Min Hee-Jin Rejects HYBE’s Request for Board Meeting

ADOR CEO Min Hee-Jin has recently rejected a board of directors meeting requested by HYBE. Scheduled for April 29, 2024, the meeting faced rejection due to legality concerns. Min Hee-Jin claims that HYBE lacks legal grounds to alter ADOR’s CEO and board.

She also contends that calling a meeting of the audited directors exceeds HYBE’s rights. She argues that such actions should only relate directly to the audit’s requirements.

HYBE Prepares for Emergency Shareholder Meeting

Before this, on April 25, HYBE requested an emergency shareholders’ meeting. This step was taken in case their initial request for a directors’ meeting failed. The shareholder meeting aims to replace Min Hee-Jin and reshape the management board. Typically, organizing such meetings takes 8 to 9 weeks.

Ongoing Conflict Over Audit and Management Control

The dispute began intensifying when HYBE accused Min Hee-Jin of trying to take over ADOR’s management rights on April 22, 2024. HYBE claims their governance articles give them the right to audit directors and convene board meetings. Min Hee-Jin’s refusal to cooperate underscores a major disagreement over legal rights and corporate procedures.

This conflict between HYBE and Min Hee-Jin is evolving, with potential significant outcomes for ADOR’s leadership and strategic direction. Both parties are gearing up for possible legal battles that could decisively impact ADOR’s future within the K-pop industry.

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