HYBE and its subsidiary company ADOR’s CEO Min Hee-jin have been at odds this month, with tensions escalating to the forefront on the 25th when HYBE filed a lawsuit against Min Hee-jin. In response, Min Hee-jin held a press conference to counterattack, intensifying the conflict between the two parties. On the 29th, it was reported that Min Hee-jin refused to convene a board meeting, prompting HYBE to seek legal action by requesting an emergency shareholder meeting.
Today, HYBE revealed that Min Hee-jin responded to their email this morning, informing HYBE that she will not convene the shareholder meeting as requested on the 30th.
Previously, HYBE initiated an inspection against Min Hee-jin for “allegedly usurping company management rights” and filed a lawsuit against her. Furthermore, HYBE also requested a shareholder meeting on the 30th to replace the person in charge of ADOR.
In response to this request, Min Hee-jin made two points in response to HYBE today, stating that “HYBE’s request to replace the person in charge of ADOR and members of the board itself is illegal” and “Convening a board meeting for inspection is not within their authority, as there is no legal basis for it.” Thus, she rejected HYBE’s request to convene a board meeting.
An official from HYBE mentioned that as they have the authority to monitor the execution of board duties and convene board meetings according to the company’s articles of association, as well as the right to convene a board meeting directly if there is no response, it is difficult to accept Min Hee-jin’s reasons for not responding.
In order to convene the board meeting, HYBE has applied for permission to convene an emergency shareholder meeting from the Seoul Western District Court through their legal team. It is expected to take three weeks to learn the outcome of the application and an additional 15 days after obtaining court approval to convene the shareholder meeting. Therefore, it is estimated to take 1 to 2 months from the time of application to actually hold the emergency shareholder meeting.