Min Hee Jin has reportedly accused HYBE Labels of distorting public opinion.
Read more to learn further details.
Min Hee Jin Retaliates To HYBE's Claims Of Devised Termination of NewJeans' Exclusive Contracts
On May 2, Korean news outlets reported that Min Hee Jin, CEO of ADOR, had called for NewJeans' early contract termination in January 2024.
It was disclosed that the request went through unconventional procedures, as the ADOR CEO reportedly took matters into her own hands instead of a meeting between directors.
Industry insiders claimed that Min Hee Jin had submitted HYBE an edited version of a contract involving shareholders in February. Afterwards, HYBE suspected that Min Hee Jin was planning a coup on the company and take over its management rights.
However, ADOR then revealed that Min Hee Jin filed the request to launch a new label.
"Earlier on January 25, 2024, CEO Min Hee Jin attended a face-to-face meeting with HYBE CEO Park Ji-won," it shared. "During the meeting, Min Hee Jin raised concerns over the exclusive rights to sign contracts, which pertains to external contractors and exclusive ones."
ADOR also countered the multi-label's claims of the early termination of NewJeans' contract. The agency stated how this gesture highlighted HYBE's "distortion" of the truth and public opinion by engaging in media play.
"This shows once again that HYBE is distorting and splicing the truth to alter public opinion," ADOR commented. "If HYBE plans to continue to make the negotiations about the shareholder contracts public, we firmly believe that it's best to resume the discussions with us."
Min Hee Jin Declines HYBE's Call For Board of Directors Meeting
In other news, Korean media reported that Min Hee Jin had refused HYBE's call for a meeting between the company's board of directors.
Outlets stated that the ADOR CEO had declined for two reasons. Min Hee Jin shared that the first reason was because HYBE's request to replace ADOR's CEO and board of directors was illegal and outside the multi-label's legal boundaries.
"We have decided not to convene a meeting with the board since the rights to a convention of audited board of directors are limited within an audit's scope," Min Hee Jin shared. "Their request to call for this kind of meeting was illegal."
Sources also state that in the case of cancellation, HYBE had filed a request from the court on April 25, which will initiate an emergency meeting between shareholders. The multi-label also released a brief statement regarding Min Hee Jin's refusal.
"Under the articles of association, the auditor has the authority to audit the performances of directors and the right to convene a meeting with the board," HYBE commented. "Therefore, the company cannot understand why Min Hee Jin refused to comply."
Moreover, on April 25, HYBE released an official statement disclosing an interim report about its audit on ADOR. The company also shared its plans to formally accuse Min Hee Jin, alongside suspected accomplices, of breach of trust.
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