting rights in favor of the dismissal of CEO and inside director Min Hee-jin."

Furthermore, Min's side explained, "We consider HYBE's claim of breach of trust to be groundless, and we filed the provisional injunction to protect ADOR's artists and corporate value."

Earlier that day, CEO Min Hee-jin and the ADOR board members notified the parent company HYBE of the schedule to hold a board meeting in Seoul on the 10th.

The agenda for this board meeting has not been disclosed in detail, but it is known that a proposal to convene an extraordinary general meeting will be submitted. If the proposal to convene the extraordinary general meeting passes, the meeting is expected to be held by the end of this month at the latest.

Currently, the ADOR board consists of CEO Min and his close associates, Vice President Shin and Director Kim. Considering that it takes 15 days to notify the convening of the extraordinary general meeting if they decide to convene it at the board meeting, the earliest possible date for the ADOR extraordinary general meeting is expected to be the 27th.

Hive is initiating an audit of the management of Adore, a subsidiary to which the group NewJeans belongs, leading to conflicts. The photo shows the Hive headquarters in Yongsan. Photo by Yongjun Cho jun21@

However, if the extraordinary general meeting is held, it will be difficult to prevent the proposal to dismiss CEO Min from being submitted and passed, as HYBE holds 80% of ADOR's shares.

On the 22nd of last month, HYBE launched an emergency audit, reporting that CEO Min Hee-jin and Vice President A of ADOR attempted to seize management rights. Through the interim audit report, HYBE announced that it secured evidence of breach of trust by CEO Min and Vice President A, and on the 25th, they filed a complaint against them for breach of trust at the Yongsan Police Station in Seoul.

In response, CEO Min held an emergency press conference on April 25th, denying all allegations of management rights seizure, stating, "How could I possibly attempt to seize management rights? The messenger screenshots HYBE disclosed are casual conversations with executives, selectively captured and inserted to fit their frame."

On the 22nd of last month, HYBE requested the convening of a board meeting to replace ADOR's management, including CEO Min, citing attempts to seize management rights. When ADOR refused, HYBE applied to the court on the 25th for permission to convene an extraordinary general meeting.

At that time, Min's side requested a change of the hearing date due to lack of time, but it was not accepted, and the hearing proceeded as scheduled on April 30th. Both sides refrained from commenting, stating, "Since it was held privately, we have nothing to add," but requested that the process be conducted according to legal procedures.