MIN HEEJIN INSISTS SHAREHOLDER'S AGREEMENT IS STILL VALID

SOURCE: https://m.entertain.naver.com/article/117/0003883946?cid=1073788

 The court has dismissed the injunction filed by former ADOR CEO Min Hee-jin, and her team has responded to the ruling.

On the 29th, the 50th Civil Agreement Division of the Seoul Central District Court (presided over by Chief Judge Kim Sang-hoon) dismissed Min’s application for an injunction to secure her reappointment as ADOR’s CEO against HYBE. This dismissal indicates that the court rejected the case without needing a judgment on the merits, effectively siding with HYBE. Min had previously asserted that without her role as CEO, it would be challenging for NewJeans to continue its activities, but this decision weakens that argument.

Min Hee-jin’s team released a formal response on the matter, emphasizing, “The court did not rule on the validity of the shareholder agreement,” and noted, “The court determined that, even if HYBE were to direct ADOR’s board members to fulfill certain duties, those directors are not required to comply, rendering the lawsuit unnecessary.”

Her team further argued, “According to the shareholder agreement, former CEO Min Hee-jin’s term as ADOR’s CEO is guaranteed until November 1, 2026. Therefore, we are once again requesting that the ADOR board members reappoint her as CEO at the ADOR board meeting scheduled for October 30, 2024.”

They also clarified, “This decision does not equate to the court accepting HYBE’s argument. We urge HYBE to make a prudent decision that respects the shareholder agreement and supports the growth of NewJeans and ADOR.”

Here is the full statement from Min Hee-jin's team:

• The court did not rule on the validity of the shareholder agreement.

• The court determined there is no merit to the lawsuit, as ADOR directors are not obligated to follow directives from HYBE.

• The injunction was dismissed due to procedural reasons, not because the shareholder agreement was deemed invalid.

• The shareholder agreement between HYBE and former CEO Min Hee-jin remains valid.

• Since the shareholder agreement guarantees Min Hee-jin’s term as CEO until November 1, 2026, she is again requesting her reappointment at the board meeting on October 30, 2024.

• If HYBE or ADOR’s directors fail to reappoint her, she will consider additional actions to enforce her rights under the shareholder agreement.

• The decision does not support HYBE’s claims, and Min urges HYBE to respect the shareholder agreement and support ADOR and NewJeans’s future.