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The parent company of ADOR had called for a shareholders' meeting for the dismissal of ADOR CEO Min Hee-jin for attempting to take over the label and reportedly overturn management. However, Min Hee-jin won her temporary injunction against HYBE on May 30, 2024, which resulted in the court ordering HYBE to not use its voting rights at the shareholders' meeting held later on the same day.
Meanwhile, she appeared for an exclusive interview on KBS 1TV's News 9 on May 31 to share her views on the subject. During the interview, she talked about the feud between her and ADOR's parent company, HYBE Corporation, and the barrages of allegations that surfaced.
She explained that when HYBE conducted its interim audit against her on April 21, 2024, she was in a "difficult situation" and had to hold an immediate press conference regardless. She continued that after winning the injunction, she was at ease to speak her mind properly in the latest interview.
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"During the first press conference, I was in a difficult situation, so I had to proceed despite the circumstances. But since we won the verdict yesterday, I was able to speak more freely about the situation and share my thoughts," she said.
She was also accused of humiliating NewJeans and other female employees of ADOR in her KakaoTalk chats which were exposed by HYBE and submitted in court during the first injunction hearing on May 17.
Min Hee-jin claims to reconcile with HYBE post shareholders' meeting
Min Hee-jin mentioned in the KBS interview, the presenter then questioned whether HYBE's accusations against her were accurate, given that both parties were contesting the court matter. Without delay, Min Hee-jin denied the accusations and asserted that HYBE would have known if she had taken any such actions.
She further asserted that it was illogical to assume that she attempted to take NewJeans with her and make ADOR independent of HYBE. She said,
"No, that's not true at all. Regardless of the situation, the decision is made by HYBE. So, even if I took any action, HYBE would know about it. The notion that I tried to take NewJeans with me doesn't make sense. This is a contradictory statement. We considered various strategies to defend ADOR, but taking NewJeans with me is practically impossible."
Hankook Ilbo reported that on May 31, 2024, HYBE called a special shareholders's meeting and removed two ADOR directors who were alleged to have plotted with CEO Min Hee-jin. The parent company has expressed that it has no intention of reaching an agreement or reconciliation with Min Hee-jin.
For the unversed, after HYBE conducted an internal audit, it accused the ADOR CEO of illegal trading of business secrets, attempting to loosen its grip on ADOR and NewJeans, purportedly crashing HYBE's share price, reportedly conspiring with Dunamu, and more.
In response, Min Hee-jin called for a press conference on April 25, accusing HYBE Chairman Bang Si-hyuk of alleged mistreatment towards her and NewJeans, and album pushing, among others. HYBE launched a police investigation against her and filed an FIR along with a criminal lawsuit for breach of trust.
The parent company then called for a shareholders' meeting to dismiss Min Hee-jin as ADOR's CEO. In response, Min Hee-jin filed for an injunction at the Seoul Central District Court to prohibit HYBE from exercising its voting rights as ADOR's majority shareholder in ousting her. The shareholders' meeting was held on May 30, 2024.
South Korean news outlet Seoul Shinmun reported that after two court hearings for the month-long feud, the court determined that Min Hee-jin did seek a way to takeover ADOR and NewJeans out of HYBE Corporation. It is crucial to note that HYBE owns 80% shares of ADOR.
"It is clear that CEO Min was seeking a way to take NewJeans out of the scope of HYBE's control or to pressure HYBE to control ADOR independently. This method went beyond the stage of exploration and involved concrete execution." (as reported by Seoul Shinmun)
Amidst CEO Min, HYBE designated Chief Strategy Officer (CSO) Jae-sang Lee, Chief Financial Officer (CFO) Lee Gyeong-jun, and Chief Human Resources Officer (CHRO) Kim Joo-young as ADOR's new directors.
Hankook Ilbo further reported that a representative of HYBE mentioned that the parent company is set on continuing the police investigation and "related lawsuit."
“I understand that Hive has no intention of compromising and will reach a conclusion through a police investigation or related lawsuits. Even if the directors of HYBE convene a board meeting and decide to dismiss CEO Min, there is no way to stop it under commercial law."
According to Hankook Ilbo, HYBE has mentioned waiting till the police investigation reveals its result. The company stated that it would pursue legal lawsuits against Min Hee-jin and dismiss her as CEO of ADOR.
