HYBE ordered to pay former Ador CEO 25.5 billion won
MANILA, Philippines — The former CEO of ADOR, Min Hee-jin, scored a victory against giant K-pop label HYBE after a Seoul court ordered the agency to pay her 25.5 billion won ($17.7 million or P1 billion).
Korean media reported on Thursday, that the Seoul Central District Court ruled in favor of Min in a twist to the almost two-year battle, that began in April 2024, between her and the label that has dragged the K-pop girl group NewJeans in the fray.
The Seoul court determined that the K-pop agency’s unilateral termination of the shareholders’ contract between the two parties was invalid, reported Korea JoongAng Daily.
"I would like to express my deepest gratitude to the court for fairly distinguishing right from wrong after a long legal process. I also want to thank everyone who believed in and supported me over the years, even though this was not their own matter. My gratitude cannot be fully expressed in words,” Min said in a statement as reported on The Chosun Daily.
She added that she wants to leave behind the “exhausting dispute” between her and the giant record label. She is currently the CEO of Oaak Records.
HYBE and Min signed a shareholder agreement that included the right to exercise a put option in 2023.
The Korea JoongAng Daily said in its report that a put option allows the holder the right to sell a specific asset at a predetermined price at a specific time, regardless of market price.
ADOR was formerly ran by Min as its CEO. It is a company owned by HYBE, which handles other groups, notably supergroup BTS. NewJeans debuted under ADOR in 2022.
HYBE said in a statement that it plans to appeal the ruling.
In January this year, Danielle Marsh departed NewJeans while the other members stayed with ADOR.
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