In a transfer that was at all times coming sooner or later, former ADOR CEO Min Hee Jin has taken authorized motion to be put again in energy at ADOR. In a little bit of shock, quite than an injunction to stop her from being dismissed as CEO, she’s truly suing to be reappointed as director first after which CEO
At this time, former CEO Min Hee Jin filed an software for injunction to convene a unprecedented normal assembly of shareholders and reappoint Min Hee Jin as an inside director of ADOR with the Seoul Central District Court docket. We wish to clarify why we utilized for an injunction to nominate her as director and CEO as a substitute of an injunction to droop the dismissal of the CEO.
The dismissal of former CEO Min Hee Jin is a violation of the shareholders’ settlement and contradicts the courtroom’s choice to ban the train of voting rights. We have been getting ready an injunction to contest the validity of the CEO’s dismissal. Nonetheless, contemplating the necessity for a unprecedented normal assembly of shareholders to reappoint [Min Hee Jin as] ADOR’s director by November 2, 2024 and the courtroom’s evaluate interval for the injunction, we utilized for an injunction to reappoint former CEO Min Hee Jin as a director of ADOR after which appoint her as CEO.
Unsurprisingly, the case is basically going to be about whether or not HYBE invalidating her shareholders’ settlement was a legitimate transfer.
Former CEO Min Hee Jin is assured a five-year time period as CEO and inside director of ADOR underneath the shareholders’ settlement. This reality has already been clearly acknowledged by the Seoul Central District Court docket’s choice to ban the train of voting rights. However, HYBE unilaterally dismissed former CEO Min Hee Jin for a similar causes as earlier than. This can be a direct violation of the still-valid shareholders’ settlement and the courtroom’s injunction choice to ensure the CEO’s time period.
On November 2, 2024, the three-year time period of former CEO Min Hee Jin as an inside director of ADOR will expire. HYBE is unilaterally claiming that the shareholders’ settlement has been terminated with none foundation though there are lower than two months left in former CEO Min Hee Jin’s time period as an inside director. It’s evident that HYBE won’t reappoint former CEO Min Hee Jin as an inside director underneath these circumstances.
Subsequently, we inevitably utilized for an injunction to convene a unprecedented normal assembly of shareholders earlier than the expiration of former CEO Min Hee Jin’s time period as an inside director and to train voting rights in favor of the “Reappointment of Min Hee Jin as an Inside Director.”
I believe it was affordable to be skeptical about her authorized standing earlier than the preliminary injunction ruling was made, however that decide appeared fairly insistent that HYBE gave her a rock strong shareholders’ settlement, and that ruling can be utilized as precedent right here I’m fairly positive. Unsure in the event that they discovered a workaround for that sense, however we’ll see. I’m positive you could find different beginner legal professionals claiming to know 100% how that is gonna prove, however we will merely look ahead to the end result as a substitute.