May 31st, 2024
On the 31st, Adore held a press conference to express its position at the extraordinary general meeting of shareholders.
“I am proposing to think about it rationally.”
“I own 18% of the shares, and Hive will make the decision anyway.”
Law cited in the application for a provisional injunction to ban the exercise of voting rights.
When asked if he was proposing reconciliation to Hive after winning a provisional injunction against his parent company Hive, CEO of Adore Min Hee-jin said, "That's natural."
"I didn't start a fight," Min said at a press conference on the interim shareholders' meeting at the Maehwa Hall of the Press Center in Jung-gu, Seoul at 2:30 p.m. on the 31st. "It's not good for anyone that I'm not going to do a series of plans (that I've set up with NewJeans) so that the organization will be reorganized and New Jeans will take a rest. So, I'm suggesting (to HYBE) to think rationally."
"When you consider your personal gain, you may have many choices," Min said. "But I'm not interested in personal gain. I hope you take a series of plans that we decided to do together with Newzins. This will not hurt anyone."
In response to a reporter's question, "Is it okay to understand that I am trying to propose to shareholders and HYBE that I want to continue working as a representative?" She replied, "I think it will be the same for me and them (for HYBE) that I am emotionally hurt. Since we have received each other, my thoughts are that we should all go back to 0 (Let's go back to 0) and that we should move on to the chapter for everyone."
"It is contradictory to say that I tried to secure management rights. I have management rights (of ADOR)," Min said. "No matter what method I tried, HYBE should make the final conclusion."
"I only have 18% of my stake in Theodore," he said, adding, "HYBE will decide anyway, so if you were so worried, wouldn't it have been better to call me and ask?" on the basis of the alleged takeover of management rights released by HYBE in a press release.
"I thought Hive broke the trust first," CEO Min said. "Our joke is not to be taken as passing stories, but to push out the album about NewJeans is to be seen as passing by. We have to look at this from the same perspective."
ADOR is one of the affiliated labels created by HYBE in 2021 with a capital investment of 16.1 billion won. As of the end of last year, ADOR's stake was 80% by Hive, 18% by CEO Min, and 2% by the rest of ADOR executives.
HYBE said it will launch an audit on the 22nd of last month because CEO Min established a plan to take over the management rights of ADOR. In response, CEO Min refuted the allegations of "attempting to take over management rights" surrounding him and engaged in a legal battle with HYBE.
Since then, representative Min has filed a provisional injunction with the court on the 7th to prevent HYBE from exercising its voting rights in favor of his dismissal, which will be on the agenda at the extraordinary shareholders' meeting on the 31st. He will be able to keep his representative position, citing the court's request for an injunction against Hive on the 30th to ban the exercise of voting rights.
At the extraordinary shareholders' meeting held in Seoul on Thursday, however, he was appointed as CHRO Kim Ju-young (CEO of Personnel Management), CSO Lee Jae-sang (CEO of Strategy), and CFO Lee Kyung-joon (CEO of Finance) as recommended by Hive. Deputy CEO Shin and CEO Kim, who are members of the organization and representatives of Min, have been dismissed but reportedly continue to work.
Original post: EDaily
Comments
Post a Comment