According to the data, HYBE intends to press charges against the individuals involved for breach of trust.
On April 25th, HYBE announced that one of the companies under audit had confessed to submitting confidential information, including a takeover plan and correspondence with outside investors, as evidence during the investigation. They also admitted to preparing documents with the intention of attacking HYBE.
“As per the information and transcripts provided in the face-to-face investigation, HYBE stated that CEO Min Hee-jin had directed the ADOR executives to find a means of pressuring HYBE to sell its stake in the corporation.”
“In accordance with Min Hee-jin’s instructions, HYBE engaged in detailed discussions on the termination of their artists’ exclusive contracts prior to their expiration and the nullification of the contract between ADOR CEO and HYBE.”
HYBE also unveiled a screenshot on April 4th of a group chat among three ADOR executives, including Min Hee-jin. In the chat, ADOR’s vice representative “A”suggested alternative solutions, sharing a range of ideas such as:
On January 2nd, 2025, the put option will be exercised at a rate of? %, resulting in an exit from operations and a potential operating profit of 33.5 billion in 2023 and an undetermined amount in 2024. The average pre-tax amount for this transaction is estimated to be? billion in cash.
– ADOR remains a hollow entity/ moving forward with legal action for violation of rights against?
– In search of financial investors, CEO Min has proposed a plan to acquire ADOR from HYBE.
– It is advised that HYBE should consider selling ADOR.
– Available for purchase at a fair cost
– CEO Min purchases ADOR shares using funds from both ADOR executives and cash out +? new contract. This allows the? % of shares that were previously unsold to now serve a purpose.”
In reply, Min Hee-jin exclaimed, “That’s great!”
Despite the circumstances, it seems that NewJeans’ planned comeback is still on track. The release of their new double single “How Sweet”is scheduled for May 24th, with the music video for “Bubble Gum”set to be pre-released on April 27th at midnight. It appears that HYBE, as the main artist of the company, is not halting NewJeans’ activities against their will.
HYBE announced their commitment to offering top-notch support for the mental and emotional well-being of NewJeans members during their anticipated comeback. They further expressed their intention to promptly meet with the members’ legal representatives to discuss necessary steps for ensuring their protection.
HYBE CEO Park Ji-won expressed his sincere apologies for any worry or distress caused to fans, artists, and employees during the implementation of the multi-label system. He reassured that the company will make every effort to alleviate any negative emotions and ensure the well-being of K-pop’s invaluable assets – the artists.
Meanwhile, Min Hee-jin’s legal representative announced plans for a rebuttal press conference to be held in Seoul in the afternoon. The representative stated, “Min Hee-jin will effectively and explicitly communicate her stance on the present circumstances.”
The paragraph’s source can be found on the Newsis website at //mobile.newsis.com/view.html?ar_id=NISX20240425_0002713051#_PA.
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