On September 14th, Byun shared a video on his YouTube channel titled “The Reason Why The Mental State Of Bang Si-hyuk, Who Suppresses NewJeans, Is Strange.” He highlighted, “Instead of focusing on increasing HYBE’s company value, Bang is rashly declaring that he will destroy NewJeans and ADOR’s former CEO Min Hee-jin, even if it leads to total chaos. Isn’t this madness?”
He went on to state, “Since he is partaking in illegal activities and negatively impacting HYBE’s stock price, shareholders can file compensation claims and charge him with breach of duty. Bang’s personal emotions, possibly stemming from an inferiority complex towards former CEO Min, are jeopardizing HYBE’s assets. He must be held accountable for this breach of duty. If Min’s injunction starts gaining legal ground, shareholders will no longer stand for it.”
Byun also mentioned, “This conflict between HYBE and former CEO Min represents a struggle between capitalists and creators. Regardless of ownership, it’s crucial to respect the creator’s right to manage the work they have produced.”
He added, “As soon as NewJeans became active in April this year, Bang targeted Min’s position. He undermined her while NewJeans was in the midst of promoting, which caused chaos as the stock price soared. Consequently, the stock price then plummeted. He destabilized Min’s position within the company, clearly indicating that NewJeans’ future is now in jeopardy. The chairman, who is also a major shareholder, obstructed their activities, and after the stock price dropped, he dismissed Min, causing an additional downturn.”
Byun underscored the significance of support from notable figures like S.E.S.’s Bada for Min. “While Bang may possess ownership rights and capital, it was Min who initially conceptualized NewJeans. The creator’s right to manage their projects should be acknowledged. It would be impactful for creators to unite and drive someone like Bang out of the entertainment sector.”
In a previous YouTube video on May 2nd, Byun remarked, “This incident illustrates how a person with wealth and power has violated a creator’s rights. Although progress has been made in the cultural and arts sectors, Bang is repeating damaging behaviors of the past.” Addressing the plagiarism allegations involving NewJeans and ILLIT that Min raised, he questioned, “Just because he is a major shareholder, can he act this way? Would Lee Jae-yong, chairman of Samsung, be allowed to steal ideas or technology from subsidiaries for his personal gain? Even under corporate law, a major shareholder cannot arbitrarily take from their own company.”
On August 27th, ADOR terminated Min Hee-jin from her role as CEO. They stated she would continue to oversee NewJeans’ production, but Min protested, labeling it an unfair contract. On September 11th, NewJeans members urged during a live broadcast that Min be reinstated by September 25th, and the following day, HYBE CEO Lee Jae-sang stated at an emergency shareholder meeting that they would address the situation calmly and according to principles. On September 13th, Min filed an injunction with the Seoul Central District Court, requesting her reinstatement.
Source: Naver
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