In light of the latest developments in the HYBE vs. ADOR dispute, where HYBE requested an investigation with South Korea's Financial Supervisory Service into CEO Min Hee Jin and Vice President 'S', ADOR has issued a press statement on May 16 KST.

Read ADOR's statement below.

"We would like to ask that HYBE stop raising suspicions against every person affiliated with Min Hee Jin, as if clearing dust with a feather duster, and that it stop writing novels based on imagination. 

We would like to clarify the truth behind HYBE's allegation that 'an analyst 'A' arranged a meeting between ADOR's management and foreign investors'.'

This meeting in question was a meeting organized by 'A' with representatives from various public and private companies on the topic of 'Prospects for K-Culture Investment'. It was part of a scheduled program meant to discuss growth prospects for not only K-Pop agencies, but also drama and game production companies and the cultural industries more generally, while also visiting food spots in Seoul. Vice president 'S' simply went to lunch with 'A' ahead of HYBE's attendance at this program, and yet, to frame this lunch as a private meeting aimed at seeking out investors to sell ADOR, is a blatant lie. 

At this lunch, vice president 'S' brought up the topic of ADOR's market value to get a grasp of market trends. What HYBE did not mention in its earlier statement was that the discussion did not continue into any serious mention of selling ADOR to external investors, and concluded with 'A' pointing out, 'ADOR's market value has the potential to increase 2~3 times in no time with NewJeans' growth and the launch of a new boy group, but the problem is that there is no way for outsiders to invest in the company'.'

This discussion once again reiterates the well-known fact among industry insiders that currently, it is impossible for anyone to attempt to 'seize ADOR', when HYBE currently dominates 80% of ADOR's shares.

Furthermore, when analyst 'A' met with team leader 'K' of HYBE's IR department and CEO Park Ji Won at a meeting after this lunch, they mentioned the meal with vice president 'S'. It was a private meal with no ulterior motives that violated any common business procedures, and yet, with each passing day, such ordinary occurrences are being turned into impure acts simply by attaching the words 'seizing control' or 'audit'. Analyst 'A' is not involved in these matters in any way. We would like to ask that HYBE stop its unnecessary suspicion and harassment.

CEO Min Hee Jin also consulted analyst 'A' over her shareholder's contract per HYBE CEO Park Ji Won's recommendation.

On December 9, 2023, while negotiating details regarding Min Hee Jin's shareholder's contract, CEO Park Ji Won told her, 'If you do not trust my words, go consult with the analyst. I won't stop you. You decide'.'

During her consultation with 'A', Min Hee Jin received general advice regarding her contract negotiations, such as 'what are adequate offers based on ADOR's current growth rate and market value' and 'what are some ways to make HYBE agree to the negotiations'; the contents of the consultation did not involve any sharing of classified information or business secrets whatsoever.

Analyst 'A' advised that Min Hee Jin proceed with the negotiations with the aim of coming to a settlement at '20 fold', and yet, after receiving this advice through Park Ji Won's recommendation, it is now a problem? Are these matters only a problem when HYBE's CEO feels like they are?

With very limited time until the deadline to finalize the shareholder's contract, CEO Park Ji Won repeatedly insisted that Min Hee Jin 'just trust [him], [he] won't offer anything that could put Hee Jin-nim at a disadvantage'.' Min Hee Jin, who felt that she needed assistance in negotiating the fine details of the shareholder's contract, considered Park Ji Won's suggestions at the time rather helpful as she was under the impression that HYBE was discreetly excluding her, and even thanked the CEO for looking out for her.

Exactly 1 year later, when Min Hee Jin discovered the problems in her contract including its contradictory clauses and articles prohibiting her from activities with competing businesses for the rest of her life, she was greatly shocked and went to Park Ji Won right away to point the matters out. The words Park Ji Won returned were, 'You did not check the contract properly'.'

HYBE, it would be better if you went ahead and truthfully confessed that you hate Min Hee Jin. 

When you observe the current situation, it is clear that HYBE's primary goal is to remove Min Hee Jin from her position and destroy all prospects of trust and respect toward her as to ostracize her from this industry. At first, it started out with attacks directed at Min Hee Jin. Now, HYBE has resorted to picking out problems in unrelated areas to attack those around Min Hee Jin, as if sending a warning to all those who work with her that they will be next. 

Regarding the recent drop in HYBE stock prices, the executives at HYBE have made no attempts to acknowledge their own faults, and instead wish to frame the issue as entirely ADOR's fault. In reality, ADOR has done nothing but contribute to HYBE's business achievements; when has ADOR ever created losses for HYBE?

Not to mention, vice president 'S' came into position just a little over 3 months ago. So then, to call vice president 'S' 'Min Hee Jin's right hand' is not only a childish and unnecessary attempt to appeal to people's imaginations, but also a phrase that attests to HYBE's efforts to exaggerate the situation to its liking."

Finally, ADOR expressed its intention to request a separate investigation with the Financial Supervisory Service into HYBE, once again accusing HYBE of interfering in the company's operations.

SEE ALSO: Min Hee Jin responds to the court decision denying her reinstatement as ADOR CEO