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On Monday, April 29, Korean media outlet Newsen published an article claiming that ADOR CEO Min Hee-jin will not be attending HYBE Labels' requested Board of Directors' meeting. She explained that there are ultimately two reasons behind her rejection of the meeting.
According to Hee-jin, firstly, HYBE Labels doesn't hold the right to request the change of ADOR's CEO and its board of directors. Thereby, the call for an emergency shareholders meeting is illegal. Additionally, the rights to an audited convention of the audited board of directors lie outside the scope of HYBE, and they can only be organized within the scope of the audit's requirements.
Hee-jin stated,
“The rights to a convention of audited board of directors are only limited to the scope of the audit’s requirements, and their call is hence illegal.”
In simpler terms, HYBE can't request a meeting when the audit hasn't been completed. Though the audit is currently ongoing, HYBE scheduled and requested a shareholders' meeting for April 30. Therefore, this also makes the request illegal. Moreover, given that even an emergency Board of Directors' meeting takes about 8 to 9 weeks to be processed, Min Hee-jin pointed out a further justification for her refusal to attend the meeting.
HYBE's Board of Directors' meeting was to demand ADOR's Min Hee-jin's resignation
As the feud between the parent company and its subsidiary continues to rock back and forth, ADOR's Min Hee-jin reported through the news agency, Newsen, that the company's executives will not adhere to HYBE's request for a Board of Directors' meeting.
On April 22, HYBE released a statement announcing its audit of ADOR, its subsidiary entertainment company. The agency explained that the audit was held due to suspicions of ADOR's CEO, Min Hee-jin, and another anonymous executive, Mr. A, allegedly plotting to make ADOR an independent company.
Subsequently, the audit allegedly revealed several pieces of evidence justifying the same. Therefore, HYBE requested that ADOR's board of executives attend a Board of Directors' meeting on April 30 and also explained that the meeting would demand the resignation of Min Hee-jin and Mr. A from the company.
The agency also filed its request through the court, and since the court permitted rights for HYBE to hold the meeting, the agency holds the power to take legal action against ADOR if they didn't comply with the meeting. The following days of the initial announcement continued with HYBE releasing more information regarding ADOR CEO and Mr. A's alleged plot to threaten and pressure HYBE.
Their plan, therefore, was reportedly to take full control of ADOR since HYBE owns about 80% of the entertainment company. Some of the pressurizing methodologies they allegedly implemented include downloading confidential documents of HYBE, spreading claims of Bang Si-hyuk stealing Min Hee-jin's idea to create BTS, other K-pop groups such as RIIZE, TWS, ILLIT, etc., and copying NewJeans.
An emergency press conference was subsequently held for Min Hee-jin on April 25, where she explained her stances on the same and made more claims towards HYBE. These claims included an alleged slave contract for the link between ADOR and HYBE, a lack of promotions for NewJeans, Hee-jin's lack of compensation for NewJenas' commercial success, etc. Regardless, HYBE released a response statement claiming that the allegations don't stand true.
