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MIN HEEJIN vs HYBE INJUNCTION HEARING
🕑 Added 2024-10-11 07:38:22 +0000 UTCSOURCE: https://m.entertain.naver.com/now/article/032/0003325760
TLDR : Former Adore CEO Min Hee-jin is suing HYBE to be reinstated as CEO, arguing her return is crucial for the idol group NewJeans and Adore. HYBE argues they still control NewJeans, even without Min as CEO. The court is reviewing the case, with both sides accusing each other of unfair actions—Min claims HYBE violated a shareholder agreement, while HYBE accuses Min of leaking confidential information. The court has asked for more evidence and will make a decision soon.
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In the lawsuit filed by former ADOR CEO Min Hee-jin against HYBE, Min is asking to be reinstated as the CEO of Adore. Both sides are locked in a legal battle. Min's team argues that her return as CEO is crucial for the success of the idol group NewJeans and ADOR, while HYBE claims that they still maintain control over the group.
On the 11th, the Seoul Central District Court’s 50th Civil Agreement Division, led by Judge Kim Sang-hoon, held a hearing regarding Min’s injunction against HYBE concerning voting rights.
Min’s goal with this injunction is to regain her role as Adore’s CEO. On August 27, ADOR’s board removed Min and replaced her with Kim Joo-young, an internal director. Min has now filed a lawsuit, asserting that her position as CEO and executive director is protected by a shareholder agreement, which HYBE terminated without her consent.
Min’s legal team argued that the current situation is negatively affecting both NewJeans and Adore, making it essential for Min to return as CEO. They emphasized that NewJeans is ADOR’s only artist, and Min’s leadership is critical to the group’s success. They warned that her removal would damage NewJeans' activities and break trust between the group and the company.
HYBE countered that an injunction isn’t necessary because Min still has authority over NewJeans as a producer. They claimed that ADOR offered Min a contract granting her the same powers and compensation she had as CEO until her contract with NewJeans ends in 2029. HYBE also pointed out that the main lawsuit, which deals with the termination of the shareholder agreement, can determine appropriate financial compensation, including stock options.
A key point of dispute is a clause in the shareholder agreement stating that the major shareholder can direct the board to act in certain ways. Min’s team claims this clause obligates HYBE to ensure her reinstatement. They accuse HYBE of unfairly firing her in violation of the agreement and argue that the board must act to reappoint her.
HYBE, however, contends that the board isn’t required to follow the major shareholder’s orders. They argue that the board has a duty to vote in the company’s best interest, and the clause doesn’t force them to reinstate Min. HYBE also argued that trust between them and Min had already been damaged due to her alleged betrayal, and thus the shareholder agreement could no longer stand.
During the hearing, both sides spent much of the time accusing each other of unfair actions. Min’s side revealed evidence that BELIFT Lab, a HYBE label, copied NewJeans' concept while planning another girl group, “Illit.” HYBE responded by accusing Min of leaking the original shareholder agreement to the media, which they claimed justified ending the agreement.
The court questioned the relevance of these arguments, stating that both parties were rehashing points from previous lawsuits and wasting time. Previously, the court had accepted an injunction preventing HYBE from removing Min from her role, slowing their efforts to oust her.
Both sides were asked to submit further evidence by the 25th, and the court promised to make a decision as quickly as possible.
Comments
shingylee
This is why she has been pushing New Jeans and their parents in the background to create all if this nonsense stories, news articles, and lives, because she wanted to use it to prove that only she can successfully manage/control New Jeans.
Crystal_RN_1961
It seems that it will be some time before we get anything settled.
