HYBE has released a report aiming to reveal the details of their audit of ADOR. Additionally, they have stated their intentions to file a formal accusation against Min Hee Jin.
(Photo : Twitter, Osen)
Report on Audit of ADOR: Allegations Against Min Hee Jin
On April 22, HYBE initiated an examination of ADOR’s operations following reports that the company was trying to establish itself as a separate label.
Additionally, news outlets stated that HYBE had asked for Min Hee Jin’s resignation from her position as CEO of ADOR.
(Photo: Min Hee Jin Instagram)
In response to the audit, ADOR released an official statement stating that HYBE and BELIFT LAB were copying the concept of NewJeans.
On April 25, HYBE released a press statement announcing their intention to formally accuse Min Hee Jin, along with other related parties, of committing a breach of trust.
The company has also disclosed that they have gathered enough proof of Min Hee Jin taking control of HYBE’s management rights. The full statement can be found below.
“Based on the findings of the audit, HYBE has confirmed and gathered solid proof of a plan to seize management control, which was planned under the ADOR CEO’s direction.
One of the audit staff submitted digital evidence showing the plan to seize control of the management and make contact with outside investors, as well as also admitting the action of having written documents to attack HYBE during the inspection.
According to the face-to-face investigation and conversation transcripts the intelligence assets have submitted, the CEO of ADOR commanded the management team to come up with ways how to pressure HYBE to sell its ADOR shares.
As a response to this endeavor, methods were discussed along the way, specifically on how to terminate exclusive contracts with artists and nullify the contracts between ADOR’s CEO and HYBE.
The were also conversations such as ‘Let’s draw global funds and make a deal with HYBE,’ ‘Counterattack everything HYBE does critically,’ and ‘Think of ways how to harass HYBE.’
The transcript also contained certain action plans such as ‘preparing for a battle of public opinion in May,’ and ‘turning ADOR into an empty shell and removing it.’
HYBE has also retrieved a statement from the auditee, stating ‘the phrase ‘ultimately exiting HYBE’ was a transcription of the words from the CEO of ADOR.’
HYBE CEO Park Ji Won stated, “We apologize to our fans, artists, and staff for the inconvenience this situation has caused during the process of upgrading the multi-label.”
The CEO added, ‘Now that the incident is nearing its end, we will bring out our maximum efforts for counseling and stabilize our artists’ mental health, as they are valuable assets of the K-pop industry.”
In addition, Korean media sources also released a dialogue between ADOR’s Vice President “A”and Min Hee Jin. The conversation can be found below:
A: “There is also this option.
– Put option _% exit on January 2, 2025 (Operating profit in 2023: 33.5 trillion won / 2024 approximately _ won, the average pre-tax cash out of around _ won)
– ADOR turns to an empty shell / Lawsuit filing for rights infringement
– Look for financial investors (CEO Min + plan to purchase ADOR away from HYBE)
– Suggest HYBE to sell ADOR
– Sell at a reasonable price
– CEO Min becomes ADOR CEO + who also acquires ADOR shares with the cashed out money + signs _ contract”
A: “Should this happen, the remaining _% that wasn’t able to sell in the past will become useful again.”
Min Hee Jin: “Wow.”
(Photo: Naver)
ALSO IN THE NEWS: HYBE Uncovers ‘Project 1945’ Document From ADOR’s Files
Leave a Reply