The court has decided to conclude the hearing in September. The 31st Criminal Division of the Seoul Central District Court held a hearing on the 12th (today) regarding the lawsuit filed by HYBE against CEO Minformer for the termination of the shareholder contract and the fact that CEO Minformer
The court announced that the hearing for the lawsuit against HYBE for payment for stock transactions will end on September 11th. The court held a three-hour hearing to question and answer witnesses requested by HYBE.
The dispute between the two parties came to light in April last year. HYBE was formed when Min Former, who was ADOR's CEO at the time, was forced to resign from his position as ADOR's CEO.
HYBE also announced an extraordinary general meeting of shareholders on May 31 to consider dismissing Min Hee Jin as CEO.
Minformer has filed a lawsuit against the court, asking that HYBE not be allowed to vote in favor of dismissing him based on the "shareholder agreement."
At the time, ADOR's equity structure was HYBE 80%, Minformer's CEO 17.8%, and other shareholders 2.2%. The court sided with Minformer's CEO and set the deadline for the injunction to May 3, 2024.
At the extraordinary general meeting of shareholders scheduled for the 1st, former CEO Min was not dismissed. Instead, two internal directors who were close to CEO Min were dismissed and three directors from HYBE were appointed as internal directors.
Also, on July 8th of last year, HYBE filed a lawsuit against Minformer, claiming that he had violated the shareholder agreement, and asking for confirmation of the termination of the agreement.
In November, Minformer's side argued that the termination of the shareholder agreement was illegal and that the existing agreement
He filed a lawsuit demanding payment of approximately 27.8 billion won for the stocks, as he intends to exercise his "put option" depending on the content. A put option is a method of purchasing shares at a predetermined price.
This means that the right to sell the shares at a lower price is a given. On this day in court, a battle broke out over whether HYBE's termination of the shareholder agreement was legal. HYBE responded, "The purpose of the shareholder agreement is to
The objective is the growth and development of ADOR. The contract prohibits the defendant (Minformer's representative) from any action that could cause damage to ADOR or HYBE.
"WJeans planned and carried out a 'poaching', which is a serious breach of contract," he said. Meanwhile, Minformer's representative emphasized that the shareholders had announced the termination of the contract in July 2024.
The outlet said, "After the provisional injunction was issued in May, Minformer publicly proposed a settlement to HYBE and stated that he hoped they would remain with ADOR. However, (HYBE) said that Minformer was still
"I was terminated in July when NewJeans tried to poach me," he said, "This is a claim that goes against what happened before and after."
If this is the case, it would be considered "poaching" at the very least when the member notified the company of the termination of the exclusive contract. However, the termination of the exclusive contract for the "NewJeans" member took place at the end of December last year, so the timing is
The reasoning behind this is that ADOR maintained an exclusive contract with NewJeans as of July 2024, and therefore the reason for termination cannot be recognized.
HYBE countered that the process leading up to the termination of the exclusive contract with "NewJeans" was a "poaching of NewJeans".
"The reason for the lifting is not because we were lifting the suspension, but because we planned and attempted it," he said, adding, "Since (CEO Minformer) established the plan in March 2024, the project has been carried out in stages, and in the end,
In November, (New Jeans) announced the termination of the exclusive contract."
2025/06/12 20:51 KST
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