HYBE Confronts Min Hee Jin Over Misleading Investors

HYBE has refuted the claims made by ADOR’s CEO, Min Hee Jin.

On May 16th, HYBE stated in an official response: “As CEO Min Hee Jin has revealed today, such detailed conversations with investment industry workers would not have been possible if the topic was a takeover of control.”

Referring to Min Hee Jin’s statement at a press conference on April 25th, where she said, “Bring the investor you conspired with in front of me,” HYBE stated, “You’ve deceived the entire nation as if you’ve never met the investor, but one by one, your lies are being exposed by evidence and facts. We expect everything to be clarified in court and by investigative agencies.”

HYBE urged CEO Min Hee Jin, “When making a public statement, do not use the term ‘on behalf of ADOR.’ This attempted takeover of control has nothing to do with ADOR. It was instigated by ‘Min Hee Jin’s side,’ stemming from the personal greed of the CEO, with some of the management participating.”

Previously, Min Hee Jin’s representatives explained the suspicion that an analyst involved had arranged a meeting between ADOR’s management and foreign investors, stating, “It was one of many meetings held by the analyst for domestic K-culture investment attraction involving several listed and unlisted companies.”

CEO Min Hee Jin disclosed the text message report she received from the deputy representative after the meeting, pointing out, “The deputy representative of ADOR had lunch together before the HYBE meeting, but packaging it as if it was a separate investor meeting for the sale of ADOR is a clear lie.”

Currently, there is an ongoing conflict between Min Hee Jin’s representatives and HYBE over suspicions of a “takeover of control.” HYBE has stated that it has evidence that CEO Min Hee Jin attempted a takeover, which she has refuted, raising the issue that ILLIT copied NewJeans, and stating she was subjected to an internal audit.

ADOR is planning to convene an extraordinary general meeting of shareholders on May 31st. It is expected that the dismissal of CEO Min Hee Jin and the ADOR management will be discussed at this meeting.