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Hybe Co., Ltd reportedly demanded its sub-label, Ador, to call for a board meeting, but the latter's CEO, Min Hee Jin, refused and called the request "illegal." With the rejection of the call, the tension between Hybe and NewJean's label just intensified.
Korea Joongang Daily reported that Ador will not convene its board members for a meeting as Hybe requested last week. The entertainment company that manages the global superstar boy group BTS owns an 80% stake in Ador.
Unlawful Request
Ador confirmed on Monday, April 29, that it would not hold a board meeting, which was requested after Hybe conducted an internal audit against the company last week. The sub-label's chief executive officer, Min Hee Jin, was accused of trying to take full control of Ador by appealing to third-party investors.
Following the exchange of words and accusations between the companies' leaders, Hybe demanded a board meeting so they could arrange a shareholders' meeting and ask shareholders to approve Min's termination as Ador's CEO.
In response to the call, NewJean's agency said, "A board meeting requested by an audit is only valid as long as it's to report the results of the audit, so HYBE's request for this board meeting is not legal. And on that, we have decided not to hold the board meeting."
Efforts to Oust Embattled Ador Chief
On the day it accused Min of breach of trust last week, Hybe also filed a court request to convene an extraordinary shareholders' meeting. It was said that a court usually releases its decision in four to five weeks, and before this, Min tried to stop the meeting.
KBS World News reported that Min claimed Hybe's request to push her out of the company and give up her CEO role was illegal. Thus, convening the board of directors meeting is unlawful, explaining that one reason is that this request is already outside of Hybe's authority. It is yet to be seen if the entertainment firm will succeed in ousting Min, who they believe committed many offenses against Hybe.
Photo by: ADOR Website
