"Does not mean that the court accepted HYBE's arguments": Min Hee-jin releases response statement to the dismissal of her provisional injunction

On Thursday, October 29, the Korean media outlet Ilgan Sports revealed Min Hee-jin's response statement to the dismissal of her provisional injunction. This statement addressed the ongoing lawsuit between HYBE and ADOR's former CEO, based on their shareholders' agreement and the reappointment of Min Hee-jin as the CEO of ADOR.

"This decision does not mean that the court accepted HYBE’s arguments. We urge HYBE to make a wise decision to fully implement the shareholders’ agreement and to promote the development of NewJeans and ADOR," the statement read.

While Hee-jin's request for her reappointment was denied, Min Hee-jin's side talked about the lack of clarity on the court's rule regarding the shareholders' agreement, stating:

"The court did not make a determination on the validity of the shareholders’ agreement. The court found no merit in the case because, even if HYBE were ordered to direct ADOR’s board members to perform their duties, ADOR’s board members are not obligated to comply."

The statement continued,

"The dismissal of the injunction was due solely to legal considerations related to the enforceability of the procurement clause, and this does not mean that the validity of the shareholders’ agreement was denied."

Therefore, Hee-jin's side argued that the shareholders' agreement between the two parties, HYBE and ADOR, still stands true, as the court hasn't rolled out a determined ruling regarding the same. They further justified the reasoning behind her reappointment as ADOR's CEO and advocated for the same through the existing and valid shareholders' agreement.

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All you need to know about former ADOR CEO Min Hee-jin's response statement regarding her reappointment

In August of this year, Min Hee-jin was removed from her position as ADOR's CEO. While she still stands as the internal director of the agency, she expressed the need for her reinstatement as the agency's CEO. Hee-jin expressed this in light of the shareholders' agreement between her and HYBE.

Given that Min Hee-jin didn't voluntarily step down but was fired by the agency, she stated that it goes against the shareholders' agreement. Therefore, a lawsuit emerged between her and HYBE, as she argued and demanded her reappointment as ADOR's CEO. However, previously, the court rejected this demand.

Since she filed a provisional injunction advocating for her demands, the rejection from the court soon resulted in a response statement from the former CEO. Through the statement, she expressed that since the shareholders' agreement still stands valid, and her term with HYBE and as the CEO of ADOR lasts till November of next year, her demand for the reappointment is justified.

Here's what the statement read:

"The shareholders’ agreement between HYBE and Min Hee-jin remains valid. According to the shareholders’ agreement, her term as CEO of ADOR is guaranteed until November 1, 2026. Therefore, Min formally requests that ADOR’s board members reappoint her as CEO at the board meeting scheduled for October 30, 2024."

The statement continued,

"If HYBE and the ADOR board members appointed by HYBE fail to reappoint Min Hee-jin as CEO, Min will actively consider whether to exercise her rights in response to HYBE’s breach of the shareholders’ agreement."

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Meanwhile, both the court and HYBE are yet to respond to the former ADOR CEO's statement regarding her reinstatement.