Asian Junkie Asian pop. Without discretion.
Despite all the drama currently surrounding HYBE due to revelations that came about after the National Assembly audit, they did score a significant win in court today when Min Hee Jin’s request to be reappointed CEO of ADOR was rejected by the court.
On October 29, the Seoul Central District Court ultimately dismissed Min Hee Jin’s request for an injunction to be reinstated as CEO. According to the court, Min Hee Jin’s claims did not meet the legal requirements to constitute grounds for an injunction.
HYBE responded to the court’s decision by stating, “We are grateful for the court’s wise judgment. We will take this decision as an opportunity to return ADOR to normal, advance our multi-label system, and do our utmost to support our artist’s activities.”
However, Min Hee Jin stated that even after the court’s dismissal, she was not giving up on her battle to return to the position of CEO. Referring to her previous claim that she is guaranteed a five-year term as CEO under a shareholders’ agreement, Min Hee Jin remarked, “This decision doesn’t mean that the court has accepted HYBE’s claims. I urge HYBE to fulfill the terms of the shareholders’ agreement and make a wise decision for the growth of NewJeans and ADOR.”
Less than two weeks ago, she was reappointed director of ADOR by the board, so she still will be in that role, though god knows for how long.
Despite all the noise, this feels significant for HYBE in the sense that it seems like they’ve circumvented the shareholders’ agreement, which (let’s be real) is important to both sides because it involves a ton of money. I’ll look over the details later, but for now, she seems to be facing an uphill battle in achieving her goals now.
Update
Min Hee Jin has clarified that it doesn’t impact the main shareholder decision.
Min Hee Jin remarked, “This decision doesn’t mean that the court has accepted HYBE’s claims. I urge HYBE to fulfill the terms of the shareholders’ agreement and make a wise decision for the growth of NewJeans and ADOR.”
