As HYBE, ADOR, and Min Hee Jin continue to be involved in a dispute related to management rights. ADOR’s side has announced that they will hold a board meeting and a shareholders’ meeting next month.
On the 30th of April, at 4:45 pm, the Seoul Western District Court began hearings on HYBE’s application for permission to hold a temporary shareholders’ meeting.
The hearing was conducted privately according to the Non-Litigation Case Procedure Act. The court will decide on the approval within three weeks after the hearing date is designated.
After the approximately 30-minute hearing, ADOR’s attorney stated, “The board meeting will be held by May 10th, and the general meeting of shareholders will be held by the end of May.”
In addition, as they need to prepare for the premiere of the new song ‘Bubble Gum’ music video and the comeback of NewJeans in May, ADOR responded that the date requested by HYBE was too tight and more time was needed.
Jung Jin-soo, the vice president of HYBE, said, “Today is the day for deliberation, so we heard both sides’ arguments, and our thoughts are not much different from what we originally thought,” and added, “The court will make a wise judgment.”
Earlier, HYBE was planning to hold a temporary shareholders’ meeting by convening a board meeting to replace ADOR’s management team, citing an attempted takeover of management rights on the 22nd. However, Min Hee Jin, the CEO of ADOR, refused to comply, leading to the cancellation of the board meeting and the general meeting.
In anticipation of this, on the 25th, HYBE had already applied to the court for permission to hold a temporary shareholders’ meeting.
On the 29th, Min Hee Jin’s side submitted a request to change the hearing date to the court. However, the court did not accept it, and the hearing proceeded as scheduled.
Source: (A)
