Amidst accusations that CEO Min Hee Jin attempted to seize control over ADOR, HYBE conducted an audit and discovered a document in the company’s files titled “Project 1945.”
What is the subject matter?
HYBE Discovers Additional Evidence: ‘Project 1945’ from ADOR Files
HYBE conducted an evaluation of ADOR’s management, a subsidiary label responsible for managing the girl group NewJeans, along with a written request for CEO Min Hee Jin to step down from her position as the company’s leader.
After receiving tip-offs, HYBE discovered that Min and ADOR executives had leaked contracts and secretly met with private investors in an effort to gain control of management rights from their parent company.
On April 24, Channel A reported exclusively that HYBE obtained additional secured documents providing evidence that CEO Min attempted to gain control over ADOR’s management rights.
HYBE currently holds two documents, namely “Sins of HYBE”and “Project 1945.”
Min’s initial document outlined her specific strategy to label HYBE as an “evil group”and shared her vision of acquiring ADOR’s management privileges.
“Project 1945″is a plan that consists of various subheadings including complaints, civil litigation, and public opinion warfare.
During the investigation into the origins of the title, it was discovered that CEO Min had been actively searching online forums and public platforms to gather evidence supporting her accusation that HYBE’s new girl group ILLIT (under Belift Lab) had plagiarized NewJeans. This revelation is believed to have played a significant role in the escalation of the conflict.
It is believed that the year 1945 holds significance as it marks Korea’s liberation from Japan and the country’s regaining of sovereignty. This was seen as a reflection of ADOR management’s desire for independence from HYBE.
On April 24, Min Hee Jin submitted the audit response requested by HYBE. However, it has been revealed that the CEO has not yet returned the company laptop, which is considered a company asset.
HYBE declined to comment and stated:
“A response has been received, but the contents cannot be made public. The answer states that strong legal action will be taken if the contents are disclosed to the outside world.”
ADOR’s Denial of Accusations Against HYBE Persists
On that very day, ADOR’s vice-president spoke with Yonhap News over the phone and denied that the documents discovered in his files were simply “personal doodles.”He also clarified that the issue was not discussed with CEO Min or any other executives at ADOR.
Nonetheless, the interim audit report criticized this assertion as the VP was revealed to be Min’s closest associate, a former accredited accountant who transferred from HYBE to ADOR. He had previously been responsible for Investor Communication (IR) in the finance division during his time at HYBE.
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