More allegations against former ADOR CEO Min Hee Jin of attempted poaching have come to light from a company executive who says he attempted to set up a venture to acquire NewJeans.
Park Jung Kyu, president of network terminal equipment maker Davolink, said Min had contacted him to discuss investment opportunities to form a new entertainment company at a meeting last September.
“I was shocked to hear that he said he had never met any investors or discussed investments. Min Hee-jin is lying,” Park said in an interview with TenAsia.
“We talked for three hours about investments and strategies to protect NewJeans.”
Min Hee Jin, former CEO of HYBE’s subsidiary label ADOR, was accused by the entertainment mogul of trying to take control of the company in April and subsequently “tampering” with NewJeans.
HYBE said Min brought in a third-party investor, which led to his removal as CEO of ADOR at the end of August.
Park said he was introduced to Min by an acquaintance, reportedly one of the uncles of a NewJeans member, with Min proposing a 5 million won (about $3.43 million) investment in NewJeans in August , which the executive rejected, citing potential risks.
Instead, Park suggested Min take over management rights to Davolink in partnership with the NewJeans member’s relative, who would acquire the tech company under his name.
Park says the deal would allow him to profit from selling his shares while minimizing risk.
“The next day I proposed instead to structure a deal to acquire my company, Davolink. It was a business decision to secure my profit,” he told TenAsia.
Min publicly denied the claims in November, maintaining that he had not met with outside parties and had no intention of tampering with NewJeans.
“I’m sure Min knew what was being discussed,” Park said. “I also heard her on the phone, asking me if the discussion had gone well.”
If these allegations prove true, they could constitute a breach of duty during Min’s tenure at ADOR, including a violation of corporate law.
Park accused Min of damaging his reputation and said that after Min denied ever meeting him, he was labeled a liar and suffered financial repercussions, including a drop in Davolink’s share price.
HYBE, who filed a complaint against Min for breach of duty in April last year, also accused her of “tampering” or poaching, NewJeans prior to the conclusion of their contractual agreements with their current agencies through a chat of group on a mobile messaging app.
“The purpose of the meeting was to discuss how to transfer ownership of Davolink and secure the necessary financing,” Park said.
Park added that Min directly discussed plans to bring NewJeans with him as he transitioned to the new company. The executive also said that Min expressed dissatisfaction with HYBE president Bang Si Hyuk, referring to him as “the fat moron.”
Park says the talks ultimately collapsed due to disagreements between the two over the investment structure.
