In a hearing, HYBE accused Min Hee Jin of ordering the downfall of the multi-label while BTS was currently serving the military.
In a recent hearing on the provisional injunction banning voting rights held at the Seoul Central District Court, HYBE (led by Bang Si Hyuk, CEO Park Jiwon) & ADOR (led by CEO Min Hee Jin) presented various evidence to support their claims through 60 pages of defense materials each.
The reason the two sides are continuing their close battle before disclosure is because the issue is "whether the contract between shareholders has the effect of restricting voting rights (contract)."
The shareholder agreement between HYBE and CEO Min Hee Jin states, “You must take steps to exercise your voting rights for your shares at ADOR's general shareholders’ meeting so that you can maintain your position as CEO and in-house director of ADOR for a period of five years from the date of establishment.”
As a result, both sides are scrambling to release KakaoTalk conversations and internal e-mails and present important cards that can move the direction of public opinion.
Just then, HYBE dropped a huge claim against ADOR Min Hee Jin supported by a transcript stating that the female CEO has a plan called, "HYBE Collapse Scenario" they tend to complete before the return of its "Super IP" BTS, whose members are currently serving in the military.
First, the multi-label said that they received a transcript of CEO Min and Vice President's L plan to take over the management rights of ADOR which happened on February 4. In the process, they mentioned their plan to destroy HYBE while they were at their "weakest point."
"HYBE and Bang Si Hyuk will end."
the parent company furthered that ADOR's CEO tried to contact the accountant in charge of BTS to lose HYBE's trust and let go of ADOR.
HYBE claimed:
"CEO Min tried to contact the accountant in charge of BTS, who she had no reason to meet with. (ADOR) planned to lose HYBE's trust and then let ADOR get out."
HYBE viewed this conversation between the two as "a plan to destroy the multi-label system, which is HYBE's main business strategy.
In a conversation with Vice President L and Vice President S and Min on April 20, HYBE also accused Min of using the media to expose their album marketing activities as "pushback" as part of their strategy to lose HYBE's trust.
HYBE added that the representatives admitted that the issue was not raised to resolve it, but the goal is to raise external issues which will lead the mother label to compromise with Min to prevent it from being a major negative news.
HYBE believes that CEO Min’s simulated situation is “a serious violation of the contract between shareholders as the representative of a subsidiary” and that "the purpose is to put pressure on to determine whether it is true or not to realize her plan to pursue his own private interests."
READ MORE: What Is 'Project 1945'? HYBE Discovers Document From ADOR's Files
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Written by Eunice Dela Cruz
