K-Pop

HYBE Countered Min Hee-jin’s 5 Big Accusations: Who Is The Real Victim?

The conflict between HYBE and ADOR’s CEO Min Hee-jin has been going on for more than two weeks since the end of last month

The dispute between HYBE and ADOR’s CEO Min Hee-jin began on April 22. HYBE said it launched an internal audit at the time, saying it found circumstantial evidence that the management personnels of ADOR, including Min, attempted to secede from HYBE and take over management rights. Since then, the two sides have refuted each other’s claims through multiple official positions, and Min surprised the world by holding a sudden press conference.

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CEO Min claimed:
▲”I raised the issue of HYBE and Belift Lab copied NewJeans to make ILLIT but didn’t receive any reply.”
▲ “HYBE used to promise to debut NewJeans as its first girl group, but it didn’t keep it.”
▲”HYBE mistreated NewJeans
▲”It’s not true I attempted to take over the management control. All this is HYBE’s plan to kick me out.”
▲”HYBE is trying to keep me like a slave with a shareholder contract.”

However, it turned out that most of them were not true, as HYBE claimed. First of all, HYBE refuted Min’s claim that she “did not receive a reply” by saying, “We already gave a 6-page A4 answer and Min received it.” Regarding the claim “HYBE did not keep its promise to debut NewJeans as its first girl group,” HYBE said, “At the time, she wanted to debut the team under her separate label. In response, the company respected Min’s opinion and transferred the members to ADOR despite opposition from Source Music.” It even handed over 16 billion won in consolation. HYBE also explained that the delay in NewJeans’ debut was inevitably caused by the company’s division and transfer of contracts.

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Regarding the claim that NewJeans was treated differently, it said, “As the debut schedule of NewJeans was pushed back due to the R&R debate between Source Music and Min, LE SSERAFIM, which Source Music prepared, debuted first. The two teams decided to set a promotional period for at least a certain separate period of time to avoid being not enough time to promote each group due to close debut times. In addition, the HYBE Communication department has been making all-out efforts to promote NewJeans as it wrote 273 press releases only for NewJeans last year.”

Meanwhile, here are the suspicions that arose around CEO Min: ▲ the aforementioned suspicion of attempting to take over management rights, ▲ allegation of contact with outside investors, ▲ allegation of meeting a shaman, ▲ request for termination of NewJeans’ contract and increase of put options.

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First of all, regarding the suspicion of her attempting to take over management rights, CEO Min acknowledged the existence of the document, but insisted that the document was a joke between him and the deputy CEO A, saying, “This is a document that originated from the ‘imagination’ amid my ongoing conflict with HYBE. I have never planned or implemented any specific plans.” However, according to the conversation secured by HYBE, CEO Min and A had already been working on a scenario to secure management rights for several months, and it turned out that they had contacted outside investors. Currently, CEO Min claims that the investor is his acquaintance.

HYBE also raised questions about the Min contact a shaman. According to the released dialogue, Min discussed with the shaman the issue of the BTS members’ military service, plans to establish a new label, management activities and personnel affairs. Min only replied, “He is an acquaintance. Can’t I have a shaman as an acquaintance?”

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It turned out that HYBE asked Min to raise the put option. Initially, Min was promised a put option equivalent to 13 times the operating profit, but she wasn’t satisfied and asked HYBE to increase it to 30 times. The value amounts to around 200-300 billion won. After the controversy erupted, Min explained, “The demand reflects the production value of a boy group.” This explanation failed to persuade the public because it is nonsense to already set the value of a boy group which has not even debuted yet. In addition, HYBE raised criticism by saying that Min demanded the termination of NewJeans’ contract, which was produced with the investment of tens of millions of dollars.

In the process, the truth of Min’s alleged slavery was revealed. Min previously said, “HYBE is trying to tie him up like a slave,” but it turned out to be wrong. According to HYBE, Min will be able to sell her shares starting in November this year, and the ban on competition will be lifted at the same time. It said she was holding 100 billion won in her arms even if she remained still. Regarding the remaining stake in controversy, HYBE said, “If there was a difference in interpretation and the interpretation is ambiguous, we will revise the ambiguous clause so that it does not become a problem.”

Source: daum

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TV Daily
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