The court session regarding HYBE's request for permission to hold a temporary shareholders' meeting was held. The court hearing on whether to permit HYBE's temporary shareholders' meeting ended swiftly in 30 minutes.
On the afternoon of April 30, the Civil Department 21 of the Seoul Western District Court deliberated on HYBE's application to convene an interim shareholders' meeting for the dismissal of CEO Min Hee Jin. The proceedings were conducted privately, per non-litigation procedure laws.
Present at the hearing were legal representatives from Kim & Jang Law Firm representing HYBE, and attorneys from Shin & Kim Law Firm representing ADOR. Following the hearing, Shin & Kim's attorney stated, "The board of directors will convene by May 10, with the shareholders' meeting expected to follow by the end of May," and added, "Any further statements will be made to the court by May 13."
HYBE's Chief Legal Officer (CLO), Jung Jin Soo, remarked, "We have to wait and see if it will be done like that," and said, "Since it was stated in court, I don't think it's a lie."
Regarding the shareholders' meeting schedule, Jung added, "It's not significantly different from what we thought. We don't know ADOR's intentions. We need to watch a bit."
HYBE's stance is that they anticipate the issues raised by the petitioner (HYBE) to be addressed as outlined by the opposing party (ADOR) today.
On April 22, HYBE determined that ADOR CEO Min Hee Jin and key executives attempted a takeover, prompting them to invoke their audit rights. Subsequently, on the 29th, they filed an embezzlement complaint against CEO Min Hee Jin with the Seoul Yongsan Police Station. On the same day, CEO Min Hee Jin held an urgent press conference, refuting the allegations and appealing for fairness.
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