ADOR CEO Min Hee-Jin Faces Risk Of Losing $80 Million If HYBE Proves Embezzlement Charge: Report - Times Now

ADOR CEO Min Hee-Jin Faces Risk Of Losing $80 Million If HYBE Proves Embezzlement Charge

The ongoing conflict between HYBE and CEO Min Hee-jin continues to escalate. Amid the feud, reports claims that Min Hee-jin will be losing crores if HYBE is able to prove the embezzlement charges pressed against her.

ADOR CEO Min Hee-jin to go bankrupt if found guilty?

On May 1, a South Korean news outlet reported that if HYBE is able to prove the embezzlement charges against ADOR CEO Min Hee-jin, the label will be able to buy the shares she holds in ADOR for just $ 2.4 million (Rs 20 crore) as the contract signed between both parties states that if Min Hee-jin violates the terms of the contract, HYBE will have the right to repurchase her shares directly or through a third party for said price.

For the unversed, HYBE holds 80 percent stake in ADOR, while Min Hee-jin has 18 percent stake. However, the ADOR CEO's 18 percent stake is currently valued at a whopping $80 million. However, if HYBE’s is able to prove Min Hee-jin guilty of embezzlement, the price of the shares will go down dramatically and the ADOR CEO will essentially have to leave her position and the label empty-handed. As per the report, Min Hee-jin had borrowed about $16 million from HYBE's chairman Bang Si-hyuk to purchase the 18 percent shares in ADOR. After repaying it, the former creative director will reportedly be bankrupt.

HYBE-ADOR's ongoing feud

On April 22, HYBE initiated an audit against ADOR's CEO Min Hee-jin. As per the reports, HYBE accused ADOR's CEO and management of devising a plan to gain complete control of the label, leaking sensitive information to external entities and attempts to tarnish the reputation of HYBE and its artists. HYBE took legal action against ADOR's CEO on the grounds of business embezzlement

Following the audit by HYBE, Min Hee-jin accused HYBE's newest girl group, ILLIT, of copying NewJeans. As the feud continued, the ADOR CEO held a press conference on April 25 in which she revealed shocking chats with HYBE chairman Bang Si-hyuk, clarified accusations about a shaman being involved in her label-related decisions and commented on NewJeans' uncertain future.

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2024-05-01 14:20:06Z

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