Min Hee-jin’s side: “Taking charge of producing NU’EST after being removed as the CEO? Deceptive media play to deceive the public” (Full Text)

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[My Daily = By Lee Seung-gil reporter] Min Hee-jin’s side, who was removed from the position of CEO at Udeer, has declared their opposition, calling it an “unlawful decision.”

On the 28th, through an official statement, Min Hee-jin’s side emphasized that “Udeer’s board of directors dismissed CEO Min Hee-jin at the board meeting held on the afternoon of August 27th. This dismissal decision blatantly contradicts the interim shareholders’ agreement and the injunction prohibiting exercise of voting rights.”

They further stated, “Currently, the media is reporting that ‘Former CEO Min Hee-jin steps down as CEO but retains her position as a Udeer internal director. She will continue to handle New Jin-s’ producing tasks.’ This is clearly a lie based on the material distributed by the Udeer board of directors. It is deceiving the public to falsely portray it as though CEO Min Hee-jin voluntarily stepped down and only handles producing tasks.”

“Through the court’s decision, it was revealed that there were no illegal reasons as claimed by Hive against CEO Min Hee-jin. Nevertheless, the Udeer board of directors, consisting of numerous directors nominated by Hive, made the decision to dismiss the CEO. Furthermore, they distorted the truth to deceive the public, beyond just the dismissal,” they emphasized.

Earlier on the 27th, Udeer officially stated, “At the shareholders’ meeting held today, Kim Joo-young was appointed as the new CEO of Udeer. Former CEO Min Hee-jin steps down as CEO but retains her position as Udeer internal director. She will continue to handle New Jin-s’ producing tasks.”

Below is the full official statement from Min Hee-jin’s side.

The board of directors of Udeer, at the board meeting held on August 27th at 1 p.m., dismissed CEO Min Hee-jin.

This dismissal decision blatantly violates the interim shareholders’ agreement and the injunction prohibiting exercise of voting rights.

The shareholders’ agreement stipulates that ‘During the 5-year period, Hive must take necessary measures such as exercising voting rights to maintain Min Hee-jin’s positions as CEO and internal director of Udeer or having the directors nominated by Hive exercise the voting rights at the Udeer board of directors.’

On May 31st, Hive attempted to convene an interim shareholders’ meeting regarding the ‘Dismissal of CEO Min Hee-jin,’ but the court issued an injunction stating that Hive cannot exercise voting rights in favor of this agenda.

This was because there were no reasons for dismissal or resignation of CEO Min Hee-jin.

Hive claims the termination of the shareholders’ agreement, but there is no basis for this claim, and CEO Min Hee-jin has never acknowledged the termination of the shareholders’ agreement.

Therefore, this dismissal decision blatantly violates the shareholders’ agreement and disregards the court’s decision.

The media is currently reporting that ‘Former CEO Min Hee-jin steps down as CEO but retains her position as a Udeer internal director. She will continue to handle New Jin-s’ producing tasks.’

This is a clear lie based on the material distributed by the Udeer board of directors. CEO Min Hee-jin did not step down voluntarily; she was dismissed.

The Udeer board simply informed her unilaterally that she would be in charge of producing tasks.

Falsely portraying it as though CEO Min Hee-jin voluntarily stepped down as CEO and will only be responsible for producing tasks is deceiving the public.

This board decision also raises procedural issues. According to Udeer’s articles of incorporation, the board meeting should have been notified to each board member a week in advance.

However, there was an article amendment passed at the interim shareholders’ meeting convened by the Udeer board changing the notification period for the board meeting to one day.

This is strongly suspected to be a preemptive measure to not allow sufficient time for response considering the impending removal of the CEO.

In reality, Udeer board chairman Kim Joo-young only notified on August 24th that ‘there will be a change in the CEO.’

Through the court’s decision, it was revealed that there were no illegal reasons as claimed by Hive against CEO Min Hee-jin.

Nevertheless, despite there being no unlawful reasons claimed by Hive, the board of directors of Udeer, with a majority of directors appointed by Hive, made the decision to dismiss the CEO and even distorted the facts to deceive the public, going as far as misrepresentation.

Let me reiterate once again, this dismissal decision of the CEO is unlawful as it violates the shareholders’ agreement and disregards the court’s decision.

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