Min Hee-jin Denies HYBE’s Claim Of ADOR Attempting To Take Control Of Management

On April 23rd, during a telephone interview with Daily Sports, Min Hee-jin stated that she has never attempted to gain control of ADOR’s management rights, despite claims made by HYBE. She questioned how she could possibly do so with only 18% ownership of the company.

“Despite HYBE holding 80% shares, I am unable to gain control of ADOR’s management rights. Without HYBE’s consent as the largest shareholder, ADOR cannot separate from the corporation. I am perplexed as to why HYBE is accusing me of attempting the impossible.”

Previously, HYBE had sent an audit questionnaire along with supporting evidence, suggesting that the current executives of ADOR, including CEO Min Hee-jin, were colluding to gain control of the company. This suspicion was based on their alleged involvement with external parties and questionable hiring practices. In addition to the questionnaire, HYBE also called for CEO Min Hee-jin’s resignation and requested a shareholders’ meeting to replace the current board of directors at ADOR.

The news of HYBE’s and Min Hee-jin’s conflict came as a surprise, especially since NewJeans is set to make their comeback in Korea on May 24th and also have plans for a Japan debut and solo fanmeeting in June. As a result of this unexpected request, HYBE’s stock shares experienced a significant drop, with a decline of 7.81% and a reported loss of 749.8 billion won in market capitalization from the previous trading day, closing at 212,500 won.

In response to HYBE’s multiple requests, which included the unexpected audit questionnaire, Min Hee-jin explained that she had been filing internal complaints about HYBE for the past month until last week. She also addressed ADOR’s position, stating that she had raised concerns about various issues such as alleged copying by ILLIT, a newly debuted group under HYBE’s label BELIFT Lab.

CEO Min firmly stated that ADOR had asked HYBE for their response to the internal accusation and objection that was submitted by the 24th. However, HYBE countered their request. She emphasized that her motive was not financial gain, as she would not have gone through the trouble of filing the accusation and objection if that were the case. She also suggested that HYBE may have falsely portrayed ADOR as trying to gain control over management. She questioned whether the precedent set by FIFTY-FIFTY was being used against them, stating that she would not engage in such foolish actions.

Despite filing an internal accusation and objection four days prior, Min Hee-jin expressed her surprise at HYBE’s actions during a crucial time for NewJeans. She found it strange that instead of announcing the results of the audit, articles were released simultaneously with the notification of the audit. She questioned their intention behind urgently publishing unrelated articles.

Despite my concerns about potentially interfering with NewJeans’s carefully prepared comeback, I felt it necessary to make a statement. Without addressing the situation, I feared that there would be further attacks and suspicions. However, I also want to avoid stirring unnecessary public opinion and am currently considering the best way to handle this given my important schedule ahead. It seems that HYBE may not be taking into account the artists’ conditions and schedules, and I hope to minimize any potential damage.

Min Hee-jin also commented, “I had initially hoped to address the issues with HYBE through internal reports, but their sudden attack caught me off guard. Their recent articles and aggressive actions seem to be an attempt to deflect attention from the root issue,”while also mentioning, “I have been facing attacks from both within and outside the company. I never imagined using this analogy, but it feels like a battle between David and Goliath. If one understands my approach towards the situation, they will truly grasp the core of the problem.”

In the meantime, HYBE has established April 23rd as the deadline for CEO Min Hee-jin and ADOR executives to respond to the audit questionnaire. This indicates that resolving the intense conflict between HYBE and ADOR regarding management issues may be difficult.