According to a News1 report on February 25, HYBE submitted ₩29.25 billion as a security deposit for the litigation to the Seoul Central District Court. The move aims to block the provisional enforcement of the first-instance ruling that ordered the company to pay Min Hee Jin around ₩25.6 billion in proceeds from the sale of shares.
Early on February 12, the Seoul Central District Court’s Civil Settlements Division 31, presided over by Chief Judge Nam In Soo, dismissed HYBE’s lawsuit seeking confirmation of the termination of its shareholder agreement with Min Hee Jin and another party. The court ruled that HYBE must pay Min approximately ₩25.6 billion under the put option clause.
In response, HYBE filed an appeal on February 19, together with a request to suspend the enforcement of the payment. The court granted HYBE’s request, which means that the execution of the put option payment will be suspended until the appeal court delivers its ruling.
The conflict between Min Hee Jin and HYBE intensified in April 2024 amid allegations of a takeover attempt and controversies over alleged discrimination against certain groups under the label. In August 2024, HYBE disclosed this in its semi-annual report had terminated the shareholders’ agreement with the Min. Subsequently, in November 2024, Min notified HYBE would exercise his put option for his ADOR shares and file a lawsuit.
Meanwhile, on the same day that HYBE’s court filing was reported, Min Hee Jin held a press conference proposing that she would waive the ₩25.6 billion put option payment if HYBE agreed to drop all ongoing civil and criminal cases and put an end to the broader litigation.
(Note: No show or movie names were identified in the text provided to be bolded.)
Sources: Daum
Related articles
