Seems like the whole HYBE and ADOR’s CEO Min Hee Jin’s situation might not be wrapping up soon.
With everything going public and ADOR pointing fingers at ILLIT for supposedly copying NewJeans to be the main cause of conflict, there’s been a recent twist in the situation.
In an interview with Sports Chosun, Min Hee Jin refuted rumors of takeover attempt and stealing information about management rights, saying, “I have never tried to seize management of ADOR as claimed by HYBE.”
Furthermore, she revealed never meeting any investor to seize management of the company.
Currently, HYBE holds 80% of ADOR, with CEO Min having 18%. Last year, Min Hee Jin used a call option to purchase an 18% stake in the label, making her the second largest shareholder after HYBE.
HYBE suspects that CEO Min and Vice-CEO Mr. L leaked confidential contracts, discussed ways to persuade HYBE to sell ADOR stocks, and made personnel requests. The circumstances of their ADOR management takeover have been verified, and an audit commenced on April 22.
Min Hee Jin shared, “It’s impossible for me to take control of ADOR in the first place, given that 80% of the stocks belong to HYBE.” She further added that there’s no ground to make such claims, saying, “It’s hard for me to even understand HYBE’s claim that I would be able to do the impossible.”
She mentioned that she was unexpectedly informed about dismissal procedures when she brought up concerns about matters relating to ILLIT copying NewJeans’ concept.
This conflict between HYBE and ADOR can potentially affect NewJeans, who’re gearing up for a comeback and Japan debut. Regarding that, Hee Jin shared, “I am surprised that HYBR did something like this at a very important time for the NewJeans,” and added, “This happened 4 days after I raised the objection and while I was waiting for HYBE’s response.”
She further criticized HYBE, saying, “HYBE doesn’t seem to have any consideration for the condition or schedule of its artists.”
Lastly, since NewJeans’ comeback is approaching, she was worried about sharing any information that could disrupt the content she and the group had put a lot of effort into creating. On the other hand, she chose not to remain silent, as she was uncertain about the potential attacks and suspicions that could arise.