The ongoing conflict between HYBE and CEO Min Hee Jin has been escalating ever since the initial feud between both parties. Recently, it has been revealed that HYBE has taken legal action against ADOR’s CEO on the grounds of business embezzlement, where she risks losing not just money but also her position.
HYBE files lawsuit against ADOR's CEO, Min Hee Jin
On May 1, 2024, a South Korean news outlet reported that HYBE filed a lawsuit against Min Hee Jin, the CEO of ADOR, last month on charges of business embezzlement. If HYBE can prove the allegations against the CEO, the company will be able to buy the shares she holds in ADOR for just 2.4 million dollars. 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.
HYBE holds 80 percent stakes in ADOR, and Min Hee Jin has 18 percent. However, the CEO’s 18 percent stake is currently valued at 80 million dollars. However, if HYBE’s embezzlement accusations are upheld in court, the price of the shares will go down dramatically. The CEO will have to essentially leave her position and the company empty-handed. Min Hee Jin has also apparently borrowed money from HYBE’s chairman, Bang Si Hyuk, to purchase the 18 percent shares last year and after repaying it, she will practically be bankrupt.
More about HYBE and ADOR's ongoing conflict
The conflict between HYBE and ADOR started when the former conducted an audit, including that of the CEO, Min Hee Jin, after the information rolled out that they were attempting to separate management rights. HYBE even sent a letter asking Min Hee Jin to step down from the position. However, Min Hee Jin has vehemently denied the allegations.
Min Hee Jin mentions that the main issue is about BELIFT LAB copying the concepts from NewJeans for their newly formed girl group, ILLIT. The production of the new alum by the group was overseen by Bang Si Hyuk. Moreover, apart from stealing NewJeans’ concept ideas, Min Hee Jin also said that HYBE has been reportedly taking action against the group to further subdue them.
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2024-05-01 12:26:01Z
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