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ADOR's CEO Min Hee Jin requested rights to terminate NewJeans' contract: HYBE accuses label; Report
ADOR's CEO Min Hee Jin reportedly requested the exclusive right to terminate NewJeans' contract. The reports suggest that this request was made earlier this February.
ADOR's CEO Min Hee Jin had requested the authority to terminate the exclusive contract of NewJeans, according to recent reports. The demand was made after HYBE and Min Hee Jin's feud over the evaluation which was '30 times the number of putback options' and 'the timing of Min's 5% putback options.' Here are the details.
ADOR's CEO Min Hee Jin reportedly demanded authority to terminate the contract of NewJeans with HYBE
According to recent reports, ADOR's CEO Min Hee Jin had requested the rights to end NewJeans' contract with HYBE in February. Min Hee Jin's law firm sent a revised contract between shareholders to HYBE in February this year. If the right were revised, NewJeans would be able to terminate the exclusive contract only with Min Hee Jin's will and without the involvement of the board of directors or HYBE. Reports suggest that HYBE declined this demand. Currently, the board of directors includes three people including Min Hee Jin. However, under the current structure, HYBE owns 80% of ADOR and can even call a meeting to replace the board members of ADOR when such a move is detected.
Min Hee Jin responds to reports
Min Hee Jin stated that it was a request to resolve unreasonable interference. Hive is distorting and weaving the truth and is fighting for public opinion. Her representatives commented that it was on February 16 that the revised contract between shareholders was delivered to HYBE and the claims of takeover of management rights, were made on April 4 hence, it is not the right time and it is not related to the current accusations put by HYBE. On April 25, during the press conference, Min Hee Jin stressed that she never planned or implemented a takeover.
The feud between HYBE and ADOR also continues with new revelations being made each day. HYBE had accused ADOR of planning to become independent and take over control of ADOR which is currently under HYBE. They also accused ADOR of leaking personal information.
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