At 3 PM on April 25th, CEO Min held an emergency press conference at the Korea Conference Center in Gangnam-gu, Seoul.
During a discussion, CEO Min clarified, “I never intended to take over or gain control. After the incident, members of NewJeans contacted me late at night, expressing their sympathy and apologizing. Their parents also advised me to speak up if I felt mistreated. If my motive was monetary gain, I would not have filed an internal complaint.”
She cried, explaining, “I could make 100 billion won by doing nothing, but I cannot tolerate injustice. I am enduring this pain.”
CEO Min stressed that she had exhausted all efforts in her role. She stated that anyone who had collaborated with her would attest to this. She also acknowledged signing a peculiar contract with HYBE, but clarified that it was a shareholders’ agreement. Her legal representative further explained that they were in the process of renegotiating the contract due to certain unreasonable clauses. It was suggested that HYBE may need to consent to the revised terms.
Additionally, CEO Min disclosed that there is a provision in place that prohibits him from selling his 18% stake. He also mentioned that there are limitations when it comes to utilizing this stake. In other words, he feels as though he is permanently bound to HYBE like a slave.
HYBE released the results of their audit, accusing CEO Min and the management of ADOR of attempting to take control. According to HYBE, they have concrete evidence that supports their claim of a planned takeover led by ADOR’s CEO.
During the current situation, CEO Min openly expressed her disapproval of ILLIT, a group created by Chairman Bang Si-hyuk under the label Belift Lab, for imitating the style of NewJeans. She further stated that when she brought up these concerns, HYBE attempted to disregard them.
On the day the issue was brought to light, CEO Min issued a statement clarifying that HYBE’s Chairman Bang Si-hyuk was the producer of ILLIT’s debut album. The imitation of NewJeans by ILLIT was not solely the responsibility of Belift Lab, but also involved HYBE. Strangely, the cultural achievements of ADOR and NewJeans have been greatly infringed upon by HYBE.
CEO Min vehemently denied the accusations of trying to take control, labeling it as “ridiculous media manipulation.”
The source of this information can be found on Naver at the link: //m.entertain.naver.com/now/article/312/0000659736.
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