ADOR refuses HYBE’s usurpation claims, accuses label of publicising Min Hee Jin’s 2 billion KRW salary
In a brand fresh rotund-fledged assertion, ADOR has refuted HYBE’s issue of administration rights takeover. They’ve further accused HYBE of spreading misleading data. Be taught to know the crucial ingredients.
There used to be a raging battle between Ok-pop giant HYBE and one in every of its subsidiaries ADOR. The feud began when on April 22, Monday morning HYBE venerable its auditory rights and launched an investigation towards ADOR and its executives.
The feud since has arrive a lengthy intention, with ADOR CEO Min Hee Jin’s explosive conference and HYBE’s detailed note-up assertion. Now on Could 2, 2024, ADOR has given an intensive assertion refuting all claims made by HYBE relating to alleged takeover, compensation, shaman, and further.
ADOR releases detailed rebuttal of HYBE’s claims
On Could 2, 2024, the HYBE vs ADOR fight took a brand fresh flip. A brand fresh detailed assertion has been released by ADOR in accordance to HYBE’s assertion to CEO Min Hee Jin’s press conference on April 25, 2024.
In the assertion, ADOR wished to give details in accordance to HYBE’s claims. They added remorse over releasing a assertion discontinuance to NewJeans’ fresh tune schedule. They pointed out they’d tried to hunt data from HYBE to end any media activities nonetheless, the 2nd birthday party did no longer adhere to the ask.
ADOR in gentle of most fashionable developments lastly sought its correct to elaborate details from their viewpoint to preserve away from any rep of misunderstanding.
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1. Usurpation of administration rights
ADOR called HYBE’s issue of attempting to comprise discontinuance over ADOR and its administration rights completely baseless. About the proof chanced on by HYBE, they stated it used to be no longer intended for a coup nonetheless pretty a consequence of ongoing conflicts. There used to be no concept of coup.
To boot they accused HYBE of pressuring the vice chairman of ADOR into signing a consent rep and working with them to make certain no components encompass him. After this, his and Min Hee Jin’s messages were transformed by HYBE to level there used to be a takeover being planned.
2. Min Hee Jin’s salary and compensation
HYBE in their assertion had claimed that CEO Min Hee Jin’s salary used to be 2 billion KRW including incentives which used to be extra than any one else at the company. In response, ADOR clarified that at the click conference, Min Hee Jin acknowledged the inducement no longer her salary to be 2 billion KRW which used to be presupposed to be given as ADOR had executed 33.5 billion KRW in profits since its institution.
ADOR also accused the impress of wrongfully publicizing CEO Min Hee Jin’s salary, incentives, and stock compensation. They claimed this used to be a favorable tactic adopted by HYBE to cloud the details and depict CEO Min Hee Jin working for monetary good points. They clarified the ADOR CEO took up the difficulty within the conference to repeat unclear programs of HYBE’s incentive calculation and no longer the amount.
3. Clarifying the audit and whistleblowing mail
Clarifying the difficulty of ADOR’s within mail asking HYBE, they stated there used to be no response nonetheless pretty a rotund-blown audit which used to be overtly covered by the media. In the assertion, ADOR asks HYBE why a dad or mum company disclosed comfortable data in regards to the audit to the media.
They pointed out the horrible timing as they were making ready for NewJeans’ comeback and confiscation of laptops and data closely hindered the identical.
4. NewJeans debut and asking for a end in promotions
ADOR accused HYBE of no longer conserving its promise of making NewJeans first girl community of the impress which used to be otherwise made up our minds. CEO Min Hee Jin requested the institution of ADOR so that NewJeans can also debut. In accordance with them, HYBE is lying about this prolong to be nothing nonetheless circumstantial.
ADOR stated that HYBE also requested CEO Min Hee Jin to no longer promote NewJeans and they’ve proof to label it. They further added no dialogue occurred on the difficulty of overlapping promotion schedules whatsoever.
5. Slave Contract
ADOR clarified the contents of the shareholders’ settlement were ambiguous and that the non-competition clause used to be unreasonable. CEO Min Hee Jin would continue to endure non-competition except she sells all her shares. The revised proposal used to be HYBE used to be despatched in March this year no longer December as they’d claimed.
6. Shareholder’s settlement
ADOR says CEO Min Hee Jin did no longer build a matter to a 30 p.c rep bigger within the build possibility for monetary reasons nonetheless for the upcoming boy community. It used to be also to alternate unreasonable facets of shareholder’s settlement. Before all the pieces set, HYBE promised CEO Min Hee Jin an rep bigger of 10% in stock nonetheless it used to be later scrapped. Additionally, CEO Min Hee Jin did no longer refuse HYBE’s non-competition obligation.
The clause made the CEO aid a compulsory tenure of 8 years and 1-year non-competition and build possibility to be exercised in stages. The CEO did no longer reject this at all, as towards what HYBE had claimed.
7. Shaman inclusion
ADOR clarified that the shaman is candy a pal and nothing else. ADOR and NewJeans’ success has nothing to perform with it. It used to be executed with exertions, meticulous analysis, and rational substitute choices.
8. HYBE and NewJeans
ADOR accuses HYBE of irresponsibly performing with the audit and publicizing findings without paying model to how it would possibly well perhaps probably presumably well possess an impact on NewJeans’ designate rate and name. They did no longer eavesdrop on ADOR’s level of take into sage and fired this boom so discontinuance to NewJeans’ comeback. They accuse HYBE of misjudging the cases and performing in haste which signals a scarcity of data of impress administration.
The feud between HYBE and ADOR appears to be like to be to possess taken one other heated step. In other news, NewJeans is coming round again soon amid this controversy.
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