ADOR's side: ”HYBE distorts the facts”... Refutes reports that they have the authority to terminate NewJeans' exclusive contract

HYBE label ADOR (CEO Min Hee-jin) has refuted reports that it requested the right to terminate NewJeans' exclusive contract earlier this year.
On the 2nd, ADOR announced through its agent, Se Jeong, "In January of last year, CEO Min met with CEO Park Ji-won to discuss the selection of an outsourcing company.
This is to resolve the unreasonable interference that occurred during the debut process of "New Jeans" and to allow the label to operate independently.
"In February of last year, HYBE responded to the proposed amendments to the shareholders' agreement that included ADOR's requests by CEO Min, with the Vice CEO Kakao
"HYBE has been disclosing the details of their past meetings and claiming that they are taking over management rights, but the timing is not right," he said.
"We propose to resume negotiations on the contract." Also, recently, a related industry source said that CEO Min had requested the right to terminate NewJeans' exclusive contract with Exclusive earlier this year, but was refused by HYBE.
Usually, major entertainment companies enter into exclusive contracts with the consent of their board of directors. This is because exclusive contract rights are an essential asset for running a company.
Ng sent a proposed amendment to the shareholders' agreement to HYBE, but HYBE rejected the proposal, finding it unreasonable.
If HYBE had accepted Min's proposed amendment to the shareholders' agreement, Min would have been able to sell his shares to New Exclusive without going through the board of directors.
Currently, ADOR's board of directors is made up of three members, including CEO Min. All three have voting power, but CEO Min has the most power. HYBE
Even if ADOR's officers are replaced in an attempt to prevent this, if CEO Min has the exclusive right to terminate the exclusive contract with "NewJeans", then the exclusive contract with "NewJeans" can be terminated.
Min held an emergency press conference on the 26th of last month and claimed that he had never attempted to take over management. He made public the contents of the conversation at the time and said that there had been no attempt to take over management and that the conversation was within the scope of private conversations.
ADOR has maintained that this is merely a temporary suspension. Below is the full statement from ADOR: We would like to inform you of ADOR's position regarding the article published today regarding "the right to terminate contracts with our artists."
On January 25th of last year, during a face-to-face meeting with CEO Park Ji-won, CEO Min Hee-jin requested that matters related to the selection of outsourced contractors and the conclusion of important contracts, including exclusive contracts, be handled using her authority as CEO.
This was a request to resolve the unreasonable interference that occurred during the debut process of "New Jeans" and to operate the label independently.
On February 16th of last year, we submitted a revised shareholder agreement to HYBE that included the requests of CEO Min Hee-jin and ADOR.
HYBE recently released a KakaoTalk message from the vice-president in which HYBE "claims" that it is an attempt to take over management. The message was sent on April 4th.
This is out of date and irrelevant. This is yet another example of how HYBE is distorting and fabricating facts to wage a public opinion war. And the "negotiation" content of these shareholder agreements
If you plan to continue to go public, we would recommend that you reopen the shareholders' agreement negotiations.