The former CEO of Ador Min Hee Jin has resumed public activity, this time aiming directly to Hybe and President Bang Si Hyuk. After remaining silent in the wake of the controversy on Newjeans, Min returned with a cause and a public campaign, raising concerns about the accregence of uncertainty in the management of Hybe.
On 11 September, Min appeared in person at the SEoul Central District Court for the current trial regarding his cause against Hybe on the termination of the contract and the exercise of a put option. In a rare move, he faced Hybe’s Chief Legal Officer, Jung Jin Soo, under cross -examination. The key issues debated in court included the so -called “slave contract” clause that limited external activities, the accusations of the “album that pushing” of Hybe and say that YOU it was a “copy” of Newjeans.
If the Court govern in its favor, Min could exercise the Put option and receive compensation equivalent to 13 times the average operating profit of Ador from the previous two years, multiplied by its shareholding of 75%, an estimate of 26 billion KRW (about $ 19 million USD). Hybe, however, claims that his actions have already invalidated the agreement for the shareholders supported by the Put option.
The reappearance of Min was coupled with a revealing interview, in which she said that in January 2019, Bang Si Hyuk told her that there were no hypothesis for highly successful music (the predecessor of Hybe) and offered a lotum cash incentives instead of actions. This contradicts Hybe’s official narration and intensifies control, in particular because Bang is already under investigation for alleged fraudulent practices relating to the IPO. According to reports, on September 15 he underwent a 14 -hour interrogation of the investigative unit on the financial crimes of the Seoul Metropolitan Police Agency.
Although min previously criticized Bang during the worshipNewjeans Contractual controversy, this marks the first time that it has publicly connected to the alleged misconduct linked to the list of Hybe. His observations have expanded the conflict from a contractual dispute in a wider debate on the corporate government and the credibility of the leadership.
The potential repercussions are significant: the declarations contested on the IPO plans could have a direct impact on the trust of investors and the trust of the public in Hybe’s transparency. As a result, the company is now juggling both the legal defense and the management of the reputation.
Recently, Hybe has taken on the former manager of the KB KOokmin Bank Kim Jin Young as Chief Public Relations Officer to strengthen the response to crises. However, with the targeted accusations of Min that make news, analysts say that the question can no longer be rejected as a personal feud. Instead, underlines an in -depth analysis of the “risk of the owner” linked to Bang Si Hyuk, intensifying the pressure on Hybe’s leadership.
Sources: Nate
