Looks like the fight between ADOR and HYBE is expected to become prolonged due to the recent reports!
In the midst of various controversies surrounding HYBE, including embezzlement and allegations of pseudo-religion, Min Hee Jin, the representative of ADOR, has expressed her intention not to comply with HYBE’s request for an extraordinary board meeting. As a result, the conflict between HYBE and Min Hee Jin is expected to intensify.
According to the Chosun Ilbo on the 29th of April, Min Hee Jin reportedly sent a response email stating that she will not comply with HYBE’s request for a board meeting scheduled for the 30th of April.
It has been reported that HYBE requested the extraordinary board meeting through auditors to hold a temporary general shareholders’ meeting and to pass a motion for the dismissal of Min Hee Jin and the replacement of the board members. However, Min Hee Jin reportedly refused to comply with the meeting, citing two reasons: that HYBE’s demand for the replacement of the ADOR representative and internal board members is illegal, and that the convening of the auditors’ meeting is beyond their authority and therefore not legal.
However, HYBE, anticipating this response, has already applied for permission for a temporary general shareholders’ meeting to the court on the 25th. Once the court sets a hearing date, it usually takes around three weeks for the permission to be granted. Upon the court’s decision, the notice for the temporary general meeting will be sent on the same day, and the meeting will be held 15 days later. This means that within 1 to 2 months, the ADOR management, including Min Hee Jin, could be replaced.
Source: (A)
