2024-09-13
Min Hee-jin Official Statement (Full Text)
Hello.
This is Macoll Consulting Group, responsible for media communication along with law firm Shin & Kim, representing former ADOR CEO Min Hee-jin.
Today, former CEO Min Hee-jin filed an ‘Application for Injunction for Convocation of ADOR Extraordinary General Meeting of Shareholders and Reappointment as ADOR Internal Director’ with the Seoul Central District Court (Seoul Central District Court 2024Kahap21391 Injunction on Exercise of Voting Rights, etc.). We explain below why she applied for an injunction for director appointment and CEO appointment, rather than an injunction to suspend the validity of the dismissal, after being dismissed as CEO.
The dismissal of former CEO Min Hee-jin violates the shareholders’ agreement and also contravenes the court’s decision on the injunction prohibiting the exercise of voting rights. Accordingly, we had been preparing an injunction to contest the validity of the CEO dismissal. However, considering the point that an extraordinary general meeting of shareholders for the reappointment of ADOR directors is needed before November 2, 2024, and the court’s injunction hearing period, we filed for the injunction with the purport to reappoint former CEO Min Hee-jin as a director of ADOR and then appoint her as CEO.
Former CEO Min Hee-jin is guaranteed a 5-year term as CEO and internal director of ADOR under the shareholders’ agreement. Despite this fact having already been clearly recognized by the Seoul Central District Court’s decision on the injunction prohibiting the exercise of voting rights, HYBE unilaterally dismissed former CEO Min Hee-jin from the CEO position for the same reasons as before. This is a direct violation of the still valid shareholders’ agreement and the court’s injunction decision to guarantee the CEO term.
On November 2, 2024, former CEO Min Hee-jin’s 3-year term as an internal director of ADOR expires. In a situation where former CEO Min Hee-jin’s term as an internal director has less than two months remaining, HYBE is unilaterally claiming that the shareholders’ agreement has been terminated without any grounds. In this situation, it is obvious that HYBE will not reappoint former CEO Min Hee-jin as an internal director.
Therefore, inevitably, we filed an application for an injunction to convene an extraordinary general meeting of shareholders before the expiration of former CEO Min Hee-jin’s term as internal director and to exercise voting rights in favor of the ‘Agenda Item for Reappointment of Internal Director Min Hee-jin’.
We hope HYBE stops continuous acts of contract violation, obstruction of business, defamation, and insult, and makes rational management judgments for the future of ADOR and NewJeans.
Thank you.