HYBE, one of the leading entertainment companies in Korea, which has initiated an audit of its subsidiary label, ADOR, is demanding its CEO steps down from her position.
Previously, we reported that HYBE conducted an audit on CEO Min Hee Jin and the ADOR management, including a person known as Mr. A. This was due to reports that the CEO was attempting to seize control of the company.
HYBE has also requested a shareholders’ meeting and sent a letter demanding the resignation of Min Hee Jin. After analyzing the computer assets obtained that day, HYBE plans to take legal action if necessary.
Following the announcement of the audit, HYBE stock price, which fell as much as 10.63% during the day, is down 8.89% as of 2 p.m. on the 22nd of April, trading at 210,000 won [$160] per share. The industry interprets this stock price drop as being due to the ADOR-related issue.
