HYBE responded to the court ruling in favor of Min Hee Jin.
As previously reported, the Seoul Central District Court accepted ADOR CEO Min Hee Jin’s request for an injunction against HYBE, which means the parent label will not be able to exercise their majority shareholder rights to remove her from her position at ADOR. HYBE stated they’ll be accepting the court’s ruling, but plan to take legal action.
HYBE’s statement is as follows:
“Our company respects the court’s decision in terms of the provisional injunction lawsuit filed by CEO Min Hee Jin, and we will not exercise voting rights in favor of the ‘Dismissal of Inside Director Min Hee Jin’ at the upcoming shareholders meeting.
Furthermore, the court clearly stated, ‘It is evident Min Hee Jin looked for ways to weaken HYBE’s control over ADOR and allow Min Hee Jin to control ADOR independently by either taking NewJeans out from under HYBE’s control or pressuring HYBE to sell its shares of ADOR,’ our company plans to proceed with steps within the boundaries set by the law.”
Reports further revealed the court set a compensation value of 20 billion won ($14,528,232 USD) for Min Hee Jin if HYBE violates the injunction request order. It’s also being reported HYBE’s operating profit is 2.9 billion won ($2,106,518.24 USD).
Stay tuned for updates.
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