ENTERTAINMENT
Controversy Unfolds: Park Jung-kyu Accuses Min Hee-jin of Lying About Investment Talks
In an exclusive interview with TenAsia, Park Jung-kyu, chairman of Davolink, revealed details of his meeting with former CEO Min Hee-jin last September. This is the first time Park has publicly shared specifics about their investment discussions.
On November 7, Park met with TenAsia in Seoul, expressing his frustration over Min's denial of their meeting, which he claims has damaged his reputation and affected stock prices. Park insists that Min's denial of their meeting is a blatant lie.
According to Park, the investment proposal came in late August through B, the uncle of a NewJeans member. "I was playing golf on a Sunday when B called, insisting on meeting. We met outside my house around 9 PM. B asked me to invest $5 million in Min's venture. I declined due to the risk and suggested an alternative: Min could take over Davolink, leveraging the capital market for funds. B called Min on speakerphone, and she was aware of the $5 million proposal," Park explained.
The meeting between Park and Min took place on September 30 at Park's residence, with B present. Photos from that day confirm their discussion about transferring Davolink to Min and securing necessary funds.
Park proposed that B front the acquisition of Davolink, with Min taking over management. He explained how to secure funds for the acquisition and subsequent capital increase for entertainment ventures. Park's plan involved selling his shares for profit while minimizing risk.
Park and Min also discussed extracting NewJeans from ADOR. Min asked if she could bring NewJeans with her, to which Park advised that she might need to leave ADOR first to make it feasible. He suggested that leaving ADOR could devalue the company, making it easier to take NewJeans.
Park noted that Min spent over 70% of their three-hour conversation venting about conflicts with HYBE and Chairman Bang Si-hyuk. Park was put off by Min's disrespectful language, thinking, "This isn't the right person." Despite explaining his plans, Park felt the collaboration wouldn't work.
The fallout seems to stem from differing views on investment strategies. Park is particularly upset by Min's denial of their meeting, which affected stock prices. Min's reluctance to accept Park's proposal, which wasn't a straightforward investment, is understandable.
TenAsia first interviewed Park late last year and sought confirmation from Min's side. Min's representatives denied Park's claims, stating, "Min Hee-jin never discussed investments with Park Jung-kyu." To ensure fairness, TenAsia conducted a follow-up interview with Park on November 7.
Min's denial of even meeting Park raises questions, potentially linked to legal responsibilities. Min has been sensitive to "investor contact" rumors, as meeting external investors while at ADOR could constitute breach of duty. Such actions, if proven, could support allegations of tampering.
HYBE filed a criminal complaint against Min for breach of duty on April 26 last year. The investigation is ongoing, with evidence from HYBE's audit being central. Min's discussions with Park could play a key role in the investigation and any future trials, as they may indicate actions against ADOR's interests.
Choi Ji-ye, TenAsia Reporter wisdomart@tenasia.co.kr
