HYBE says it is weighing an appeal after losing the first trial in its shareholder agreement dispute with former ADOR CEO Min Hee-jin. Meanwhile, Min hinted at a fresh start by sharing what appears to be a promo for her new company.
Right after the Seoul Central District Court’s Civil Division 31 ruling on the 12th, HYBE issued a statement: “We regret that our arguments were not sufficiently accepted. We will closely review the written judgment and consider additional legal steps, including an appeal.”
Earlier that day, the court dismissed HYBE’s suit seeking to confirm the termination of its shareholder agreement with Min. It also ruled in favor of Min’s side on the claim for payment tied to a put option. As a result, HYBE must pay Min about 22.5 billion won and two former ADOR directors approximately 1.7 billion won and 1.4 billion won, respectively―roughly 25.6 billion won in total.
The dispute escalated last April when HYBE launched a sudden audit of ADOR, accusing Min of attempting a “management takeover.” HYBE filed a criminal complaint for breach of trust, alleging Min contacted external investors to push for ADOR’s independence. Min countered that HYBE’s move was retaliatory after she raised concerns that HYBE’s group ILLIT had plagiarized NewJeans.
The court stated: “The termination grounds claimed by HYBE are abstract or amount to minor auxiliary obligation violations. Considering the severe disadvantage to Min―the loss of her put option―it’s hard to see the violations as sufficiently serious to justify termination.”
That same day, Min posted an Instagram Story with the phrase “only one always know,” alongside a clip of a character riding a bicycle. Industry watchers see it as a promotional teaser for her newly launched company.
Min established the management company Ooak Records last October and previously teased plans to launch a boy group. She is reportedly listed as the sole internal director of the corporation.
(SBS Entertainment News | Kang Kyung-youn)
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