Hybe’s headquarters in Yongsan, Seoul. Picture: Yonhap by way of The Korea Herald
Three individuals advisable by HYBE had been appointed as new board members of ADOR, a Ok-pop company housing well-liked woman group NewJeans, on Friday, Might 31, in keeping with sources within the music business.
The sources additionally stated ADOR CEO Min Hee-jin retained her place throughout a unprecedented shareholders’ assembly held at an undisclosed place in Seoul, regardless of the assembly’s preliminary agenda to take away her.
The transfer follows a neighborhood court docket determination Thursday to grant an injunction to stop HYBE, the label’s father or mother firm, from exercising its voting rights within the shareholders’ assembly to dismiss her.
“The fabric proof submitted thus far doesn’t sufficiently set up HYBE’s alleged grounds for (Min’s) dismissal,” the court docket dominated.
“It’s clear that Min Hee-jin was searching for a technique to get NewJeans out of HYBE’s management or to stress HYBE to weaken its management over ADOR, and for her to realize impartial management over ADOR. Nonetheless, it’s troublesome to imagine that she has moved past the stage of exploring such choices to executing concrete motion, and whereas her actions could also be treacherous to HYBE, it’s troublesome to see that they represent dereliction of her obligation to ADOR,” the court docket added.
In a press release shortly thereafter, HYBE stated that it respects the court docket’s judgment and that it’s going to not train voting rights towards Min. Nonetheless, the corporate will take follow-up actions throughout the boundaries of the legislation sooner or later, the assertion continued.
The court docket’s determination got here as a shock because the court docket was anticipated to seek out in favor of HYBE: Min’s try to stop the father or mother firm from exercising voting rights instantly violates the fundamental goal of the Industrial Act, which protects shareholder rights.
The sources recognized the three new board members as HYBE’s Chief Human Sources Officer Kim Ju-young, Chief Technique Officer Lee Jae-sang and Chief Monetary Officer Lee Kyung-jun.
The board’s two earlier members, recognized solely as Shin and Kim and who’re Min’s shut aides, had been dismissed from their positions. (by way of Yonhap)
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