HYBE 'writing novels' to ostracize Min Hee-jin, ADOR issues statement
ADOR has publicly refuted allegations made by HYBE against its CEO, Min Hee-jin, and Vice President 'S.' In a statement released on Thursday, ADOR accused HYBE of "raising suspicions against every person affiliated with Min Hee Jin" and "writing novels based on imagination." The HYBE subsidiary also clarified that a meeting with foreign investors was not a secretive attempt to sell ADOR but rather a scheduled discussion about "prospects for K-culture investment."
ADOR clarified meeting with foreign investors
ADOR has shed light on the nature of a meeting with foreign investors, which HYBE had portrayed as a secretive attempt to sell the company. The firm stated that this was in fact a scheduled program discussing "prospects for K-culture investment" with various public and private companies. Further, ADOR emphasized that it is currently "impossible" for anyone to "seize ADOR," as HYBE holds 80% of the company's shares.
'HYBE's primary goal is to remove Min'
"When you observe the current situation, it is clear that HYBE's primary goal is to remove Min from her position and destroy all prospects of trust and respect toward her as to ostracize her from this industry," the statement read. The company revealed that Min had consulted an analyst over her shareholder's contract at the recommendation of HYBE CEO Park Ji-won. However, when issues were discovered in the contract, Park responded by saying she hadn't checked it properly.
HYBE has requested a financial probe into stock trading misconduct
HYBE has also requested a Financial Supervisory Service investigation into alleged stock trading misconduct by ADOR executives. Meanwhile, the BTS label has accused Min of using artists and their families for personal gains. The company claimed that an email from NewJeans members' parents was actually written by ADOR Vice President L and Min as part of a plan for a management takeover. The parents had previously expressed concerns about HYBE's treatment of NewJeans in an email to the ADOR CEO.
