The audit inquiry that HYBE (352820) sent to ADOR regarding an alleged attempt to seize management control contains issues such as the unauthorized release of confidential information, improper external consulting, artist privacy breaches, and irregularities in personnel hiring. The industry views the inquiry as a 'Pandora's box' that could reveal corruption among ADOR's management.
On the 22nd, industry sources indicated that HYBE sent the audit inquiry to ADOR's CEO Min Hee-jin, Deputy CEO A, and Deputy CEO B. The inquiry reportedly contains questions about an alleged plot to seize management control, leaks of business secrets, and personnel-related misconduct. It was found that ADOR's management leaked key information obtained for the purpose of seizing control and that they also disclosed business and personnel secrets to external parties, potentially receiving improper external consulting.
It's reported that ADOR's management had been planning to seize control from HYBE since the beginning of this year. The main strategy involved causing public opinion to turn against HYBE, claiming that HYBE was making unfair demands of ADOR, thereby leading to HYBE's 80% stake in ADOR being sold to investors favorable to ADOR's current management.
In the process, ADOR's management consulted with securities analysts, overseas investment advisors, private equity funds (PEFs), and venture capital (VC) representatives, who examined possible structures for the acquisition. They also allegedly released confidential contract information between HYBE and ADOR without authorization. Additionally, to pressure HYBE, they secretly worked to generate negative public opinion about HYBE's artists and attempted to influence the parents of HYBE artists.
Deputy CEO A, who recently transferred from HYBE to ADOR, played a key role in this scheme. A reportedly gained significant access to HYBE's financial information and contract details while working there, which was used to plan the management takeover.
Moreover, it is suspected that ADOR's management leaked personal information of artists to external parties. This included the portraits and health conditions of pre-debut trainees.
Additionally, it was revealed that they had hired personnel through external connections, leading to suspicions of personnel-related corruption. Employee personal information was also leaked, along with other critical personnel data like appointments and hiring-related information.
HYBE's discovery of this information came from internal whistleblowers, prompting the audit to verify these claims. This development has drawn significant attention from the industry.
THE COMMENTS :
- Honestly, if it weren't for HYBE's backing, they wouldn't have gotten so much attention even before debut."
- What kind of crazy company would tank its market cap by billions just for some publicity, lol?
- Go start a company with your own money… Why are there so many thieves around?
- Whoa, isn't this actual criminal behavior??
- Unrelated, but do you think the recent trend of all HYBE artists getting dragged online could be due to some reverse viral campaigns by a subsidiary trying to create negative buzz? It's just shocking that a subsidiary would act like this, considering they're all under HYBE's umbrella, lol.
- Lol, it's like someone with a lot of money hiring a skilled person, saying, 'Hey, I'll fund everything, you run the business, but I own 80% of the shares.' Then the skilled person tries to take over the whole thing. It's like a salaried CEO trying to take the entire business, claiming that all the success is thanks to them. What about the investment and everything else? Just trying to grab it all, like it's all their doing, haha.
- From the debut, I never understood why they seemed to downplay HYBE's financial backing in interviews and such.
- Hope the criminals get nothing but a massive penalty and are kicked out.
- Just look at the list: using sensitive info for external consulting, reverse viral campaigns against HYBE artists, leaking crucial info outside, trying to win over artists' parents, leaking artists' personal info, hiring through connections, leaking employee personal data, and even leaking key HR info. All this from just one article. Unbelievable.
- Was this why NewJeans didn't release an album for almost 10 months? Because they were busy with all this nonsense??
- Did all this happen because they had 18% stock options? The fight for management control is all about shareholdings, but who convinced them to go down this path? Targeting other labels with reverse viral campaigns is just too disappointing. Kudos to the whistleblower for bringing this to light.
- Stuff you usually only see in dramas is happening in real life.
- Creating negative public opinion about the artists, trying to manipulate their parents—what the heck? They really went all out planning to stab someone in the back.
- They got all that attention under the HYBE name, and now they're trying to pull this? No shame at all.
- The story about the goose that lays golden eggs is really true... Everyone's eager to cut open the belly.
- Yeah, without sufficient capital, it would be nearly impossible to plan and market a group to the level of NewJeans. They were able to achieve such great success largely thanks to HYBE's capital and infrastructure. If someone took all that help and then tried to monopolize the profits for themselves, there would be serious ethical and legal issues. Given that they received support from HYBE, breaking their contractual obligations and trust would likely cause a significant backlash.
- Is Min Hee-jin out of her mind? What is she thinking? It's not just about receiving support; she received unprecedented support and investment. How could she even think of doing this to HYBE? You'd have to be crazy to try something like that against a company like HYBE.
- If she was that confident, she should have started her own company, put her name on it, and got investors herself. That would have been a testament to her capability. Getting access to trainees, funding, and the backing of a well-known company, how could she claim it's all her own achievement? At over forty years old, shouldn't she be more aware of her position?
- What's the meaning of 'creating negative public opinion about HYBE's artists'? Does it mean releasing articles that criticize other artists apart from NewJeans?
- Even orchestrating online community opinion... This is getting out of hand, how low can they go? It's just nasty.
- They say ADOR orchestrated negative public opinion against HYBE artists... Wow... Seems like they're just crazy about money.
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