Shocking legal rematch: The high-stakes appeal between former ADOR CEO Min Hee-jin and HYBE kicks off in September, centering on a KRW 25.5 billion put-option payout and whether their shareholder agreement was validly terminated.
The Seoul High Court’s Civil Division 18-3 (Judges Jin Hyeon-min, Wang Jeong-ok, and Park Seon-jun) set the first appeal hearing for September 18. On the same day, a separate case filed by HYBE seeking confirmation of the termination of the shareholder agreement against Min will also proceed, overseen by Civil Division 18-2.
In the first-instance ruling, the court ordered HYBE to pay Min KRW 25.5 billion under the put option. It also required payments of KRW 1.7 billion and KRW 1.4 billion to Shin, former deputy CEO of ADOR, and Kim, a former director, respectively.
HYBE’s suit to confirm the termination of the shareholder agreement was dismissed at first instance, but HYBE appealed. The second round of the legal battle is now slated for September.
Min and HYBE have been locked in conflict since April 2024 over alleged attempts to seize management control and purported discrimination against NewJeans. In August of the same year, HYBE announced via its semiannual report that it had terminated the shareholder agreement with Min. That November, Min notified HYBE that she would exercise a put option on ADOR shares, triggering the court fight.