On the 25th, CEO Min Hee-jin of Adore, the agency of the New Genes group, held an emergency press conference at the Korea Convention Center in Seocho-gu, Seoul, in response to suspicions of breach of trust related to an attempt to seize management rights from Hive. News 1
Adore CEO Min Hee-jin is said to have applied to the court to change the hearing date for parent company Hive’s request for permission to convene an extraordinary general meeting of shareholders, but it was not granted.
According to the legal community on the 30th, the Seoul West District Court will proceed with the hearing on the request for permission to call Hive’s extraordinary shareholders meeting at 4:45 pm on this day as scheduled. The questioning will be held in private in accordance with the Non-Litigation Proceedings Act.
The position of the Western District Court is that although Representative Min has received a report about a change in the questioning date, there is no official confirmation as to whether the court has approved it.
Previously, on the 22nd, Hive requested the convening of the board of directors to replace management, saying it had detected attempts by Adore executives, including CEO Min, to seize management rights. CEO Min was said to have sent a response to Hive on the 29th stating that he would not be calling a board meeting on the 30th. Hive filed an application for permission to convene an extraordinary general meeting of shareholders to the Western District Court on the 25th in case Adore failed to convene the board of directors.
Hyewon Lee, Donga.com Reporter hyewon@donga.com
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