The Seoul Central District Court held a joint hearing on HYBE’s lawsuit seeking confirmation of the termination of its shareholders’ agreement with Min, alongside Min’s countersuit demanding payment for stock sales. HYBE Chief Legal Officer Jung Jin-soo testified as a witness while Min underwent questioning (Korea JoongAng Daily).
Put Option Dispute at the Center
At the heart of the case is a “put option” clause Min secured when she sold most of ADOR to HYBE. The clause allows her to sell her remaining 18 percent stake back to HYBE at a price based on ADOR’s operating profits.
ADOR reported an operating loss of 4 billion won in 2022 and an operating profit of 33.5 billion won in 2023, making Min’s payout roughly 26 billion won. She currently holds 573,160 shares (Korea JoongAng Daily, News1).
HYBE contends the shareholder agreement was terminated in July 2024, nullifying Min’s right to exercise the put option (Chosun).
The conflict escalated in April 2024, when HYBE launched an audit of Min and other ADOR executives, later expanding into the dispute over NewJeans’ exclusive contract (Korea JoongAng Daily).
HYBE’s Court Arguments
HYBE argued that Min forfeited her rights by attempting to seize control of ADOR and interfering in company management.
Jung Jin-soo, HYBE Chief Legal Officer, testified: “From beginning to end, I feel that Min Hee-jin is behind NewJeans’ contract cancellation notices” (Allkpop).
Jung also said HYBE did not intervene in media coverage: “There were reports, but there was competition for coverage. We didn’t have much choice” (Allkpop).
HYBE claimed Min secretly met with investors abroad and encouraged plagiarism and chart-rigging allegations against HYBE groups, framing these actions as evidence she sought unchecked power as ADOR’s CEO (Chosun).
Min Hee-jin’s Rebuttal
Min directly rebutted the allegations in court:
- On plagiarism claims surrounding Illit, she said: “This wasn’t my personal opinion. As soon as Illit’s teaser photos came out, communities were already asking, ‘Isn’t this just NewJeans?’ I didn’t start that conversation” (Sports Chosun).
- On investor allegations, Min stated: “It’s all rumor. There’s no evidence of actual contact or documents. If someone claims I showed something, then show it” (Sports Chosun).
- Addressing selective presentation of KakaoTalk messages, she told the court: “Submit the full conversation, not pieces. What they’ve presented is a made-up novel. It’s practically a soap opera. They decided to oust me and built a story around it” (Sports Chosun).
- On Illit’s album sales surge, Min argued: “That last-day spike wasn’t coincidence. It was a deliberate push to break NewJeans’ record” (Sports Chosun).
- Regarding her appearance in court, she explained: “I hadn’t planned to attend. But after hearing their testimony, I realized if I didn’t come, the lies would go unchallenged” (Sports Chosun).
- She also directly accused HYBE’s legal officer of lying and committing perjury during the hearing (Sports Chosun).
What’s Next
The concurrent hearings highlight the intertwined nature of the cases: if HYBE proves the shareholder agreement was terminated, Min’s claim to the 26 billion won payout could be invalidated.
The court will reconvene to question Min on November 27, 2025. Closing arguments are scheduled for December 18, 2025, with a ruling expected in late January 2026 (Korea JoongAng Daily).
Observers say the dispute has moved beyond a contractual disagreement into a high-profile battle over corporate credibility, market manipulation, and the management of ADOR’s most valuable asset, NewJeans (Korea JoongAng Daily).
