On Thursday, HYBE announced the interim results of its audit into the current management of ADOR, claiming to have secured evidence supporting its claims that the executives plotted to seize management control.
Ban Sihyuk and Min Heejin
BTS' parent company and Korean entertainment giant HYBE is locked in a battle with it's sublabel ADOR's CEO Min Heejin over trust issues. HYBE had ordered an audit of ADOR under suspicions that Heejin and other executives are conspiring to go independent.
Days after launching the audit into ADOR and asking Heejin, to exit, HYBE said it will report the executive to police. The announcement came ahead of Heejin holding an emotional press conference in Seoul, where she refuted allegations of usurping ADOR girl group NewJeans' management.
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On Thursday, HYBE announced the interim results of its audit into the current management of ADOR, claiming to have secured evidence supporting its claims that the executives plotted to seize management control.
HYBE, which has BTS founder Bang Si-Hyuk as its chairperson, then filed a complaint against Min and her deputy CEO, identified only as Shin, on charges of breach of trust, among others. It cited as evidence their conversations exchanged on a messenger service about plans to break away from the parent company and take NewJeans with them.
"On April 25 KST, HYBE announced that the company will report CEO Min Hee-Jin of its subsidiary label ADOR to police for a breach of trust and other related allegations today. HYBE secured substantial evidence to prove that Min deliberately led the plan to take over management control of the subsidiary, through the audit process. The evidence included detailed discussions that Min has ordered the ADOR management to find ways to pressure HYBE into ultimately selling ADOR’s shares," a statement from HYBE read.
Heejin reiterated her denial Friday of allegations that she and her aides attempted to usurp control of the company from the parent company, reported Korea Times. She made the comment during an interview with local radio station CBS, emphasizing her limited power given ADOR's ownership structure.
"HYBE holds an 80 per cent stake," Min explained. "There is nothing we can do on our own with this stake. Any decision requires HYBE's approval." Min and other executives of her company have the remaining 20 per cent. Min vehemently denied the audit findings in the emotional press conference convened in the afternoon.
When asked by the interviewer on CBS' "Kim Hyun-jung's News Show" on Friday if she had made any attempt to take management control, she answered, "Of course not."
HYBE responded to Heejin's press conference, asserting that her claims were far from reality. They contended that many of her assertions were inaccurate and distorted, making it impractical to address each one individually. Instead, they opted not to engage in a detailed rebuttal, deeming it unworthy of their time and effort.
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