Jeong Gyu Parkpresident of DAVOLINKrecently held an interview with Tenasia to discuss meeting with ex I LOVE IT CEO Min Hee Jin last year.
This is the first time the president has met the press to explain the investment discussions he had with Min Hee Jin.
The press met with President Park in Seoul on January 7 and revealed that stock prices have plummeted since Min Hee Jin denied meeting him.
According to the president, he received Min’s investment offer in August last year, with Mr. B, the uncle of NewJeans member A, acting as the mediator.
“One Sunday in late August I received a phone call from Mr. B while I was playing golf. He said I was supposed to meet him today and that he would wait for me in front of the house. Listening to him, he asked me to invest ₩5.00 billion KRW (about $3.43 million USD) in Min. This offer was so sudden, so I said I couldn’t do it because it was a big risk and I couldn’t decide right away.
I met him the next day and made him a counter-proposal. I suggested adopting DAVOLINK instead, as I thought we could secure sufficient investment funds using the capital market. I made this decision so I could make a profit too. Mr. B then called Min and put her on speaker. But as soon as he answered he asked: “Did everything go well?” This meant that he was aware of the proposed investment of ₩5.00 billion KRW (approximately $3.43 million USD).
—Jeong Gyu Park
The president and Min Hee Jin met in person on September 30. They met at the president’s house to discuss investment issues and how to transfer DAVOLINK.
President Park also revealed that he has discussed plans to exit NewJeans from ADOR.
He explained that Min asked: “Do you think I could take NewJeans out of there?” Because of this, Park felt that they should first throw the group away to eliminate them. He explained, “I told her that if she left ADOR, the value of the company would collapse and that only then could she eliminate NewJeans.”
He also shared that during the three-hour conversation with Min, over 70% of the discussion was about Min Hee Jin herself. Most of the conversation was about his conflict with MOVES AND Bang Si Hyuk.
When I heard her call President Bang a “fucking pig” in front of someone she had just met, I thought, “This person is not.” He had no manners. Although I explained my plan, I felt it wouldn’t work.
—Jeong Gyu Park
Ultimately, the investment deal did not go as planned. The biggest problem came next. He was frustrated with Min Hee Jin’s claim that he had done so “never met the investors”. It appears that the stock price dropped after the meeting between the two became known to the investment industry. There were also predictions that Park’s proposed method was not an easy way to receive investments, which might have made it difficult for Min to accept it easily.
Tenasia first interviewed President Park late last year. After the interview, we asked Min Hee Jin for confirmation.
We want to clarify that President Park Jeong Gyu’s statements about Min Hee Jin are false. Min never discussed investment plans with Park and never proposed an investment.
— Min Hee Jin officials
That said, Tenasia met with President Park again for a further interview to give the right to object as both sides were making different claims.
However, one part of Min’s position that doesn’t seem to make sense is that she denies even having ever met President Park. Many suggest this may be due to legal liability.
This is because Min’s meeting with outside investors while he was an inside director could be seen as a breach of trust. Even the discussion about the elimination of members could support the suspicion of tampering.
Meanwhile, HYBE filed a complaint against former ADOR CEO Min Hee Jin for breach of trust last year, and the investigation is still ongoing.
Dispatch exposes Min Hee Jin’s alleged lies with damning photos
