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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Min Hee-jin, former CEO of ADOR and current head of OK Records, on Tuesday proposed a sweeping settlement to HYBE, offering to relinquish the KRW 25.6 billion (approximately USD 190 million) she is entitled to receive following her first-instance court victory in exchange for a complete halt to all ongoing civil and criminal legal disputes.
Speaking at a press conference in Seoul, Min said she was willing to give up the compensation awarded in her stock sale payment lawsuit if HYBE agrees to terminate all lawsuits and legal actions currently underway.
“This proposal includes the withdrawal of all complaints and legal actions not only against me, but also against the members of NewJeans, external partners, and ADOR employees,” Min stated.
“For the Artists”
Min explained that her proposal was driven primarily by concern for the NewJeans members.
“Someone is being forced to stand on stage, while someone else must stand in court. That situation is deeply painful,” she said. “No one can be happy in a world like this. You cannot create good culture with hearts torn apart.”
Her remarks come amid ongoing legal tensions between HYBE and NewJeans members, including the termination of the contract of member Danielle and a subsequent lawsuit seeking substantial damages.
Background of the Ruling
On March 12, the Seoul Central District Court ruled in Min’s favor in her lawsuit demanding payment for stock options, ordering HYBE to pay approximately KRW 25.5 billion under a put option agreement. However, enforcement of the ruling has been temporarily suspended after the court granted HYBE’s request for a stay of compulsory execution pending appeal.
The court also dismissed HYBE’s separate lawsuit seeking confirmation of the termination of its shareholder agreement with Min, finding no serious contractual breach on her part.
Call for Reconciliation
Min emphasized that neither she nor HYBE belongs in the courtroom.
“Our place is not in court, but on the creative stage,” she said. “While I regret not being able to complete the creative vision we shared when launching NewJeans, I sincerely hope HYBE’s promise to take good care of the artists if they return becomes reality.”
She made a direct appeal for the group’s unity, stating that “all five members deserve an environment where they can dream freely and shine together,” adding that restoring artists’ peace should be the responsibility of adults in the industry.
“The KRW 25.6 billion I am giving up is not greater than the value of restoring a healthy K-pop ecosystem and the everyday peace of artists,” Min concluded.
Future Plans
Min recently launched a new label, OK Records, and has announced plans to debut a rookie boy group. Auditions for the project are currently underway.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
