CEO of Ador, Min Hee-jin, speaks to reporters exterior Yongsan Police Station in Seoul, July 9. Yonhap
Min Hee-jin, the previous CEO of Okay-pop label Ador, reiterated Thursday her opposition to her elimination from the place by the corporate’s board, insisting that her shareholders’ settlement with guardian firm HYBE, which ensures her time period, stays legitimate.
Ador’s board of administrators eliminated Min from her function as CEO on Tuesday, appointing fellow board member Kim Ju-young as her substitute. Min nonetheless had greater than two years remaining on her five-year time period below the contract.
Min immediately contested her dismissal, calling the choice “unilateral” and in direct violation of the shareholders’ settlement and the court docket injunction prohibiting the train of HYBE’s voting rights to dismiss Min throughout a shareholders’ assembly in Might.
The substitute adopted months of a battle between the Okay-pop powerhouse and Min, centered on allegations that she had plotted to grab management of Ador and take its well-liked woman group NewJeans together with her, which she has denied.
HYBE and Min presently are the biggest and second-largest shareholders of the label, holding 80 p.c and 18 p.c of its shares, respectively.
Earlier than her elimination, HYBE had notified Min of the termination of the shareholders’ settlement signed between the 2 sides and filed a lawsuit to substantiate its termination.
If the lawsuit is profitable, Min would lose her foundation for reclaiming the CEO place and a put possibility price round 100 billion received ($74.8 million), promised below the settlement.
“The shareholders’ settlement stays legitimate as do her put possibility rights,” a lawyer for Min stated in a press release Thursday.
“She has by no means breached the settlement, and this has been confirmed by the court docket’s choice to grant the injunction. Due to this fact, HYBE has no proper to terminate the settlement, and its notification of the settlement’s termination is invalid.”
The lawyer argued that it’s Min who now holds the precise to terminate the contract as HYBE violated it by having different Ador board members dismiss her. (Yonhap)
