Asian Junkie Asian pop. Without discretion.
Things actually have settled down a bit on the HYBE/ADOR front of late as presumably the legal battles are being focused on, but that doesn’t mean no maneuvering is going on in that regard.
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Notably, police have declared that they will prioritize the investigation into HYBE’s breach of trust allegations against Min Hee Jin, saying, “Since the case has captured the interest of the Korean citizens, we will hasten our efforts to provide a thorough investigation for the people.“
They also said that they are in the stage of reviewing records, explaining that, “There hasn’t been any meaningful progress in the investigation so far.” Regarding the apparent lack of specifics in the amount of money involved in the breach of trust complaint, authorities stated, “The lawsuit isn’t invalid just because it doesn’t state the amount. The amount should be clarified during investigation.“
I’m not sure any of that is necessarily significant, and it’s probably designed to get people to calm down a bit and let the process play out while also assuring them that they’re working on it.
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Meanwhile, dates have been set for the corporate drama, which is definitely coming soon because ADOR are set to hold a board meeting on May 10, with results going public on May 13, and then the general shareholder meeting will be coming between May 27 to May 30.
Perhaps most relevantly to the latter part of that, Min Hee Jin has filed for an injunction against HYBE before the shareholders’ meeting can take place, where she would presumably be fired.
“HYBE has requested an extraordinary shareholders’ meeting to fire Min Hee-jin, CEO and board member of ADOR, which is a violation of the shareholders’ contract between Min and HYBE,” the law firm said in a press release.
“Min Hee-jin contends that HYBE’s argument regarding breach of trust by Min makes no sense, which is why she resulted in filing for the injunction in order to protect the corporate value of ADOR and its artists.”
Based on legal analysis I’ve been reading on the case from Korean lawyers, it seems unlikely that she’ll be granted the injunction (a delay was denied before), so she’ll likely be out by the end of May. I will say that in the event that she is granted an injunction, HYBE might be in some trouble.
For the breach of trust case, well that’s been more contentious due to the public information (which is key) being weak thus far. However, as the authorities say, the investigation hasn’t even really started yet, so it’s hard to read much into it.
