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HYBE says Min Hee Jin planned to pressure them into abandoning ADOR with outside investors' help at first trial
HYBE revealed at the first trial that ADOR CEO Min Hee Jin planned to pressure them into dropping ADOR with the help of external investors. Read on!
The HYBE and ADOR feud has entered a new arena of the battle of power and management rights as both companies had their first trial. In the latest shocking developments, HYBE claimed with message chats as proof that CEO Min Hee Jin was indeed planning to pressure them into dropping ADOR.
CEO Min Hee Jin planned to pressure HYBE into renouncing ADOR
On May 17, 2024, HYBE said that ADOR CEO Min Hee Jin had met outside investors namely Naver and Dunamu to help her take ADOR’s management rights from the parent company. It has been confirmed that CEO Min Hee Jin contacted external investors which has now added weight to HYBE’s initial claim of her planning a coup.
According to legal sources, it has been confirmed that the ADOR CEO had meetings with unnamed Dunami and Naver officials and proposed to take over ADOR. It has been claimed that she made an illicit remark saying ‘Pressure HYBE to abandon ADOR’.
It should be noted that Dunamu is one of the biggest shareholders of HYBE Corporation with the right to elect directors. It is understood that the two companies did not favor CEO Min Hee Jin and her plans and thought they were tainted so they reported all conversations to HYBE.
During the audit done on April 22, HYBE found that CEO Min Hee Jin illegally downloaded and got access to their trade secrets including sensitive details like income by region and artist details.
HYBE also got chat conversations on KakaoTalk where CEO Min Hee Jin contacted Dunamu and Naver with her plans. Her conversations reveal her saying that Dunamu still does not understand her intentions however, Naver does.
Further damning evidence in the form of conversations has been revealed by HYBE where CEO Min Hee Jin planned to get cash inflow through various ways and buy ADOR’s shares through external investors.
More about HYBE vs CEO Min Hee Jin's trial
On May 17, 2024, the trial filed by CEO Min Hee Jin for stopping HYBE from exercising its right to remove her has begun. She wants to stop HYBE from using its voting rights to dismiss her before the shareholders' meeting at the end of the month. If the court gives a decision in her favor, HYBE will be prevented from removing Min Hee Jin as CEO of ADOR.
ALSO READ: HYBE vs ADOR CEO Min Hee Jin: 10 shocking revelations from ongoing feud between K-pop giants
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