Former ADOR CEO Min Hee Jin appeared in court on September 11 for the first time since her fallout with HYBE and the widely publicized NewJeans contract dispute. The case centers on a stock-related lawsuit worth an estimated 26 billion won, alongside HYBE’s counterclaims over a terminated shareholder agreement.
Min Hee Jin-HYBE Stock Lawsuit and Put Option Dispute
The Seoul Central District Court’s 31st Civil Agreement Division held hearings for both lawsuits: Min Hee Jin’s claim for stock purchase proceeds through the exercise of a put option, and HYBE’s suit to confirm the termination of their shareholder contract.
The case revolves around Min’s right to exercise a put option—a contract that allows a shareholder to sell their shares back to the company at a set price. In November 2024, she notified HYBE that she intended to exercise this option. Under the agreement, she was entitled to receive an amount based on 13 times ADOR’s average operating profit from the previous two years, multiplied by her 75% stake.
With ADOR posting an operating loss in 2022 and an operating profit of 33.5 billion won in 2023, Min calculated that her payout should be about 26 billion won. She currently holds 573,160 shares, or about 18% of ADOR.
HYBE, however, insists that Min’s rights expired. The company argues the shareholder agreement was already terminated in July 2023, making her claim invalid.
Witness Testimony From HYBE’s CLO
During the hearing, HYBE’s Chief Legal Officer Jung Jin Soo testified as a witness. He claimed Min Hee Jin had secretly met with investors in Japan late last year and early this year to seek financial backing.
According to Jung, an informant reported that a Japanese investor visited Korea in January, and arrangements were even made to hold meetings at a venture capital firm that had advised Min on shareholder agreements.
Jung added that Min presented investors with a translated legal opinion predicting NewJeans would “100% win” their contract case. Here is the complete statement from CLO Jung Jin Soo
There was also a separate tip-off. At the end of last year and the beginning of this year, there was a person who reported that the defendant Min Hee Jin met people to receive investment from an investor in Japan.
Since they asked not to disclose their identity, it is difficult to say, but they conveyed specific circumstances, such as the Japanese investor coming to Korea in January this year and arranging the meeting in the conference room of a well-known venture capital firm, which advised (former CEO Min) regarding the shareholder agreement.
Jin Soo was then asked whether he had heard of any specific investment related to NewJeans involving the Japanese investor. He added,
At that time, there was an application for a provisional injunction regarding NewJeans’ exclusive contract. They even showed the investor materials that included a legal opinion from Law Firm Sejong, which said that NewJeans would win 100%, translated into Japanese.
Min Hee Jin Courtroom Appearance
Min Hee Jin arrived at court in a taxi, smiling as she briefly greeted familiar reporters but chose not to answer questions before entering the courtroom. This marked her first in-person appearance since tensions with HYBE escalated in 2024.
She had stepped down as an inside director of ADOR last November before filing her put option lawsuit against HYBE. The case will determine whether she is entitled to the 26 billion won payout or whether her rights expired when HYBE ended the shareholder agreement.
Connection to NewJeans’ Contract Battle
The stock lawsuit ran parallel to another high-profile dispute heard the same day. In a separate courtroom, the Seoul Central District Court’s 41st Civil Agreement Division held the second mediation session between ADOR and NewJeans over the validity of the group’s exclusive contracts.
NewJeans had declared their contract terminated in late 2024, citing ADOR’s breach of duty and loss of trust after Min Hee Jin and most employees left the company. ADOR countered by filing a suit to confirm that the contracts remain valid. The mediation once again failed, and the court is set to issue its decision on October 30.
