Chairman Bang Si-hyuk opened his mouth
Chairman Bang Si-hyuk opened his mouth
HYBE Chairman Bang Si-hyuk spoke out for the first time since the internal conflict with Adore CEO Min Hee-jin broke out.

On the morning of the 17th, the 50th Civil Affairs Division (B) of the Seoul Central District Court in Seocho-gu, Seoul held a hearing on a lawsuit for a provisional injunction to ban the exercise of voting rights filed by CEO Min Hee-jin against HYBE.

On this day, HYBE's legal representative disclosed part of the petition that Chairman Bang Si-hyuk plans to submit to the court soon.

Chairman Bang said in the petition, "Creators should be able to create more freely than they do now. As a creator, this is not just my personal dream. For K-pop to become a sustainable industry, more creators than now must constantly create better creations. “I think paying it is the only way,” he said.

He said, "I know that there are some who believe that Min Hee-jin's actions revealed the problem of multi-labels," but added, "However, no matter how sophisticated the system or thorough contract is, it cannot completely prevent human malice. An act caused by one person's malice." “I think this is the power of our social system that prevents individual malice and evil deeds from destroying the social system and order,” he said.

Chairman Bang also said, “I am looking at this case from the solemn and urgent perspective of establishing correct rules and precedents for the entire K-pop industry in addition to the entrepreneurial mission of building a better creative environment and system, and I have faith as an industry leader. “We are doing our best to correct the situation,” he emphasized.

In addition, Chairman Bang said, "As an entertainment company that is supposed to deliver joy, we are very sorry for causing concern to many members of our society and the public due to this incident, and we hope that this sincerity will be conveyed so that the court can make a wise decision to dismiss this application for provisional injunction." “Please take it down,” he appealed.
Chairman Bang Si-hyuk opened his mouth
Chairman Bang Si-hyuk opened his mouth
Meanwhile, the issue in this application for injunction is expected to be which is more important and important: the rights that HYBE has as a shareholder, the damage it will suffer in the event of CEO Min's dismissal, and the rights that HYBE has as a shareholder.

As the results are usually released within two weeks after the hearing, it is expected that the court decision will be made before the general shareholders' meeting scheduled for the 31st. If the injunction application is rejected, HYBE can end this situation by claiming to exercise shareholders' rights, dismissing Min Hee-jin from the position of CEO, and replacing Adore's management.

On the other hand, if the court upholds the request for a preliminary injunction, HYBE's plans will face a major setback. In this case, it appears that HYBE will be able to file an appeal against the result of the injunction, or bring new evidence and reconvene an extraordinary general meeting of shareholders.

The family fight has continued for nearly a month, with HYBE raising suspicions about Adore CEO Min Hee-jin of 'stealing management rights', launching an audit, and accusing CEO Min of breach of trust. The two sides continued their battle of wits in an off-site public opinion battle. Now this fight has been judged by the law.

Choi Ji-ye, Ten Asia Reporter translated by google