ADOR and HYBE are confirmed to proceed with the board of directors meeting.
Read more to learn further details.
ADOR, HYBE To Initiate Board Of Directors Meeting
The meeting between the board of directors is about to take place.
On May 7, Korean news outlets reported that ADOR had notified HYBE regarding the board of directors meeting. Sources state that ADOR will hold a board meeting on May 10, in Seoul, which will include ADOR CEO Min Hee Jin, Vice President Shin, and Creative Director Kim.
Shin & Kim Law Firm, ADOR's legal representative, also shared that the company will also spearhead a meeting between general shareholders by the end of May.
"As prescribed, the board of directors will be held on May 10 and the general shareholders meeting will be held by the end of May," the law firm stated. "We will give additional information to the court by May 13."
Earlier on April 29, Min Hee Jin denied the board of directors meeting amid ADOR and HYBE's ongoing feud. K-media revealed that the CEO claimed that it was illegal for HYBE to change ADOR's officials and assign replacements.
Min Hee Jin also shared that the meeting was declined since the convention of the audited board of directors was unlawful, as well as outside of HYBE's legal boundaries. However, HYBE already had filed a call for a meeting between shareholders in the event of such cancellation.
If approved by the court, the emergency meeting will discuss the dismissal of Min Hee Jin as ADOR CEO, and at the same time, replace the company's current roster of board members.
HYBE also released a brief statement, which drew frustration towards Min Hee Jin's non-compliance with the meeting. The multi-label also shared that the auditor (HYBE), has complete authority to audit the performances of directors and officially convene a meeting.
On April 25, HYBE uploaded a statement announcing their plans to formally accuse Min Hee Jin, alongside her affiliates, of breach of trust. The company shared that credible proof has been found in the audit results, which relayed Min Hee Jin's attempts to seize control of its management.
In one of the results presented by auditors, sources state that Min Hee Jin tried to usurp management by contacting outside investors. The interim report also shared specific details such as how to attack HYBE during the audit process.
According to the audit results, it claimed that the management team was commanded by Min Hee Jin, who attempted to find ways to pressure HYBE into selling its ADOR shares.
This was trailed by exchanges of methods regarding contract termination with the artists, as well as Min Hee Jin and HYBE. Park Ji Won, CEO of HYBE, also apologized to everyone who was affected by the conflict.
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