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Former ADOR CEO Min Hee-jin reportedly has to pay HYBE chairman Bang Si-hyuk 3.7 billion KRW which she received from him as a personal loan. On November 21, TenAsia, a South Korean media agency, reported that former CEO Min reportedly owes Bang PD an approximate amount of 3.94 billion KRW. The amount includes the principal amount of 3.7 billion KRW and the interest applied.
Following South Korean laws and regulations, the minimum interest applied to an amount backed up by a promissory note or an IOU is 4.6 percent. Given the interest rate, as of November 2024, Min Hee-jin owes the HYBE chairman a total of 3.94 billion KRW.
In March 2024, the HYBE chairman reportedly gave former CEO Min 3.7 billion KRW as a loan which helped her acquire an 18 percent stake in the subsidiary label ADOR. When former CEO Min acquired ADOR stakes, several media outlets reported that the shares were bought for 1.1 billion KRW, but as per TenAsia, the real price of the share was reportedly revealed to be 3.7 billion KRW.
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Notably, Bang PD and Min Hee-jin are currently in a legal conflict regarding the HYBE shareholders agreement. However, the personal loan reportedly given to former CEO Min in March 2023 is viewed as separate from the above conflict.
Furthermore, HYBE made a brief comment to TenAsia about the former CEO Min’s loan saying:
“It is difficult to say anything because it is a personal transaction.”
Former CEO Min Hee-jin announces put option for her stakes in ADOR amid legal battle with HYBE
On November 14, Min Hee-jin reportedly announced that she would be exercising her rights to sell her 18 percent shares in ADOR back to HYBE, its parent agency, before the completion period. The former ADOR CEO is reportedly set to exercise the put option at an approximate price of 25.8 billion KRW (18.5 million USD), as per the shareholders' agreement.
However, on August 27, 2024, Min Hee-jin was dismissed as the CEO of ADOR and they also terminated the shareholders' agreement between both parties. They filed a lawsuit against her to confirm the termination of the agreement.
Based on the court's decision, if the results come out in favor of Min Hee-jin, then she will be able to perform her rights of put option and sell her shares at 25.8 billion KRW. With this, she will be able to pay off her debt seamlessly.
However, if the court rules against her siding with HYBE and if found guilty of breaching trust and malpractice, she will lose her rights as the shareholder. Eventually, HYBE will be able to buy the shares owned by Min at the face value which is approximately 2.86 billion KRW, leaving her in debt of around 1.07 billion KRW, as per the reports.
Min Hee-jin resigns from ADOR's creative director position
Previously, on November 20, 2024, Min resigned from her position as the in-house creative director of ADOR. In an official statement, she stated:
“Today, I am resigning from the board of directors of ADOR. I also intend to terminate the shareholders' agreement with HYBE and hold HYBE legally responsible for violating the shareholders' agreement.”
She posted a picture of Bunny holding a card that said, "resignation/resign", on Instagram. Besides, her resignation from the director's position, Min also unfollowed the K-pop girl group NewJeans and the official handle of ADOR on Instagram.
