Ador CEO’s fate to be decided on May 17
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Beleagured Ador CEO Min Hee-jin’s fate as the leader of the Hybe subsidiary will practically be decided Friday, the day of a hearing for the injunction against Hybe, according to an industry source, Monday.
Min, on May 7, filed for an injunction with the Seoul Central District Court to prohibit Hybe from exercising its voting rights in favor of a proposal to dismiss her.
With Ador’s extraordinary shareholders’ meeting scheduled to take place May 31, the court’s decision on Ador CEO’s petition for an injunction will have a decisive impact on her fate.
Hybe owns 80 percent of Ador’s shares and can push to sack Min by exercising voting rights against her at the extraordinary shareholder’s meeting.
An entertainment law expert doubted the chance of the court siding with Min.
“The kind of injunction sought by Min is rarely encountered in practice. It is very unlikely that the court will grant it as Min’s attempt to prevent (Hybe’s) shareholders from exercising their fundamental right to vote -- prior to the extraordinary shareholders’ meeting -- runs directly counter to the basic purpose of company law to protect shareholder rights,” Lee Jae-kyoung, a professor at Konkuk University Law School and the president of Korea Entertainment Law Society, said Monday.
Meanwhile, Ador released an announcement notifying the result of its May 10 board meeting.
“We have decided to hold an extraordinary meeting of shareholders on March 31. The agenda of the shareholders’ meeting was approved as requested by Hybe,” Ador said.
Ador’s one and only K-pop group NewJeans is expected to return with a new mini album “How Sweet” on May 24. If Min is dismissed, NewJeans’ promotional activities both at home and abroad are likely to be affected as she is the group's main producer.
By Kim Jae-heun(jaaykim@heraldcorp.com)
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