ADOR CEO Min Hee-jin at a press conference held in Seoul on April 25. Image: Yonhap via The Korea Herald
ADOR CEO Min Hee-jin is likely to be removed by HYBE at the extraordinary meeting with shareholders sometime between May 27 and 30, an industry source said.
Min revealed Tuesday her plan to hold a board meeting Friday with the parent company to discuss the agenda for a shareholders meeting.
HYBE will most likely sack Min for the alleged breach of trust at the extraordinary meeting with evidence it has yet to disclose.
“While it is difficult to speculate on the allegation of Min’s professional misconduct when no concrete evidence or circumstance (in support of the K-pop behemoth’s claim) have been disclosed, it is unlikely that the accusation was made based on mere speculation as it was made through the major law firm Kim & Chang,” Lee Jae-kyoung, a professor at Konkuk University Law School and the president of Korea Entertainment Law Society, told The Korea Herald, Wednesday. “I believe HYBE has more evidence that has not yet been made public.”
The K-pop giant also said that it was only a matter of time before Min is removed as the company is meticulously collecting evidence.
“We will not speak publicly of what we are preparing at the moment, but we do have more evidence to prove Min’s misdeeds. It will all be revealed soon,” an official said last week.
If Min is removed, her next step will likely be to seek compensation for damages due to the “unfairness” of her dismissal. If she wins, she will receive recompense equivalent to the salary for the rest of her remaining term.
On Tuesday, Min filed for an injunction against HYBE to prohibit the company from exercising its voting rights in favor of a proposal to dismiss her with the Seoul Central District Court. As a director of the company herself, the CEO used her defensive right to enforce the shareholders’ agreement.
However, there is only a small chance of the court taking sides with Min as her attempt to prevent its exercise of voting rights directly violates the basic purpose of the company law protecting shareholder rights.
“It appears that Min is doing everything legally possible to delay her dismissal as long as possible, so people would think she is doing her best as a CEO. She has already succeeded in turning the sentiment against HYBE through her April press conference,” Lee said.
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