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, seeking confirmation of the termination of a shareholder agreement, as well as Min's lawsuit regarding a put option-related stock purchase claim.
Min appeared as both a party and a witness, with numerous KakaoTalk conversations between her and former Deputy CEO A submitted as evidence.
HYBE presented evidence suggesting that A, who joined Ador in early last year, collaborated with Min on plans for 'Ador's independence.' However, Min consistently denied responsibility, claiming that A acted independently. She stated, "That was A's doing," and "That KakaoTalk message was written by A, not me," attributing most of the allegations to A. This led to some laughter from the audience.
When HYBE's legal representative presented the 'Project 1945' document, allegedly analyzing the group's weaknesses and outlining attack strategies, and asked if Min had instructed its creation, she replied, "A wrote that." When questioned if the document discussed identifying weaknesses of HYBE's management to provoke issues and conflicts, she dismissed it as mere "chatter."
However, during further questioning, it was revealed that A was promised a 0.3% stake in Ador (approximately 3 billion KRW) as compensation, supporting HYBE's claim that A acted under Min's direction rather than independently.
The debate over foreign investor contacts also continued. When HYBE presented conversations indicating meetings with entities like the Singapore Investment Corporation, facilitated by Hong Kong-based securities analyst Seo, Min claimed, "I don't remember. A is a dreamer, and I don't respond to everything he says." Yet, it was revealed during the trial that Seo had a close relationship with both Min and A, reviewing documents like 'Project 1945' and the shareholder agreement, casting doubt on Min's claims of ignorance.
Min had previously maintained during her testimony in September that A acted independently, attributing key allegations such as investor contacts and the so-called 'Ador shell strategy' to A's judgment.
The court is expected to comprehensively review the fact that A effectively executed Min's directives during her tenure as CEO, along with the newly revealed promise of financial compensation worth approximately 3 billion KRW.
Choi Ji-ye, TenAsia Reporter wisdomart@tenasia.co.kr