Min Hee-jin, the CEO of ADOR, dismissed HYBE's claim that she attempted to seize control of the company, triggering audit rights and demanding her resignation as CEO. In a telephone interview with Ilgan Sports on the 22nd, CEO Min stated, "I have never tried to seize control of ADOR's management as claimed by HYBE. How can I seize management control with my 18% stake?" she said calmly but firmly.
She said, "HYBE holds 80% of the shares, so it is impossible for me to seize management control of ADOR. Without the agreement of HYBE, which holds 80% of the shares, ADOR cannot become independent from HYBE. It is hard to understand HYBE's claim that I attempted something that is essentially impossible."
On this day, HYBE sent an audit inquiry to Min Hee-jin and other current ADOR management. The audit inquiry contained information suggesting that current ADOR management, including CEO Min Hee-jin, plotted to seize management control, as well as allegations of external consulting, personnel misconduct, and other issues. In addition to sending the audit inquiry, HYBE requested Min Hee-jin's resignation and convening of a shareholders' meeting to replace the current ADOR board.
HYBE's actions were considered sudden, given that NewJeans was set to return domestically with a double single on May 24 and that an official music release and solo fan meeting leading to a Tokyo Dome entry were planned for June. On this day, news of the conflict between HYBE and CEO Min caused HYBE's stock price to drop by 7.81%, closing at 212,500 won. This stock price drop resulted in a loss of 749.8 billion won in HYBE's market capitalization.
CEO Min Hee-jin claimed that HYBE's sudden audit inquiry and other actions were because she had reported internal issues to HYBE from about a month ago to the previous week. Besides the “NewJeans copy scandal by BELIFT LAB's I'LL-IT” mentioned in ADOR's official statement, she stated that she had raised various other issues with HYBE. However, after doing so, she was abruptly notified of the dismissal procedure.
Min Hee-jin said, "If money was the motive, I wouldn't have raised internal issues or lodged a complaint in the first place," indicating that she had been retaliated against for whistleblowing. She also said, "HYBE seems to have framed it as an attempt to acquire management control. Didn't the Fifty Fifty incident leave a precedent? I wouldn't do something foolish like that."
CEO Min said, "It’s surprising that HYBE did this during a crucial time for NewJeans," expressing her frustration. She also mentioned, "The fact that this occurred while I was awaiting HYBE's response, after raising issues and waiting for four days, is unexpected," adding, "I'm puzzled that HYBE issued a press release with a sudden audit announcement before concluding the audit process."
She continued, "I was considering whether to release a statement due to the upcoming NewJeans release and the impact on the well-crafted content. However, I was concerned that without a response, further attacks might come or new suspicions might emerge. I made minimal comments." She added, "HYBE seems to lack consideration for artists' conditions or schedules. I don't want to dilute the essence with unnecessary public opinion, so I’m carefully considering how to best approach the situation."
Lastly, Min Hee-jin shared her feelings about HYBE's actions and stated that she was anxious after the sudden attack, which differed from the problem's essence. She felt that HYBE might be trying to launch a smear campaign to distract from the real issue. However, she expressed her belief that those who know her attitude toward her work would understand the true problem.
THE COMMENTS:
- No, you're taking this person's side with this????I see a lot of people missing the point and making emotional appeals, so I wonder if there's a reason for using these emotional appeals haha.
- So, it's actually difficult to do such a reckless thing when the stake is only 18, but I think we'll have to wait and see.
- Seriously, do you really think HYBE doesn't have any evidence? ๐ They gave Min Hee-jin a chance to explain before initiating the audit, right? But Min Hee-jin hasn't said a word about the accusations HYBE raised, instead she's just complaining about I’LL-IT’s style, picking on these rookie kids who debuted barely a month ago. And you know, I don't really like HYBE, but what they fear most is their stock price dropping. ๐ If HYBE goes public with articles about Min Hee-jin, knowing it'll tank the stock price, there's no way they'd do it without solid evidence. Min Hee-jin is bringing up I’LL-IT because people are criticizing their skills, and she's trying to use NewJeans as a shield to sway public opinion by playing on emotions. When someone leans on emotional appeals, it usually means they're not standing on firm facts.
- isn’t whistleblowing a word used to inform the outside world of irregularities within a company? Who calls personal complaints within the company whistleblowing
- Since it's an internal complaint, it seems like they keep using provocative words to divert attention.
- Hahaha, Hive is just angry at people saying something about copying, so they lost 800 billion in market capitalization? Are you telling me to believe this? haha.
- Whistleblowing? That woman is the CEO of Adore. Where can she blow the whistle? Isn't this a position where you shouldn't know other label company materials or information? Does Min Hee-jin not know what whistle-blowing is? lol
- Money doesn't lie. The one who lost 8,000 in market capitalization is more trustworthy.
- If she's going to refer to NewJeans as her daughters, then she should remember that I’LL-IT are someone else's daughters too. Why would she call them copycats in her statement like that?
- Min Hee-jin's level of issuing a statement like that is truly pathetic.
- Fight yourselves and leave New Jeans alone.
- Then stop whining and complaining and file a complaint.
- It's strange that Hive lost 800 billion won in market capitalization just to fight for public opinion with Min Hee-jin, but
- it's also strange that Min Hee-jin wants to take over management rights with 18 percent. Either
- one side is stupid or reckless, so I can't judge right now.
- I don't think there's any reason to be neutral... It's something Min Hee-jin needs to explain anyway... But the fact that she already crossed the line and got audited means there's an overabundance of evidence... And I'm not sure how different it is from the Fifty days... Even if the stake is small, the stake is that you are already working to your advantage.
ORIGINAL POST HERE
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