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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Jisun] Min Hee-jin, the former CEO of Ador, has announced her resignation from the company's board and departure from HYBE.
In a statement on the 20th, Min revealed, "I am resigning from the board of Ador today," and added, "I am terminating the shareholder agreement with HYBE and will hold HYBE legally responsible for breaches of the agreement."
She continued, "I will proceed with necessary legal actions concerning the numerous illegal activities of HYBE and its affiliates."
Earlier, on the 13th, the girl group NewJeans sent a letter of demand to Ador, requesting an apology from a HYBE label manager for their "dismissive" remarks and demanding Min’s return to Ador. They stated that if these requests were not met by the 14th, they would terminate their exclusive contracts.
In early November, Min had notified HYBE of her exercise of the put option under the shareholder agreement. She also filed a lawsuit with the Seoul Central District Court on the same day, demanding payment related to the put option.
HYBE, however, had already argued in July that the shareholder agreement, which serves as the basis for the put option, was terminated due to a breach of trust, leading to a legal battle over the estimated 26 billion KRW related to the option.
Min stated, "Although the dispute with HYBE, which started with their illegal audit in April, has dragged on for over seven months, I have done everything I could to uphold the shareholder agreement and restore Ador to its state before April. However, since HYBE continues to refuse to acknowledge its mistakes and shows no signs of changing, I have decided that further efforts would be a waste of time."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
