Min Hee Jin, former Chief Brand Officer at HYBE and executive director of ADOR, has filed a legal complaint for put option payment following her resignation from the entertainment giant.

According to legal sources, Min submitted her complaint to the Seoul Central District Court on the morning of November 20, just hours before publicly announcing her resignation from ADOR’s board of directors. This move signals her intent to exercise her put option rights and secure financial compensation despite leaving HYBE.

Under the terms of the shareholder agreement, Min is entitled to a payout calculated by multiplying ADOR’s average operating profit from the previous two fiscal years by 13 and then applying 75 percent of her equity stake in the company. Min currently owns 573,160 shares of ADOR, representing an 18% stake, which could amount to an estimated 25.8 billion KRW (About 18.5 million USD).

However, industry observers are questioning the timing of Min’s legal action. By waiting until early next year, she could have potentially benefited from higher profits reported for 2024, securing a larger payout. The reference years for her claim are 2022 and 2023, during which ADOR reported an operating loss of 4 billion KRW (About 3 million USD) in 2022 but rebounded with a 33.5 billion KRW (About 24 million USD) profit in 2023.

Whether the court will accept Min’s claim remains uncertain. HYBE has contested the validity of the shareholder agreement underlying her put option, asserting that it has already been nullified. A court ruling will be required to determine if Min can proceed with her claim.

In a statement released later in the day, Min confirmed her resignation, citing irreconcilable differences with HYBE. She stated: “I have resigned from my position as a director of ADOR. I intend to hold HYBE legally accountable for violating the shareholder agreement and will take necessary legal actions against their numerous unlawful practices.”

She added: “I refuse to cling to money or adapt to this twisted organization for the sake of comfort. Life is more than mere survival.”

Min’s departure adds fuel to an already turbulent situation at ADOR, with reports emerging that members of NewJeans, the agency’s flagship group, are considering filing lawsuits to terminate their exclusive contracts. If realized, such a scenario could lead to an industry-wide controversy reminiscent of the Fifty-Fifty case, with potential allegations of tampering should external investments be involved.

While the entertainment industry braces for the fallout, the ultimate decision rests in the hands of the courts, which must assess the validity of the claims and determine accountability.

This unfolding drama marks a critical turning point not only for Min Hee Jin but also for HYBE, ADOR, and their artists as they navigate these high-stakes legal battles.