More allegations against former ADOR CEO Min Hee Jin of attempted poaching have come to light by a company executive who claims she attempted to form a business to acquire NewJeans.
Park Jung Kyu, chairman of networking terminal equipment manufacturer Davolink, claimed Min had approached him to discuss investment opportunities to form a new entertainment company in a meeting last September.
"I was shocked to hear that she claimed never to have met any investors or discussed investments. Min Hee-jin is lying," Park said in an interview with TenAsia.
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"We talked for three hours about investment and strategies to secure NewJeans."
Min Hee Jin, ex-CEO of HYBE's subsidiary label ADOR, was accused by the entertainment mogul of attempting to take control of the company in April, and later, of "tampering" with NewJeans.
HYBE claimed Min involved a third-party investor, which led to her removal as ADOR's CEO in late August.
Park claimed that he'd been introduced to Min by an acquaintance, reportedly one of the uncles of a NewJeans member, with Min proposing a 5 million won (around $3.43 million) investment in NewJeans in August, which the executive declined, citing potential risks.
Instead, Park suggested Min take over management rights at Davolink in collaboration with the NewJeans member's relative, who would acquire the tech company under his name.
Park claims that the arrangement would allow him to profit from selling his shares while minimizing his risks.
"The next day, I proposed structuring a deal to acquire my company, Davolink, instead. It was a business decision to ensure my own profit," he said to TenAsia.
Min publicly denied the claims in November, claiming that she had not met with external parties and had no intentions of tampering with NewJeans.
"I'm sure Min knew what was being discussed," Park said. "I even heard her on the phone, asking if the discussion went well."
Should these accusations be proven true, they could constitute a breach of duty during Min's tenure at ADOR, including a violation of corporate law.
Park accused Min of harming his reputation and said that after Min denied ever meeting him, he was labeled a liar and suffered financial repercussions, including a decline in Davolink's stock price.
HYBE, which filed a complaint against Min for breach of duty in April last year, has also accused her of "tampering," or poaching, NewJeans before the conclusion of their contractual agreements with their current agencies through a group chat on a mobile messaging app.
"The purpose of the meeting was to discuss how to transfer ownership of Davolink and secure the necessary funding," Park said.
Park added that Min directly discussed plans to take NewJeans with her as she pivoted to the new company. The executive also alleged that Min expressed dissatisfaction with HYBE's Chairman Bang Si Hyuk, referring to him as "the fat moron."
Park claims the talks ultimately failed due to disagreements between the two over the investment structure.
