On April 22, reports surfaced indicating that HYBE, the major shareholder of Ador, had initiated actions to assert its rights within the company. The move involved HYBE’s request for a shareholders meeting, marking a significant development in what appears to be a power struggle against Ador’s current board of directors. However, the report noted that the request’s fulfillment is contingent upon Ador’s board of directors’ approval, casting uncertainty on HYBE’s efforts to assert control.
HYBE and ADOR Issue
Currently, Ador’s board of executives comprises individuals closely associated with the CEO, Min Hee Jin, except for one internal director. The report hinted at a possible legal recourse if HYBE’s request for a shareholders meeting is denied. It suggested that the court might intervene to grant HYBE the right to convene a meeting and even elect its director to Ador’s board, underscoring the intensity of the ongoing dispute between the two entities.
Moreover, the report detailed HYBE’s additional request for Min Hee Jin to step down as CEO, a move likely to intensify the confrontation between HYBE and Ador. It anticipated Min Hee Jin’s refusal to comply with HYBE’s demand, indicating her intent to counter HYBE’s actions aggressively.
Min Hee Jin’s Audit
The situation escalated further with HYBE’s announcement of an audit against Min Hee Jin, purportedly aimed at investigating various allegations. These accusations included key information leakage, inappropriate external consulting, and irregular personnel practices, suggesting a broader conflict within Ador’s management.
Subsequent revelations from the audit process painted a damning picture of Ador’s internal management, implicating Min Hee Jin and deputy CEOs A and B in clandestine activities aimed at wresting control of Ador from HYBE. Allegations ranged from leaking confidential contract information to manipulating public opinion against HYBE, indicating a systematic effort to undermine HYBE’s authority.
Deputy CEO A, in particular, emerged as a central figure in these machinations, having transitioned from HYBE to Ador and allegedly leveraging insider knowledge to advance Ador’s agenda. The audit also uncovered instances of unauthorized personnel hires and leaks of sensitive employee information, further exacerbating the conflict between HYBE and Ador.
Korean media outlets reported that HYBE became aware of these allegations through a tip-off, prompting the initiation of the audit process to verify the claims. The revelations from the audit underscored the depth of the rift between HYBE and Ador, signaling a protracted legal and corporate battle ahead as both sides vie for control and dominance within the company.