With Min’s resignation from her position as ADOR’s in-house director on November 20, all professional ties between her and Bang were severed, leading to the termination of their financial relationships as well.
According to sources on November 21, the outstanding personal debt between Bang and Min amounted to approximately ₩3.94 billion as of the end of November. In March 2023, Bang personally loaned ₩3.7 billion to Min to facilitate his purchase of an 18% stake in ADOR. Contrary to reports that Min purchased the shares for ₩1.1 billion, he acquired 573,160 shares (18%) for ₩3.7 billion. While the nominal value of the shares was ₩2.8658 billion, the actual purchase price, considering the company’s valuation, was estimated at ₩6,700 per share.
This financial support was independent of HYBE’s shareholders’ agreement and was granted as a personal gesture by Bang. It is very unusual for a business owner to personally lend money while hiring an outsider. Such loans typically require a written loan agreement, with a minimum interest rate of 4.6%, the legal standard. The initial loan of ₩3.7 billion in March 2023 grew to ₩3.94 billion at the end of November due to accrued interest.
The loan agreement is separate from the ongoing legal dispute over the validity of the shareholders’ agreement between HYBE and Min. Regardless of the outcome of the lawsuit, the loan remains valid. Previously, Min announced his intention to exercise a put option worth approximately ₩25.8 billion. However, the recognition of this option is conditional on the validity of the shareholders’ agreement. If the put option is honored, he will have no problem repaying the loan. Conversely, complications could arise if the shareholders’ agreement is deemed void. In such a scenario, if Min is found guilty of breach of trust in the relevant criminal case, HYBE could acquire her 18% stake at nominal value of ₩2.8658 billion. Based on the debt amount at the end of November, Min would need to add about ₩1.07 billion to fully repay Bang.
The key question is when Bang will request reimbursement. Once their professional relationship ends, it is natural for Bang to exercise his legal rights over the personal loan. If Min fails to comply with the repayment request, Bang may take measures such as provisional seizure or a loan repayment lawsuit. Sources indicate that Bang is internally evaluating legal initiatives for reimbursement, suggesting it is a matter of timing. However, a HYBE representative said: “Since this is a private transaction, we cannot comment.“
Source: Daum
