Today Min Heejin Adore Board Meeting... Temporary General Meeting Scheduled for End of This Month

Decision on Dismissal to Be Made Based on Min Representative's Injunction Application Result

ADOR, the agency of the group 'NewJeans' currently in dispute with HYBE, will hold a board meeting at an undisclosed location in Seoul on the morning of the 10th to decide whether to convene an extraordinary general meeting of shareholders.

Min Hee-jin, CEO of ADOR, is making a statement on the 25th at the Korea Conference Center in Seocho-gu, Seoul, regarding the conflict with the parent company HYBE. Earlier, HYBE announced the results of an interim audit on ADOR's management, including CEO Min Hee-jin, and stated that they would file charges against them for breach of duty and other allegations. Photo by Kang Jin-hyung aymsdream@

According to the music industry, CEO Min Hee-jin and the ADOR board members will hold the board meeting on this day. Currently, the ADOR board consists of CEO Min, Vice President Shin, and Senior Creative Director Kim.

The agenda for the board meeting is the convening of an extraordinary general meeting of shareholders. Earlier, CEO Min’s side stated at the hearing for the application to permit the convening of the extraordinary general meeting held at the Seoul Western District Court on the 30th of last month that they would hold a board meeting by this day to decide on convening the extraordinary general meeting and then hold the meeting by the end of this month.

If the decision to hold the extraordinary general meeting is made on this day, the schedule will be set after the 15th. Since the 25th and 26th fall on the weekend, the earliest possible date to hold the extraordinary general meeting is the 27th.

HYBE had planned to hold the extraordinary general meeting in early June based on the court’s decision and propose a dismissal motion against CEO Min and close associate Vice President Shin, who are part of ADOR’s management team.

Currently, CEO Min’s side is reportedly leaning toward making a decision on the 31st. Since NewJeans is set to release their new domestic double single 'How Sweet' on the 24th, if the dismissal of CEO Min, who is called the 'NewJeans mom,' coincides with this, it is interpreted as a strategy to generate sympathy and pressure HYBE.

Since HYBE holds 80% of ADOR’s shares, CEO Min’s dismissal was considered certain if the extraordinary general meeting were held. However, CEO Min filed an injunction to prohibit the exercise of voting rights, arguing that she should not exercise voting rights in favor of the dismissal motion against HYBE, and the matter has now been passed to the court’s decision.

CEO Min’s side claimed, "HYBE requested the convening of the extraordinary general meeting regarding the dismissal motion against CEO Min, which violates the shareholders’ agreement signed with Min Hee-jin." They also explained, "We believe HYBE’s claim of breach of fiduciary duty is groundless, and we filed the injunction to protect the artists under ADOR and ADOR’s corporate value."

If the injunction request is dismissed, HYBE is expected to leverage its shareholding advantage to replace ADOR’s management and accelerate the resolution of the situation. However, if the court grants the injunction, HYBE’s plans are likely to be disrupted.

The hearing for the injunction request will be held on the 17th at the Seoul Central District Court.