Drama Unfolds as Ex-CEO Min Hee-jin's Reinstatement Refused by Ador Board: Shocking Revelations of Threats and Celebrity Support!
2024-10-30
Author: Arjun
In a dramatic turn of events, the Ador board has decisively rejected former CEO Min Hee-jin's bid for reinstatement. The decision came during a virtual board meeting held on Wednesday, with Min being the sole member in favor of her return.
Min's legal troubles continue to escalate following the Seoul Central District Court's dismissal of her injunction against the entertainment behemoth HYBE on Tuesday. The court deemed her request inadmissible without undergoing a formal hearing, citing that it did not satisfy the necessary legal standards.
This ongoing conflict has underscored a tense standoff between HYBE, the parent company of the K-pop phenomenon NewJeans, and Min. She had appealed for a special shareholders' meeting to discuss her return as CEO, arguing that a five-year term was guaranteed by a shareholder agreement with HYBE – an agreement she claims was breached.
While HYBE had temporarily reinstated Min as a board director during a special meeting on October 17, they were firm in their stance that she would not return as CEO. Interestingly, her term as director has been extended for three additional years, set to begin on November 2.
The court's recent ruling suggests that while HYBE may issue directives to Ador, board members are not legally compelled to follow these orders. Following the verdict, HYBE labeled the court's ruling a "wise" decision, indicating their focus will now shift towards stabilizing Ador and enhancing artist activities.
Min’s legal team emphasized that the court did not invalidate the shareholder agreement with HYBE, leaving the door open for her continued fight for reinstatement.
Her relationship with HYBE began as a promising partnership in November 2021 when they jointly established Ador. However, tensions flared in April, when HYBE accused Min of trying to separate Ador from the parent company. The conflict further intensified when HYBE initiated legal action to dissolve the shareholder agreement, leading to Min’s ousting as CEO in August.
What’s at stake? If HYBE wins the ongoing lawsuit, Min could permanently lose her CEO position and a lucrative put option valued at over 100 billion won (approximately $72 million).
Adding fuel to the fire, public sentiment towards HYBE has soured amidst revelations of internal reports containing disparaging comments about K-pop idols' appearances. During a recent committee audit, lawmakers unveiled that HYBE had circulated judgmental assessments, sparking outrage among fans and the public alike. HYBE CEO Lee Jae-sang acknowledged the backlash in a company-wide email, stressing the need for improvements within the organization.
Amid the turbulence, Min has emerged as a figure of resilience. Speaking candidly on a YouTube live broadcast, she disclosed alarming incidents of stalking and death threats she has received throughout this ordeal. Min recounted a frightening experience of being followed by a suspicious vehicle, an incident that ultimately led to police intervention. “I documented everything and reported it,” she said, emphasizing her determination to stand strong amid adversity.
Amid all this turmoil, Min revealed that BTS member V reached out to her during the crisis. Having previously worked together on his solo album "Layover," V called her while serving in the military, expressing concern for her well-being. “It was such a heartwarming gesture,” Min shared, clearly touched by V's kindness amidst her battles.
As this gripping saga continues, fans and observers are left wondering: What are the future implications for both Min Hee-jin and HYBE? Will Min reclaim her title as CEO, or will she forge a new path in K-pop's ever-evolving landscape? Only time will tell!