For the past few months, HYBE, the South Korean entertainment agency behind the K-pop sensation BTS, has found itself embroiled in a series of controversies. The issue began after HYBE announced an audit into its subsidiary, ADOR, amid accusations that it’s CEO, Min Hee-jin, was planning to take control of the company independently. HYBE, led by Park Ji-won, alleged that Min and other senior executives were plotting a takeover. However, ADOR has recently dismissed these claims, asserting they are rumours. In response, HYBE has now issued a strong statement and vowed to expose the truth through legal investigations and prohibits Min Hee-jin from using ADOR in their statements.
HYBE wrote, “We would like to deliver our position in response to CEO Min Hee Jin’s statement released earlier today. As the evidence revealed by Min Hee Jin today indicates, such detailed talks with a financial analyst would not occur if the parties involved truly considered the seizing of a company’s management simply a conversational topic. During her press conference on April 25, Min Hee Jin said, ‘HYBE claims I conspired with outside investors. Outside investors from where? Bring them here to me.’ She acted as if she never met any outside investors and lied to the public, but gradually, the truth is coming out.”
“We will now wait for the full truth to be revealed through legal investigations. We also strongly demand that Min Hee Jin refrain from using the phrase ‘ADOR’s side’ when making press statements. This current case does not involve the subsidiary company, ADOR. It is an attempt to seize a company out of greed by an individual, Min Hee Jin, with a small number of other executives involved,” Hybe concluded.
Hybe issued its response following ADOR publicly denied the accusations raised against its CEO, Min Hee-jin, and Vice President ‘S’ by CEO Park Ji-won led company.
In their statement, ADOR criticized the label for creating suspicion on anyone associated with Min Hee Jin and accused them of making fictitious stories. ADOR clarified that a meeting with foreign investors was not an attempt to secretly sell the company but their scheduled discussion happened regarding investments in K-culture.
Additionally, ADOR claimed that it is currently not possible for anyone to take control of them, as Hybe owns 80% of its shares. According to ADOR, Hybe’s main objective is to remove Min Hee-jin from her position and isolate her from the industry.
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