In a significant development, Min Hee Jin has successfully obtained a court injunction to prevent HYBE from exercising its voting rights to dismiss her.
The court has also ordered a substantial compensation of 20 billion won if HYBE violates the injunction and attempts to fire her.
The court also acknowledged that CEO Min Hee Jin tried to do some things on her own, like working outside of HYBE’s control and putting pressure on them.
On May 30, the Seoul Central District Court granted a temporary order to block HYBE from using its voting rights, as requested by the ADOR CEO in her lawsuit against them.
The court found that HYBE’s reasons for dismissing her were not adequately explained. While she did try to find ways to operate independently of HYBE or reduce their control over ADOR, her actions didn’t necessarily go beyond exploring options.
The court stated that although her actions might have been harmful to HYBE, they didn’t constitute a breach of trust towards ADOR.
The court ruled that HYBE’s voting rights cannot be exercised, considering the upcoming general shareholders’ meeting and the irreparable harm that would be caused by dismissing CEO Min.
To ensure compliance, the court set a 20 billion won compensation for any violation, taking into account all relevant circumstances, including the potential damage to Min Hee Jin if she is dismissed. This measure aims to hold HYBE accountable and prevent them from violating the prohibition on exercising their voting rights.
On anothHYBE sparked controversy by revealing on April 22 that they had initiated an investigation into CEO Min Hee Jin and ADOR executives for their alleged attempts to take control of the company. HYBE swiftly accused ADOR’s CEO and the executives of violating trust, claiming to have obtained evidence of this violation during an initial audit.