HYBE's lawsuit seeking confirmation of the termination of the shareholder agreement against former ADOR CEO Min Hee-jin is expected to proceed alongside the lawsuit related to the put option filed by Min.
The 31st Civil Division of the Seoul Central District Court held the second hearing for the lawsuit filed by HYBE against former CEO Min Hee-jin and another on the termination of the shareholder agreement at 2 p.m. on the 17th.
The court confirmed whether this lawsuit is connected to the lawsuit for claims arising from the exercise of the put option filed by former CEO Min last year.
Afterward, in response to the question of whether the two lawsuits could proceed together, both sides agreed.
Earlier, in July last year, HYBE notified former CEO Min of the termination of the shareholder agreement and filed a lawsuit for confirmation of the termination of the shareholder agreement in court.
Min's side argued, "The shareholder agreement cannot be unilaterally terminated by either party unless the parties reach an agreement or the other party violates the contract," adding, "Former CEO Min has not violated the shareholder agreement. HYBE does not have the right to terminate the shareholder agreement, and HYBE's notice of termination of the shareholder agreement has no effect."
Subsequently, in August last year, ADOR held a board meeting, dismissed former CEO Min Hee-jin, and appointed Kim Joo-young, an inside director of ADOR, as the new CEO.
In response, Min's side claimed that the dismissal of Min Hee-jin as CEO violates the shareholder agreement, while HYBE argued, "The shareholder agreement was a contract between HYBE and former CEO Min Hee-jin, but it has already been terminated. If there are grounds for termination, it can be terminated by written notice, and upon termination, the effect of the shareholder agreement is lost," adding, "A lawsuit for 'confirmation of termination of the shareholder agreement' has been filed to legally verify this, so we should wait for a legal ruling."
It was further stated, "The dismissal of former CEO Min is a decision made independently by the ADOR board based on management judgment and is not related to HYBE or the shareholder agreement."
The next hearing will take place in the afternoon on June 12.
[Photo] OSEN DB
[OSEN]