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The South Korean media outlet MTN reported the beginning of the ongoing battle between parent company HYBE and its subsidiary ADOR when the former requested the latter's CEO, Min Hee-jin, to step down from her position on April 22, 2024.
This came after the corporation allegedly discovered that Min Hee-jin was on her way to leaving the parent company and separating ADOR from HYBE. Subsequently, they accused her of securing independent management rights for ADOR and initiated an audit against her and the board of directors, who were siding with Min Hee-jin.
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As the ongoing battle between the parent company and subsidiary worsened, HYBE's stock price reportedly hit rock bottom. It dropped 7.81%, with the stock price at $155 from the preceding day, which stood at $168.
HYBE and ADOR CEO Min Hee-jin's ongoing battle continued as the latter organized a conference to disclose more secrets
The South Korean media outlet, Se Daily, reported about HYBE's accusations mentioned in their audit report. HYBE allegedly found Min Hee-jin guilty of leaking sensitive financial and contractual information, artists' personal data, and taking illegal and external consulting to sell HYBE's 80% shares of ADOR. Alongside the ADOR CEO, her two close associates, A and B, were also allegedly involved in hatching a conspiracy against the corporation.
The audit report also accused Min Hee-jin of creating negative public opinion against HYBE artists. Moreover, CEO A, who was transferred from HYBE to ADOR, had already secured several secret trade agreements from the corporation and planned to use them in securing independent management rights from HYBE for ADOR.
Subsequently, Hankyung News' Market Insight reported that Min Hee-jin allegedly planned to use NewJeans to compel HYBE to sell their shares to her.
Meanwhile, Dispatch revealed details about Min Hee-jin's alleged failed plan to separate ADOR from HYBE. They stated that the CEO wanted independence from HYBE for a long time, had secretly talked with investors to purchase the corporation's shares in ADOR, and wrongfully secured sensitive and international information about HYBE. The outlet also mentioned that HYBE had discovered evidence of her allegedly abusing employees.
Min Hee-jin finally responded to the ongoing allegations against her in an interview with the media outlet Hankyung on April 22. She denied HYBE's accusations that she was trying to take over ADOR'S management rights and stated the root cause behind the feud with the corporation.
It stemmed from the plagiarism controversy where she raised suspicions about the ILLIT girl group allegedly copying NewJeans. For reference, the ILLIT group is under the BELIFT Lab. She stated that the corporation ignored the plagiarism concerns raised by her and began an audit instead.
In another exclusive interview with Ilgan Sports on April 23, the CEO unveiled a series of things regarding the fallout with HYBE. Min Hee-jin denied straightforwardly that she met any investors to steal HYBE's management rights in ADOR. She also revealed not departing from HYBE, adding that due to internal issues, the corporation demanded her resignation.
Min Hee-jin alleged that after she raised concerns regarding ILLIT imitating NewJeans, HYBE tried to remove her from ADOR. She questioned the timing of their action as the NewJeans comeback is just around the corner. She accused them of releasing false articles. She also revealed that she was worried about NewJeans' comeback.
She also allegedly accused K-pop groups, including TWS and RIIZE, of copying NewJeans. Moreover, on April 23, Segye Ilbo revealed the document that contained Min Hee-jin's alleged plans to leave HYBE. It contained a 'heading 5.' Phrases like "Ultimately leave HYBE," and "Gain Total Independence," were also seen.
During the ongoing feud between HYBE and ADOR, a netizen shared a photo of the former's building, where the fandom observed that the light of the main office was on at night. The picture evoked curiosity about the ongoing happenings in the corporation's building.
On April 23, 2024, the media outlet Yonhap News shared a report about how Min Hee-jin allegedly claimed that Bang Si-hyuk had copied since the beginning. It was reported that during auditing, the ADOR CEO talked about Bang Si-hyuk to an outsider, stating that he copied her and came this far. She also allegedly mentioned at time that he copied her and made BTS.
Subsequently, HYBE's CEO Park Ji-won issued a message to ADOR and BELIFT Lab, assuring that all the accusations against the corporation were false, and asked them to continue working about being worried about the ongoing feud between Bang Si-hyuk and Min Hee-jin.
Meanwhile, Dispatch further revealed circumstantial evidence of how Min Hee-jin transferred trainees from another label, Source Music, to create NewJeans, and after their success, allegedly benefitted by purchasing ADOR's stock at a low price.
NewJeans' parents were among the first people to raise the issue that the new K-pop group ILLIT had allegedly copied the former. Meanwhile, Min Hee-jin denied HYBE's accusations that she did not respond to the audit.
On April 24, 2024, the South Korean Channel A News disclosed that HYBE had discovered a document titled Project 1945, which contained information related to lawsuits, civil suits, media play preparations, and much more. The document reportedly referred to by HYBE allegedly had Min Jin-hee's plans to acquire independence from the corporation.
In response to Project 1945, staff from the ADOR declined HYBE's interpretation and stated that those were some random thoughts. The document was reportedly leaked even before HYBE's audit was concluded.
HYBE counterattacked and disclosed a report on how Min Hee-jin was controlled by a Shaman. The Shaman helped her in making management decisions. It was allegedly reported that she talked about BTS' military enlistment with the Shaman and stated that it would be beneficial if the group went for their service.
In response, ADOR's CEO organized an emergency meeting calling for a press conference where she revealed more information and detailed text exchanges with Bang Si-hyuk. She responded to the accusations about the claim that Bang Si-hyuk copied her and made BTS, claimed she was not involved in GFRIEND's disbandment. She also addressed HYBE betraying her, accusing them of delaying NewJeans' debut and debuting LE SSERAFIM instead.
At the conference, she also revealed text exchanges between her and Bang Si-hyuk, where the latter allegedly asked her to crush aespa's success on Kakao Talk. She also asserted that NewJeans' comeback would not be affected and stated the group members were emotional during the ongoing feud. She also revealed sarcastic messages of Bang Si-hyuk after NewJeans achieved success.
This was followed by HYBE releasing interim results for the audit against ADOR's CEO and management. Meanwhile, the corporation responded to ADOR CEO's allegations at the conference through a press release.
Recently, HYBE announced the release of BTS' Kim Namjoon's second album, Right Place, Wrong Person, on May 24, the day on which NewJeans is also set to make their comeback.
As a result, netizens have started accusing HYBE of hindering NewJeans' success due to an ongoing feud with ADOR. In response, the corporation issued a press release denying the allegations. The agency stated that the release date for RM's album, Right Place, Wrong Person, was "autonomously decided."
