Min Hee Jin Reportedly Declines HYBE's Board of Directors Meeting — Here's What Happened
The feud between Min Hee Jin and HYBE has continued further as the ADOR CEO reportedly declined a board of directors meeting scheduled for April 30.
Read more to learn further details.
ADOR CEO Min Hee Jin Reportedly Refuses Board Meeting From HYBE
On April 29, Korean news outlets updated the continuing feud between Min Hee Jin and HYBE.
According to Korean media, Min Hee Jin declined HYBE's call for a meeting between its board of directors. Sources stated that Min Hee Jin claimed it was an illegal part on HYBE's end to demand a replacement for ADOR's CEO and board of directors.
Min Hee Jin also declined the meeting because the audited board of directors' convention was unlawful and was outside the legal boundaries of HYBE.
"The rights to a convention of audited board of directors are restricted within an audit's scope or parameters and their request to call such meeting was illegal," The CEO shared. "Consequently, we have decided not to convene a meeting with the board."
In the case of such cancellation, HYBE already filed a request from the court earlier on April 25, with the purpose of convening a meeting between shareholders. Outlets also reported that such decisions are usually finalized in 8 to 9 weeks.
Should the meeting be approved, the officials will aim to dismiss Min Hee Jin as ADOR's CEO and replace the label's existing board of directors.
HYBE also issued a brief statement saying, "Under the articles of association, the auditor has the authority to audit the performances of directors and has the right to convene a board meeting. Thus, the company cannot comprehend as to why Min Hee Hin is unwilling to comply."
HYBE To Formally Accuse Min Hee Jin For Breach of Trust, Shares Interim Report on Audit of ADOR
On April 25, HYBE released a statement sharing their plans to accuse Min Hee Jin and other affiliates of breach of trust. The agency confirmed that solid evidence was found by the audit, which detailed Min Hee Jin's attempts to usurp management control.
One of the auditors presented digital evidence, which showed the detailed framework on how to seize control of HYBE's management and contact with outside investors, alongside specific actions such as attacking HYBE during the investigation.
The agency's interim report then claimed that Min Hee Jin commanded the management team to find ways how to make HYBE sell its shares in ADOR. This was followed by discussions of methods to terminate contracts with the artists and end the contract between Min Hee Jin and HYBE.
Furthermore, the report also disclosed a statement from its CEO, Park Ji Won, who apologized to everyone who was affected by the ongoing case. The CEO added that the company will prioritize the well-being and mental health of its artists.
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