ENTERTAINMENT
Min Hee-jin to Address $1.77 Million Lawsuit on YouTube Show
On the 3rd, 'Genre Only Yeouido'(장르만 여의도) teased Min Hee-jin's appearance with phrases like "Min Hee-jin's 26 billion won Legal Battle" and "What Was Said During the Over 5-Hour Hearing?" The episode, airing the following day, is expected to feature Min discussing the ongoing 26 billion won put option lawsuit with HYBE. The public is keen to see whether this move will be beneficial or detrimental to her.
Previously, in July last year, HYBE terminated its shareholder agreement with Min, accusing her of attempting to privatize NewJeans and ADOR. Subsequently, in August, she was removed from her CEO position by the board. In response, Min resigned from her director position in November and notified HYBE of her intention to exercise the put option. However, HYBE claims that since the contract was already terminated, the put option is invalid.
Min's side argues that there was no breach of contract, rendering HYBE's termination notice void, and thus 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 won(approximately $1.77 Million).
Meanwhile, Min has been embroiled in a management dispute with HYBE since last year. Following the recent loss of NewJeans members in a lawsuit confirming the validity of their exclusive contracts with ADOR, Min announced her intention to return. She has since established a new agency, OOAK (One Of a Kind), and reportedly held auditions recently.
Choi Ji-ye, TENASIA Reporter wisdomart@tenasia.co.kr
