COURT: HYBE MUST COMPENSATE 20 BILLION WON IF IT WANT TO fire CEO ADOR MIN HEE JIN.
The Seoul Central District Court decided to impose a compensation of 20 billion won in case HYBE violated its obligation to prohibit the exercise of voting rights.
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They approved ADOR CEO Min Hee Jin’s application for a temporary restraining order to prevent HYBE from firing him.
On May 30, reports revealed the 50th Civil Affairs Division of the Seoul Central District Court ruled in favor of Min Hee Jin, which means she’ll continue her role as the CEO of ADOR for the foreseeable future. As she’s won her command, HYBE will be unable to exercise its voting rights on Min Hee Jin’s proposed dismissal at their upcoming shareholders meeting scheduled for the 31st.
If her directive had not been accepted, HYBE could have used its 80% shareholder rights to force Min Hee Jin to step down from her position as CEO of NewJeans’ label ADOR. It’s reported HYBE submitted Min Hee Jin’s dismissal as a proposal to consider at the shareholders meeting, and a new board of directors for ADOR has already been nominated. However, if HYBE replaces ADOR’s board of directors as reported, Min Hee Jin is expected to face considerable restraints in terms of management.
Netizens commented, “I’m so relieved. Please stay with NewJeans for 100 years,” “HYBE was attacking her without any evidence,” “Those who said she had no chance of winning didn’t know what they were talking about. Min Hee Jin didn’t win because of emotions. She won because of her contract,” and more.
Stay tuned for updates.
