The second hearing of the shareholder agreement termination confirmation lawsuit filed by HYBE against former Ador CEO Min Hee-jin will be held today (17th).
The Seoul Central District Court (31st Civil Division) will conduct the second hearing of the lawsuit filed by HYBE against Min Hee-jin and another party this afternoon.
In its semi-annual report last August, HYBE stated, "HYBE has entered into a shareholder agreement granting a put option on a portion of the 20% non-controlling interest related to its investment in Ador. However, the consolidated company has terminated the shareholder agreement with some shareholders after the end of the reporting period." Min Hee-jin is included among the mentioned shareholders.
In response to this, HYBE filed a lawsuit against Min Hee-jin for confirmation of the termination of the shareholder agreement, to which Min Hee-jin's legal representative, law firm Sejong, stated, "A shareholder agreement cannot be unilaterally terminated by either party unless the parties agree or the other party breaches the contract."
They further argued, "Min Hee-jin has not violated the shareholder agreement, and this has been confirmed through the court's provisional decision," adding, "Therefore, HYBE does not have the right to terminate the shareholder agreement, and HYBE's notice of termination of the shareholder agreement has no effect."
[Lee Da-kyum, Star Today Reporter]
