ADOR CEO Min banned from exercising voting rights in HYBE, provisional injunction hearing held today (17th) - Korea

A hearing will be held today (17th) for the provisional injunction lawsuit against HYBE, the parent company of ADOR, which represents NewJeans, filed by Min Hee-jin, CEO of ADOR.
According to the Korean legal community on the 17th, the 50th Civil Division of the Seoul Central District Court will set a hearing date for the provisional injunction lawsuit against HYBE filed by CEO Min for the prohibition of the exercise of voting rights at 10:25 a.m. on the same day.
On the same day, the court is expected to hear a battle between the two sides based on the contents of the shareholder contract between HYBE and CEO Min. HYBE claims that "the exercise of voting rights does not violate the contents of the contract," while Min
Min's side is expected to argue that "exercising the voting rights in favor of the dismissal proposal is against the contract." Prior to this, HYBE had announced that Min was planning to take over management rights of ADOR.
On the 26th of last month, HYBE filed a complaint against Min for allegedly embezzling from the Yongsan Police Station in Seoul.
In response, ADOR held a board meeting on the 10th with the participation of all members of the board, including HYBE's auditors, and announced that an extraordinary general meeting of shareholders would be held on the 31st.
The matter to be discussed at the extraordinary shareholders' meeting is the request by HYBE to dismiss CEO Min. Prior to this, CEO Min's side filed a motion for voting rights action against HYBE at the Seoul Central District Court on the 7th.
Since HYBE owns 80% of ADOR's shares, Min's side was trying to prevent HYBE from exercising the voting rights to dismiss Min.
At the time, Min's side stated in a statement, "HYBE had requested an extraordinary shareholders' meeting to be held regarding the dismissal of Min, but this violated the shareholders' agreement concluded with Min.
He continued, "CEO Min has filed an application for a provisional injunction to the effect that he should not exercise his voting rights in favor of the dismissal case, because his right to demand performance of the shareholder agreement is a right that needs to be preserved."
If the court rules in favor of Min in this provisional injunction, HYBE will not be able to immediately dismiss him. However, if new evidence is found, the company will be able to convene another extraordinary general meeting of shareholders.
On the other hand, if the provisional injunction is dismissed, HYBE is expected to have a chance to win the battle for management rights.