TRENDING: Court Rules In Favor Of Min Hee Jin’s Injunction Request, To Remain As CEO Of ADOR

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The court has accepted the injunction request by Min Hee Jin!

According to the legal community on the 30th of May, the interim injunction requested by Min Hee Jin, CEO of ADOR, to prohibit the exercise of voting rights by HYBE has been accepted.  

According to the citation, the injunction filed by Min CEO on the 7th of this month, requesting to prevent the exercise of voting rights by HYBE, has been cited. As a result, HYBE will not be able to exercise voting rights at the ADOR shareholders’ meeting scheduled for the 31st, and effectively, Min CEO will be able to maintain his position as CEO.

During the injunction hearing held on the 17th, Min CEO’s side argued that based on the clause in the shareholders’ agreement signed between HYBE and ADOR in March of last year, which states that “measures should be taken to maintain the position of CEO and internal director of ADOR with voting rights on the shares held by HYBE for 5 years from the date of establishment,” the exercise of voting rights by HYBE can be restricted.

On the other hand, HYBE requested the court to reject the interim injunction, stating that regardless of the above, the exercise of voting rights for the dismissal of directors is legitimate and only the controlling shareholder has the responsibility for damages under the Commercial Act.

With the citation of the interim injunction on this day, HYBE will not be able to exercise voting rights at the interim shareholders’ meeting, and effectively, Min CEO will be able to maintain his position as CEO. However, the other members of the management team, including the vice CEO, who have not entered into a shareholders’ agreement, are likely to be dismissed as they are not subject to the restriction on the exercise of voting rights. In this case, even if Min CEO is retained, she will become an isolated employee without any supporters within the label. The possibility of HYBE appealing is also being raised.

What are your thoughts on this?

Source: (A)

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