Min Hee-jin, the former CEO of Adore, who is currently involved in a lawsuit regarding the termination of a shareholder agreement with HYBE and the legality of exercising a put option worth 26 billion won, has appeared as a witness.
On the 11th, the 31st Civil Division of the Seoul Central District Court (Chief Judge Nam In-soo) held a hearing on the confirmation of the contract termination between Min and HYBE, as well as the lawsuit for the claim of the put option payment. During this public trial, the lawsuit regarding the claim for the stock sale payment related to the exercise of the put option filed by Min against HYBE was also heard concurrently.
It is reported that Min submitted a request for personal examination to the court on the 28th of last month. In response, the court required Min to appear in court for personal examination on the 1st.
In contrast to Min, HYBE had Jeong Jin-soo, the Chief Legal Officer (CLO), testify on that day.
Earlier, during the third hearing in June, HYBE claimed the termination of the shareholder agreement, stating, "The plaintiff's purpose is the growth and development of Adore. Min Hee-jin has made it difficult to achieve that purpose," and expressed concerns that "Min Hee-jin has coerced the parents of the members and made them take a stance through detailed instructions." They emphasized that Min Hee-jin planned and executed the 'taking away of NewJeans,' which constitutes a breach of contract.
HYBE's position is that the exercise of Min's put option is also ineffective due to the termination of the shareholder agreement.
On the other hand, Min argues that she has the right to claim payment because she exercised the put option while the contract was still valid. Min Hee-jin's side claims, "For the 'taking away of NewJeans' to be established, the members must declare the termination. The point at which the termination of the shareholder agreement was questioned is July 8. The members declared the termination of their exclusive contracts in November. The timing does not match," they argued. In response, HYBE countered, "The reason for termination is not that we took away NewJeans, but that we planned and attempted to do so."
In addition to Min, Shin, the former vice president of Adore, and Kim, a former director, are also reported to have notified HYBE of the exercise of the put option.
Since April of last year, Min has been engaged in a legal battle with HYBE, maintaining a sharp stance. At that time, HYBE initiated an audit against the Adore management led by Min, citing reasons such as the usurpation of management rights and breach of trust. Min rebutted that the core of the conflict is the alleged plagiarism of the NewJeans concept by a group under HYBE's label.
[Ji Seung-hoon, Star Today Reporter]
