ADOR for the time being, after a court ruled in favour of her injunction to prevent HYBE from exercising its voting rights at an upcoming shareholder meeting.According to reports by Yonhap News Agency and Korea JoongAng Daily, today (May 30) the Seoul Central District Court ruled in favour of an injunction filed by ADOR CEO Min Hee-jin to prevent HYBE from dismissing her as the head of the K-pop agency.“The reasons for Min Hee-jin’s dismissal or resignation claimed by HYBE have not been sufficiently substantiated,” the court stated, per MyDaily via Soompi. “While Min Hee-jin’s actions may be considered betrayal to HYBE, it is difficult to say that they constitute actions of breach of trust in regards to ADOR.”The new ruling means that HYBE, which owns 80 per cent of ADOR, will not be able to remove Min as the CEO of the K-pop agency at an upcoming shareholder meeting tomorrow (May 31).
In comparison, Min owns about 18 per cent of the company.According to Korea JoongAng Daily, HYBE can either “either appeal the decision or gather new evidence required to call for another shareholders’ meeting”.
The publication also reports that the entertainment giant has already line-up replacements for the ADOR CEO role.HYBE has since responded to the court ruling in a statement to Sports Chosun, saying that it “respects the court’s decision” and “will not exercise voting rights […] at the upcoming extraordinary meeting of shareholders”, via Soompi.The entertainment giant also added that it “plans to proceed with subsequent steps within the boundaries set by the law”.The decision to hold a shareholder meeting was first announced by legal representatives of ADOR on May 10.
Read more on nme.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.