The legal dispute between former ADOR CEO Min Hee Jin and HYBE took a new twist as HYBE’s Chief Legal Officer (CLO) alleged she held undisclosed meetings with Japanese investors.

On September 11, the Seoul Central District Court (Civil Agreement Division 31, presiding judge Nam In-su) held a hearing for Min Hee Jin and two others, who filed a lawsuit against HYBE over a put option settlement regarding ADOR shares.

Min appeared at the courthouse in a checkered jacket and jeans, smiling as she entered the courtroom.

Min Hee Jin HYBE lawsuit Japanese investorsperson' 'portrait' 'blazer' 'wallet' 'phone.

Testifying as a witness, HYBE CLO Jung Jin Soo stated:

“At the end of last year and early this year, we received tips that Min Hee Jin was meeting Japanese investors to seek funding. In January, a Japanese investor even visited Korea to meet her at the new headquarters of a major investment firm, which had advised her on the shareholder agreement.”

Jung emphasized that such actions raised concerns:

“If it were any other label, they would report back after meeting investors. But if you look at the KakaoTalk messages between Min and ADOR’s former vice-CEO, they deliberately hid the meetings from HYBE. That’s why the intent appears different.”

In response, Min’s legal representative argued:

“For a company’s CEO or vice-CEO, meeting with investors is a routine part of business. No company treats that as a problem.”

However, Jung countered:

“For the CEO of a non-listed subsidiary to meet investors secretly without the majority shareholder’s knowledge—yes, that is unusual.”

Min Hee Jin HYBE lawsuit Japanese investorspeople' 'smiling' 'blazer' 'phone' 'bag.

The core of the lawsuit lies in Min’s put option rights. Under the shareholder agreement, Min could exercise the option to sell her shares at a price calculated as 13 times ADOR’s average operating profit from 2022–2023, multiplied by 75% of her 18% stake.

  • In 2022, ADOR posted a ₩4 billion operating loss.
  • In 2023, thanks to NewJeans, it recorded ₩33.5 billion in profit.
  • Min holds 573,160 shares (18%), and exercising the put option could entitle her to an estimated ₩26 billion (≈ $19M).

HYBE argues the put option was void because the shareholder agreement was terminated in July 2024, four months before Min attempted to exercise it. Min maintains the agreement was still valid, giving her the right to claim payment.

The court will continue deliberations as the case unfolds.

Sources: Daum