The dispute between HYBE and ADOR CEO Min Heejin has escalated dramatically, with both sides presenting contrasting narratives regarding alleged misconduct and corporate intrigue. The conflict centers on accusations of embezzlement, management takeover plans, and a rupture in trust between key stakeholders.
HYBE’s recent announcement of an interim audit revealed their claims of concrete evidence indicating Min’s involvement in planning a management takeover of ADOR to gain independence. According to HYBE, conversations and documents uncovered during the audit allegedly outlined a strategy to hollow out ADOR, attract external investors, and ultimately sell ADOR to HYBE, with Min acquiring a stake in ADOR and pursuing independence.
In response, HYBE has taken legal action, filing a complaint against individuals involved in the alleged misconduct and demanding Min’s resignation. They have also called for a board meeting of ADOR to address the situation formally.
Min, on the other hand, vehemently denies these allegations, labeling HYBE’s actions as betrayal. She claims that the conflict stems from disagreements with HYBE Chairman Bang Si-hyuk over management styles, leading to a breakdown in trust. Min contends that the documents and conversations presented by HYBE are misleading and taken out of context, emphasizing that they were meant as jokes or expressions of frustration rather than concrete plans.
Legal experts, including lawyer Lee Sook-mi, have weighed in, noting that there is no evidence of actual embezzlement or actions damaging the company’s value based on the presented materials.
In the midst of this turmoil, the fate of NewJeans, a group affiliated with ADOR, hangs in the balance. While HYBE asserts its commitment to retaining NewJeans, Min’s strong emotional bond with the group and their parents raises the possibility of them aligning with her.
Despite the potential consequences of contract termination, Min hasn’t contemplated severing ties with NewJeans but rather seeks to resolve the conflict peacefully. However, she acknowledges that her departure may become inevitable depending on HYBE’s actions.
The situation underscores the complexities and challenges inherent in corporate governance, contractual obligations, and interpersonal dynamics within the entertainment industry. As the dispute unfolds, stakeholders and fans await further developments that could shape the future of ADOR, NewJeans, and the broader music landscape.
