[theqoo - hot] [Full text] 'NewJeans Mum' Min Hee-jin leaves ADOR... "HYBE's misdeeds will be recorded in history"
date: 20/11/2024
Former CEO Min Hee-jin of ADOR is leaving HYBE and ADOR.
Former CEO Min released a statement on the 20th, stating, “I am terminating the shareholder agreement I signed with HYBE today and resigning from my position as an executive director of ADOR.”
Former CEO Min is leaving HYBE after about 5 years since joining HYBE as the CBO (Chief Brand Officer) in 2019. She had served as the CEO of ADOR since 2021 and successfully launched NewJeans. Since the dispute between HYBE and former CEO Min became public in April, the two sides have been engaged in a number of lawsuits.
Former CEO Min recently notified HYBE that she would exercise a put option (stock purchase request right) on her ADOR stocks, but there is a high possibility that this will lead to a lawsuit. In July, HYBE notified former CEO Min of the termination of the shareholder contract, which is the basis for the put option, citing reasons such as damage to trust, but former CEO Min argued that the contract is still valid.
On the 13th, NewJeans also sent a certified letter to ADOR demanding former CEO Min’s reinstatement as CEO and normalization of ADOR, and threatening to terminate the exclusive contract if this was not accepted.
■ Below is the full text of the statement by former ADOR CEO Min Hee-jin
Hello. This is Min Hee-jin.
I am resigning from my position as an executive director of ADOR as of today. I will also terminate the shareholder agreement with HYBE and hold HYBE legally responsible for the violation of the shareholder agreement.
In addition, I will take necessary legal action against the numerous illegal acts committed by HYBE and its associates. Even during the hellish dispute with HYBE that began with HYBE's illegal audit in April and has continued for over 7 months, I have done everything I could to keep the shareholder agreement and return ADOR to its original state before April. However, HYBE has not admitted its wrongdoings and has shown no signs of changing, so I have decided that further efforts would be a waste of time.
I had hoped HYBE would acknowledge their mistakes and have tirelessly worked to protect NewJeans within their flawed organization. This is why I sent internal whistleblowing emails twice in April.
However, instead of reflecting, HYBE had committed an unprecedentedly foolish act of fabricating absurd false facts and displaying the shameful illegal audit to the public. They have framed me, a minority shareholder and CEO, as a “usurper of management rights” and have launched a witch hunt, making ignorant and absurd attacks that are hard to believe for a large corporation.
After countless trials and tribulations, it has finally become clear, seven long months later, that my whistleblowing was a rightful and factual report, while HYBE’s vile lies and hypocrisy are being exposed one by one.
In fact, HYBE must have known from the beginning that the whistleblowing was all true and that it was a legitimate issue. However, for those who only care about their own interests and glory, the essence of 'solving the problem' must have been a task they wanted to ignore more than anything else.
I did not expect them to repent, but I naively believed they had at least a shred of conscience as human beings. Perhaps that was a mistake. Still, just as mere survival is not true living, I did not wish to align myself with or settle within this twisted organization that worships money.
Until recently, HYBE has continued to act hypocritically and contradictorily by using its subordinate labels to file unreasonable lawsuits, find fault, and play the media unfairly, while at the same time presenting me with a 'Producing contract' full of toxic clauses as if it were an enormous favour.
While suggesting an R&R (Roles & Responsibilities) agreement, which is the essence of a business delegation agreement, they insisted on a face-to-face meeting only, saying that it included incomprehensible demands such as consent to forensic examination before the agreement, and they kept making incomprehensible claims that they could not provide these R&R documents.
It is no longer surprising that despite them unilaterally dismissing me, they had spread falsehoods in the media, claiming I had stepped down as CEO to focus on production, while simultaneously demanding 'secrets' from others.
HYBE’s misconduct in 2024 will be remembered as an unprecedented event in K-pop history.
For the past 7 months, I have fought with all my might, pouring everything I have mentally, financially, and physically, to revive ADOR, which was ruined due to HYBE's serious violation of the shareholder agreement. This gruelling fight against the baseless violence of a corporate giant, cloaked in the guise of a reputable company, has been hellish, but I have not backed down.
HYBE’s moral degradation has reached its peak, and though their dirty media tactics may continue, I am confident that even the public now sees through their patterns.
If there are any forces that persist in groundless defamation or malicious reporting, I will not stand idly by and will take legal action.
This unprecedented incident is not over yet, but I would like to express my heartfelt gratitude to Bunnies and many others who have tirelessly supported and cheered me on for nearly half a year.
Ironically, through this battle with the worst company, I’ve had the fortune of meeting the best people—a special silver lining.
Some people may not understand why I persevered like this, but there must be a reason and meaning for people like me to exist in the world.
I hope you will also take an interest in my future endeavors as I embark on a new journey in K-pop.
I conclude this letter with a sense of relief, sharing my thoughts with those who have supported me
"One person's malicious actions should never undermine the 'essence of the profession.' What happened was truly wrong."
https://m.entertain.naver.com/article/144/0001001979
COMMENTS
- Min Heejin, I will support your new K-pop journey.
- The sins of HYBE were real
- Min Hee Jin, you've worked hard so far. I'm rooting for you.
- I wonder how the non-compete clause can be overcome ㅠ As a K-pop fan, I really want to see more of Min Hee-jin's work.
- If you look at the way those f*cking bastards act, they will self-destruct themselves
- I'm really looking forward to Min Heejin's next work, whether it's NewJeans or another album.
- Fighting fighting I'm rooting for Min Heejin. HYBE really needs to go down
- "One person's malicious actions should never undermine the 'essence of the profession." She really tore it upㅋㅋㅋㅋㅋㅋㅋㅋㅋ
- The ending is so refreshing! ㅋㅋㅋㅋㅋㅋ
- Thank you for your hard work. I hope you win the case and I'll be waiting for the documentary.
- The NewJeans kids will soon be terminating their contracts ㅠㅠ I hope Min Heejin stays strong
- That company left such malicious comments about other idols and wrote 18,000 pages worth of it, so just how much have they harassed Min Heejin and NewJeans...The idols who benefit from that company are also on the same page as those malicious commenters
- This isn't the end, but it's just so bittersweet
- Fighting for justice
- Please stop Evil-HYBE
- Take NewJeans too!
- She's finally leaving there... NewJeans, escape quickly too.
- HYBE is absolutely incapable of internal self-purification, so it's right to escape before anyone of sound mind is infected.
- HYBE will collapse soon, but I hope it collapses sooner and NewJeans can escape soon too.
- I'm just a fan of another idol, but I'm annoyed that HYBE is ruining the K-pop scene.
- May the sins of the HYBE be punished
- I'm really curious to see what new K-pop journey Min Hee-jin will unfold in the future. I'm not just saying this for nothing. I hope HYBE gets punished in some way or another.
- Congratulations on your escaping HYBE!!!! Go out with NewJeans and work hard together
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