Min Hee-jin, the previous CEO of HYBE-owned report label ADOR, has resigned as an inside director on the label and issued a public letter by which she alleged that HYBE’s actions in opposition to her had been retribution for her try to blow the whistle on misconduct inside the Ok-pop large.
Min’s resignation letter, which grew to become public on Wednesday (November 20), comes every week after NewJeans – the woman group produced by Min, and ADOR’s principal act – issued an ultimatum to their label, demanding that Min be reinstated as Ador’s CEO inside 14 days.
“In the present day, I’m resigning from my place as an inside director at ADOR. Moreover, I’m terminating the shareholder settlement with HYBE and intend to carry HYBE legally accountable for breaches of this settlement,” Min wrote in a letter circulated within the media.
“Moreover, I can be taking crucial authorized motion one after the other in opposition to the quite a few unlawful actions dedicated by HYBE and its associates.”
The letter didn’t make clear what “unlawful actions” Min accuses HYBE of participating in.
Min owns an 18% stake in ADOR. In accordance with Korea JoongAng Day by day, Min had earlier notified HYBE that she plans to train her contractual choice to promote her shares in ADOR.
Min’s shareholder settlement with HYBE offers her the precise to promote her share of the corporate to HYBE on demand, at a worth equal to three-quarters of ADOR’s common working revenue over the previous two years, multiplied by 13, JoongAng Day by day reported.
By JoongAng’s calculations, Min will acquire KRW 26 billion (USD $18.6 million) if she absolutely workout routines her possibility.
Min’s declaration comes every week after the 5 members of NewJeans – Minji, Hanni, Danielle, Haerin and Hyein – despatched a authorized discover to ADOR, declaring that they may terminate their contract in 14 days’ time until the label “rectif[ies] all materials breaches of the unique contract.”
That features a demand that Min Hee-jin be reinstated as CEO of ADOR, and be allowed to renew her duties as NewJeans’ producer.
“HYBE’s actions in 2024 can be recorded as an unprecedented incident in Ok-pop historical past.”
Min Hee-jin
“Deliver Ador again to the time when NewJeans fortunately labored with Min till March 2024,” the discover said, as quoted by The Korea Occasions. “We miss the NewJeans that was enthusiastic about creating new, inventive music and performances along with her.”
NewJeans’ ultimatum expires on November 27. A possible termination of the contract between ADOR and NewJeans could possibly be a significant issue for the label, as NewJeans is its principal income.
The battle started this previous April, when HYBE launched an inside audit of ADOR amid accusations that Min had tried to grab management of the label by promoting shares and leaking confidential info.
Shortly thereafter, HYBE filed a authorized grievance in opposition to Min, saying it had obtained “bodily proof” that Min had devised a “plan to grab the administration rights” of ADOR.
It emerged that Min had been sad with the conduct of one other HYBE label, BeLift Lab, accusing the label of copying NewJeans’ model in creating the woman group ILLIT.
In accordance with a information report on the time, citing trade insiders, Min thought-about ILLIT to be a blatant “copycat” of NewJeans. In an announcement obtained by native media, Min alleged that “the cultural success of ADOR’s NewJeans is paradoxically being undermined by HYBE.”
In August, HYBE eliminated Min as CEO of ADOR, changing her with Kim Ju-young, HYBE’s government human assets officer. The corporate supplied to have Min proceed as NewJeans’ producer, a proposal Min rejected, calling HYBE’s contractual phrases “unreasonable.”
Min took the matter to court docket, asking for an order to be reinstated as ADOR’s CEO. In October, the Seoul Central District Courtroom dismissed Min’s request, saying that it was “improper as a consequence of an absence of authorized curiosity” and that “there may be inadequate proof concerning the rights to be protected.”
Nonetheless, HYBE agreed to increase Min’s time period as a director on the board of ADOR.
In her letter, Min declared that “HYBE’s actions in 2024 can be recorded as an unprecedented incident in Ok-pop historical past.”
She concluded the letter with a phrase of because of the Bunnies, NewJeans’ fan membership, “and plenty of others who’ve tirelessly despatched help and encouragement for almost half a yr.”
In accordance with JoongAng Day by day, the Bunnies group has filed complaints and police experiences in opposition to HYBE on behalf of NewJeans and Min.
As of Wednesday, HYBE had not acquired a proper letter of resignation from Min, JoongAng Day by day reported.
The total textual content of Min’s letter is beneath (through Soompi.com)
Good day, that is Min Hee Jin.
In the present day, I’m resigning from my place as an inside director at ADOR.
Moreover, I’m terminating the shareholder settlement with HYBE and intend to carry HYBE legally accountable for breaches of this settlement.
Moreover, I can be taking crucial authorized motion one after the other in opposition to the quite a few unlawful actions dedicated by HYBE and its associates.
Regardless of the hellish dispute lasting over seven months with HYBE, which started with HYBE’s unlawful audit in April, I’ve accomplished all the things in my energy to uphold the shareholder settlement and restore ADOR to its state earlier than April. Nonetheless, HYBE has neither acknowledged its wrongdoing nor proven any indicators of change, main me to conclude that additional efforts could be a waste of time.
I had hoped HYBE would admit its errors and labored tirelessly to guard NewJeans inside HYBE, which has turn out to be twisted. Because of this I despatched inside whistleblowing emails twice in April.
Nonetheless, as an alternative of reflecting, HYBE fabricated absurd falsehoods and publicly displayed their shameful unlawful audit, an unprecedentedly silly act. They framed me, a minority shareholder and CEO, with the weird accusation of a “administration takeover” and launched ignorant and irrational assaults which can be arduous to imagine got here from a big company.
After quite a few twists and turns, it has lastly turn out to be clear that my whistleblowing was based mostly on plain details and was a legit report, whereas HYBE’s ugly lies and hypocrisy are being uncovered one after the other.
The truth is, HYBE seemingly knew from the start that the contents of my whistleblowing had been all true and that my issues had been legit.
Nonetheless, for many who prioritize their very own pursuits and development, the essence of “problem-solving” was a activity they most needed to keep away from.
I didn’t count on them to repent, however I believed they might have no less than a minimal degree of conscience as human beings, which now appears to have been a naive misjudgment.
Simply as merely respiratory doesn’t imply one is actually alive, I didn’t wish to cling to cash and settle into this twisted group.
HYBE has continued to make use of its subsidiary labels to interact in unreasonable lawsuits, nitpicking, and unfair media play to bury me, whereas hypocritically presenting a producing delegation contract stuffed with poisonous clauses as in the event that they had been doing me a fantastic favor.
They insisted on discussing the R&R (Roles and Obligations), the core of the delegation contract, whereas concurrently demanding incomprehensible circumstances like forensic consent earlier than the dialogue, and solely insisting on face-to-face conferences with out offering the R&R doc, which was an incomprehensible stance.
Regardless of having unilaterally dismissed me, they unfold false info to the media that I had stepped down as CEO to tackle producing duties. It now not surprises me that those that unfold false info demand “confidentiality” from others with such shamelessness.
HYBE’s actions in 2024 can be recorded as an unprecedented incident in Ok-pop historical past.
Over the previous seven months, I’ve poured all my psychological, financial, and bodily assets into reviving ADOR, which was devastated by HYBE’s extreme breaches of the shareholder settlement.
It was a hellish battle in opposition to the baseless violence of a bunch disguised as a big company, however I didn’t again down and made each effort.
HYBE’s ethical decay has reached its peak, and though their soiled media play will proceed, I’m not apprehensive as a result of the general public has seemingly turn out to be conscious of their patterns.
However, if there are any forces or media that unjustly slander me, I cannot stand by and can take authorized motion.
This unprecedented incident shouldn’t be over but, however I wish to specific my heartfelt gratitude to many individuals, together with Bunnies (NewJeans’s fan membership identify), who’ve tirelessly supported and cheered me on for almost half a yr.
Paradoxically, by way of this battle with the worst firm, I’ve met the perfect folks, which is a particular fortune.
Some could not perceive why I’ve endured this far, however there’s a cause and that means for somebody like me to exist on this world.
I hope you’ll proceed to indicate curiosity in my new journey in Ok-pop.
I conclude this message with a way of aid, sharing these phrases with some folks:
“One individual’s malicious actions ought to by no means tarnish the essence of the occupation. That is really improper.”
Min Hee-jinMusic Enterprise Worldwide
