Why Is HYBE’s 16th Floor Trending After ADOR CEO Min Hee Jin Wins An Injunction Against The Parent Company? ( Photo Credit – Instagram )
HYBE Corporation is a very well-known name in the K=Pop world. The agency behind popular K-pop groups like BTS locked horns with its subsidiary ADOR over a month ago. A lot has been said about Min Hee Jin. The feud started when the latter accused HYBE’s other subsidiary label, Belift Lab’s newly formed five-member girl group ILLIT, of plagiarism. During a shareholder meeting, HYBE wanted to oust Min Hee Jin from its subsidiary’s topmost position. The meeting was scheduled for May 31.HYBE Corporation also manages TXT, and Seventeen,
Prior to the meeting, the ADOR CEO filed an injunction in court to stop the parent company from doing so. The tide turned in favor of Min Hee Jin. The Seoul Central District Court granted an injunction requested by her on May 30.
According to the injunction, HYBE owns an 80 percent stake. It also said it can no longer exercise its voting rights to terminate Min Hee-Jin from her position.
Trending
The news about Min Hee Jin picked momentum. Meanwhile, reports in South Korean media also stated that HYBE asked its C-suite executives, including Chief Human Resources Officer Kim Ju-young, Chief Strategy Officer Lee Jae-sang, and Chief Financial Officer Lee Kyung-jun, to lead ADOR before the court rulings came in. However, HYBE denied such reports.
When the feud between the multimillionaire company and its subsidiary started gaining momentum on social media, one thing that caught attention was that ADOR was given the topmost floor of HYBE’s building, the 16th floor. Netizens were shocked by this revelation, as they thought BTS’ BIGHIT Music should occupy the highest floor, as it is HYBE’s backbone. After ADOR’s CEO declared her win, supporters of Min Hee Jin started trending ‘16th floor of HYBE’ on X (formerly Twitter).
( Photo Credit – The Qoo )
The fans of NewJeans and ADOR’s CEO Min Hee Jin started posting about ‘HYBE’s 16th floor.’ Suggesting that celebrations are going on after their latest win.
Check out some related posts on X:
we need to throw a party on the 16th floor of HYBE seeing as though you don’t need security to pass through that floor pic.twitter.com/zL5tdWRcus
— NEWJEANS NEWS🇰🇷 (@newjeansnews_) May 30, 2024
The 16th floor is staying occupied pic.twitter.com/UozOEuu7ng https://t.co/vxrsiCZI6g
— Kittyz shooter (@hiehanniz) May 30, 2024
the 16th floor of hybe right now:
— HURT SOTY 𓃹 (@hurtsaz) May 30, 2024
CLEAR THE 16TH FLOOR OF HYBE THEY SAID pic.twitter.com/NATNvqVuur
— 🗯️ (@rkvjeans) May 30, 2024
HYBE released a statement after the court ruled in favor of Min Hee Jin. They said, “We will respect the court’s ruling granting Min Hee Jin’s injunction and will not use our voting rights to vote in favor of terminating Min Hee Jin at the upcoming shareholder’s meeting.”
They also mentioned taking further steps against Min Hee Jin and added, “Furthermore, we plan to proceed to take the next steps within the bounds of the law.” The report continued,” As the court stated in its decision, it is clear that Min Hee Jin plotted to weaken HYBE’s control over ADOR by taking NewJeans. And it was pressuring HYBE to sell its ADOR holdings, which would allow Min Hee Jin to independently control ADOR.”
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The post Why Is HYBE’s 16th Floor Trending After ADOR CEO Min Hee Jin Wins An Injunction Against The Parent Company? appeared first on Koimoi.
