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Legal Battle Between HYBE and Former ADOR CEO Min Hee-jin Continues in Court
On the 27th, the Seoul Central District Court's Civil Division 31 (Presiding Judge Nam In-soo) will hold a hearing for the lawsuit filed by HYBE to confirm the termination of the shareholder agreement against Min, as well as Min's lawsuit regarding the claim for stock purchase payments related to a put option. Additional questioning of Min is expected.
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, "The issue was already raised in the community," and "As soon as the teaser was released, there were many reactions associating it with NewJeans." She also denied rumors of investor contact, calling them "baseless" and lacking verified evidence.
Regarding the KakaoTalk conversation submitted by HYBE between former ADOR Vice President Lee Sang-woo（이상우） and herself, 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."
On the other hand, HYBE's witness, CLO Jung Jin-soo（정진수）, claimed 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 attempted 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 of the same year 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 maintains 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 ratio, amounting to approximately 26 billion KRW.
Meanwhile, Min has been in a management dispute with HYBE since last year. Recently, after losing a lawsuit confirming the validity of NewJeans members' exclusive contracts with ADOR, she expressed her intention to return and established a new agency, OOAK (One of a Kind).
Choi Ji-ye, TenAsia Reporter wisdomart@tenasia.co.kr
