On the afternoon of the 27th, the Seoul Central District Court's Civil Agreement Division 31 (Presiding Judge Nam In-soo) held a hearing for the lawsuit filed by HYBE against Min Hee-jin to confirm the termination of a shareholder agreement, as well as Min's lawsuit regarding a put option-related stock purchase claim. It was reported that Min entered the courtroom through a separate route to avoid the press waiting at the main entrance. The court plans to continue questioning Min following the previous hearing.
During the fourth hearing in September, Min appeared as a witness and refuted HYBE's claim that she raised plagiarism allegations against the group ILLIT, stating, "It was already a topic in the community," and "As soon as the teaser was released, many people were reminded of NewJeans." She also denied rumors of investor contact, calling them "baseless" and lacking verified evidence.
Regarding the KakaoTalk conversation submitted by HYBE between Min and former ADOR Vice President Lee Sang-woo, Min demanded, "Please disclose the entire conversation. It's no different from a fabricated story," and claimed, "They created a script like a drama to oust me."
In contrast, HYBE's witness, CLO Jung Jin-soo, alleged that Min attempted to alter the shareholder agreement to her advantage and that the termination of NewJeans members' exclusive contracts was under her direction.
HYBE terminated the shareholder agreement in July last year, believing Min was attempting to privatize NewJeans and ADOR, and subsequently removed her from the CEO position in August. In response, Min resigned from her internal director position in November and notified HYBE of her intention to exercise the put option. However, HYBE argues that since the contract was already terminated, the put option is invalid.
Min's side contends that there was no breach of contract, rendering HYBE's termination notice void, and that the exercised put option is legitimate. The put option is calculated by multiplying ADOR's average operating profit over the past two years by 13, applying 75% of Min's shareholding, amounting to approximately 26 billion KRW.
Meanwhile, Min has been in a management dispute with HYBE since last year. With NewJeans members recently losing a lawsuit to confirm the validity of their exclusive contracts with ADOR and expressing their intention to return, Min has established a new agency, OOAK (One Of A Kind).
Reporter: Choi Ji-ye, TenAsia wisdomart@tenasia.co.kr