It was previously reported that Min Hee Jin had been trying to take ADOR with her out of HYBE. In response to claims, HYBE has stated that they had begun an audit against Min Hee Jin.
HYBE Addresses Fallout With Ador CEO Min Hee Jin
Following the statement, Korean news outlets have reported that the audit covers accusations such as key information leakage, inappropriate external consulting, artist personal information leakage, and irregular personnel irregularities. The audit was sent to ADOR CEO Min Hee Jin, and deputy CEOs “A” and “B.” The purpose of the audit questionnaire was to verify any conspiracies to take over the management rights of ADOR. Currently, HYBE owns 80% of the label, while Min Hee Jin takes 20%.
In the process of the audit, HYBE was reported to have discovered circumstantial evidence that ADOR’s current internal management (Min Hee Jin, deputy CEOs A and B) received external consulting regarding the management of ADOR. The consulting would help them set up a plan to take over management rights from HYBE. Korean news outlets report that ADOR had allegedly set up a plan to do this since early 2024. They allegedly planned to make HYBE sell its 80% stake in ADOR to investors would had already been won over by ADOR’s internal management. The plan would be executed by manipulating public opinion to create the impression that HYBE makes unfair demands towards ADOR.
During the process of the creation of this secret plan by Min Hee Jin and deputy CEOs A and B, it was reported that they had arbitrarily leaked various information to foreign investment advisors, private equity firms, securities firm analysts and consultants. The leaked information contained contract information signed between ADOR and HYBE. It was also accused that they had secretly tried to manipulate public opinion on HYBE artists negatively to overall create a bad impression for HYBE. It was also said that they had already approached ADOR artists’ parents to convince them. Currently, only NewJeans is under ADOR.
Reports claim that deputy CEO A had played a key role. He had recently moved from HYBE to ADOR, securing a large number of key trade secrets from HYBE, using them to establish ADOR’s plan to secure management rights. This includes financial and contractual information.
In addition, the audit process also claimed to reveal that private artists information was leaked. This includes photos and media of the trainees before their debut, as well as various personal health information.
As for inappropriate personnel hires, it was reported that ADOR had allegedly hired staff after requests from outsiders. Personal information of employees were leaked, as well as key HR information.
Korean media outlets report that HYBE came to find out about these accusations and revelations through a tip-off. They later issued the audit to clarify the facts of the tip-off.
More on the issue can be read below.
HYBE Reportedly Requests Ador’s CEO Min Hee Jin To Step Down Amid Power Struggle
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Source: https://www.koreaboo.com/news/ador-min-hee-jin-management-rights-coup-steal-accusations-full-hybe/