Former ADOR CEO Min Hee Jin has resumed public activity, this time directly aiming at HYBE and its chairman Bang Si Hyuk. After remaining silent in the wake of the NewJeans controversy, Min has returned with both a lawsuit and a public campaign, raising concerns about heightened uncertainty in HYBE’s management.
On September 11, Min appeared in person at the Seoul Central District Court for the ongoing trial regarding her lawsuit against HYBE over contract termination and the exercise of a put option. In a rare move, she confronted HYBE’s Chief Legal Officer, Jung Jin Soo, in cross-examination. Key issues debated in court included the so-called “slave contract” clause restricting outside activities, allegations of HYBE’s “album pushing” practices, and claims that ILLIT was a “copy” of NewJeans.
If the court rules in her favor, Min could exercise the put option and receive compensation equivalent to 13 times ADOR’s average operating profit from the two years prior, multiplied by her 75% equity stake—an estimated 26 billion KRW (approx. $19M USD). HYBE, however, argues that her actions already invalidated the shareholder agreement that underpins the put option.
Min’s reappearance was paired with a revealing interview, where she alleged that in January 2019, Bang Si Hyuk told her there were no IPO plans for Big Hit Music (HYBE’s predecessor) and offered one-time cash incentives instead of shares. This contradicts HYBE’s official narrative and intensifies scrutiny, especially as Bang is already under investigation for alleged fraudulent practices related to the IPO. On September 15, he reportedly endured a 14-hour interrogation by the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit.
Although Min previously criticized Bang during the ADOR-NewJeans contract dispute, this marks the first time she has publicly linked him to alleged misconduct tied to HYBE’s listing. Her remarks have widened the conflict from a contract dispute into a broader debate over corporate governance and leadership credibility.
The potential fallout is significant: contested statements about IPO plans could directly impact investor trust and public confidence in HYBE’s transparency. As a result, the company is now juggling both legal defense and reputation management.
Recently, HYBE hired former KB Kookmin Bank executive Kim Jin Young as Chief Public Relations Officer to strengthen crisis response. However, with Min’s targeted accusations making headlines, analysts say the matter can no longer be dismissed as a personal feud. Instead, it underscores a deepening “owner risk” tied to Bang Si Hyuk, intensifying the pressure on HYBE’s leadership.
Sources: nate
You must be logged in to post a comment.