According to reports, Min Hee Jin has accused HYBE Labels of manipulating public perception.
Min Hee Jin Responds to HYBE’s Allegations of Terminating NewJeans’ Exclusive Contracts
It was reported by Korean news outlets on May 2 that Min Hee Jin, CEO of ADOR, had requested for the early termination of NewJeans’ contract in January 2024.
According to reports, instead of the usual director’s meeting, the ADOR CEO personally handled the request, going against conventional procedures.
According to sources within the industry, it was alleged that Min Hee Jin had presented HYBE with a revised contract regarding shareholders in February. As a result, HYBE became suspicious that Min Hee Jin was plotting to overthrow the company and gain control of its management.
Nevertheless, ADOR subsequently disclosed that it was Min Hee Jin who had filed the request to establish a new label.
On January 25, 2024, CEO Min Hee Jin met face-to-face with HYBE CEO Park Ji-won. During the meeting, Min Hee Jin expressed concerns about the exclusive rights to sign contracts, specifically regarding external contractors and exclusive ones. The company shared this information.
In response, ADOR refuted the multi-label’s allegations of NewJeans’ contract being terminated prematurely. The agency emphasized that this action revealed HYBE’s manipulation of facts and public perception through their use of media tactics.
ADOR stated, “This further proves that HYBE is manipulating and manipulating the facts to manipulate public perception. If HYBE intends to keep making the shareholder contract negotiations public, we strongly urge them to resume discussions with us.”
Min Hee Jin Refuses HYBE’s Request for Board of Directors Meeting
According to reports from Korean media, Min Hee Jin declined HYBE’s invitation for a meeting with the company’s board of directors.
Reports indicated that the ADOR CEO had refused for two specific reasons. According to Min Hee Jin, the initial reason was due to HYBE’s unlawful request to replace ADOR’s CEO and board of directors, which fell outside the legal boundaries of the multi-label company.
“Min Hee Jin stated that due to the limited scope of an audit, the board has decided against holding a meeting. She also mentioned that the board’s request to convene this meeting was not permissible.”
According to sources, HYBE has requested an emergency meeting between shareholders, following their filing for cancellation on April 25. Additionally, the multi-label has issued a brief statement addressing Min Hee Jin’s refusal.
“HYBE stated that according to the articles of association, the auditor is responsible for auditing the directors’ performances and has the power to call a meeting with the board. HYBE expressed confusion as to why Min Hee Jin declined to comply in light of this authority.”
Additionally, HYBE released an interim report on April 25 regarding its audit on ADOR in an official statement. The company also announced its intention to formally accuse Min Hee Jin, along with other suspected accomplices, of committing breach of trust.
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