HYBE vs Min Hee Jin: Court announces joint hearing of contract termination and 26 Billion KRW put option lawsuits

HYBE LABELS, the mum or dad firm of NewJeans’ ADOR and Min Hee Jin, the former CEO and inside director of the subsidiary, were embroiled in a correct and public dispute since final 365 days. On April 17, the case saw a most important pattern with a singular verdict declaration by the court, as reported by K-media Primary particular person Files. It pertained to conducting a joint review of two court cases— HYBE’s confirmation of termination of a shareholders’ agreement and Min Hee Jin’s build risk lawsuit.

Even supposing the two correct conditions are linked to 1 another, their hearings had been imagined to be held one at a time, resplendent like ADOR’s injunction towards NewJeans and their uncommon contract validity suits. The Thirty first Civil Affairs Division of the Seoul Central District Court docket held the second listening to for the confirmation of the termination of the shareholder contract filed by HYBE towards Min Hee Jin on April 17 at 2:00 PM KST. For the duration of the trial, Resolve Nam In Soo declared that the 26 billion KRW (about 18.3 million USD) build risk case would be merged with the most up-to-date one.

The shareholder agreement between Min Hee Jin and HYBE integrated a 5-365 days term as ADOR’s CEO and inside director. A key provision was the build risk, allowing Min Hee Jin to promote 13.5% of her 18% stake in ADOR to HYBE below sure stipulations. Min Hee Jin, reportedly, exercised this risk in November 2024, rapidly after resigning as ADOR’s director. On the opposite hand, in accordance with HYBE, doing so was no longer legally permissible.

The company claimed that the former ADOR CEO’s contract with them was now no longer genuine and thus, the 26 billion KRW build risk would moreover no longer be readily available for her to construct utilize of. The correct case was filed by them to look at the validity of the contract, as Min Hee Jin claimed that her contract with them was no longer terminated, making her eligible to promote her stakes to HYBE and advise cost of the amount.

Presenting their facet, HYBE’s correct team acknowledged, “Whereas both facet are certainly claiming termination, the accurate reasoning relies on who is at fault for the breach, which is the core distress we belief to verify.