Min Hee Jin, former CEO of ADOR, files for provisional disposition to be re-elected as an internal director... HYBE: ”Unrelated to shareholder agreement”

Min Hee Jin, the former CEO of ADOR, filed a provisional injunction for the re-election of an internal director in protest against the decision of the ADOR board of directors to dismiss him. Meanwhile, HYBE has filed a lawsuit against Min Hee Jin, who "emphasized the importance of independent management.
On the 13th, Min's side filed a lawsuit against the Seoul Central District Court, saying, "We regret that the CEO did not follow the decision of the ADOR board of directors.
"We filed an application for provisional disposition to re-appoint Min as an internal director," the company said, adding, "The dismissal of former CEO Min as CEO violates the shareholders' agreement, and we also oppose the court's provisional disposition to prohibit the exercise of voting rights."
Min's side had initially been preparing a provisional injunction to contest the validity of the dismissal of the CEO, but by November 2nd, they had received a notice that an extraordinary general meeting of shareholders was required to re-appoint ADOR's directors.
The company explained that it had filed an application for a provisional injunction in consideration of the period of the court's provisional injunction hearing and to have former CEO Min reappointed as a director of ADOR and then appointed as CEO.
Min's side emphasized that his five-year term as ADOR's CEO and director is guaranteed by the shareholders' agreement.
"Although this has already been clearly recognized in the Seoul Central District Court's provisional injunction prohibiting the exercise of voting rights, HYBE has unilaterally dismissed former CEO Min from his position as CEO for the same reasons as before.
"This is a direct violation of the still-valid shareholders' agreement and the court's provisional injunction to guarantee the popularity of the CEO," he said.
Min's three-year term as an internal director of ADOR expires on November 2nd. Min's side stated, "HYBE has two months left in his term as an internal director.
"In this situation, it is clear that HYBE will not re-appoint former CEO Min as an internal director.
In response, we have filed an application for a provisional injunction to convene an extraordinary general meeting of shareholders before the expiration of their term and exercise our voting rights in favor of the 're-election of inside director Min Hee Jin,'" he added.
HYBE took a different stance. HYBE said that the dismissal of Min was an independent decision made by ADOR's board of directors based on business judgment, and that the shareholders' agreement between HYBE and Min was binding.
HYBE distanced itself from the issue, saying that the shareholder agreement has already been terminated and is therefore unrelated to the shareholder agreement.
"The effect of the shareholder agreement will be lost," and "A lawsuit to confirm the termination of the shareholder agreement has been filed to legally confirm this, so we will have to wait for the legal decision."
"We regret that Min, who emphasized the importance of independent management as a separate company, did not follow the decision of ADOR's board of directors," he added.