🔗 2025-09-13 Team Bunnies Post – Trial Content Excerpts: Shin & Kim and Jung Jin-soo (2)

From the Trial: Shin & Kim and Jung Jin-soo (2)

During questioning of Jung Jin-soo by Shin & Kim (Attorney Won Lee) regarding the shareholders’ agreement multiple:

“Defendant’s Exhibit 53 (presenting a conversation between Min Hee-jin and a CEO surnamed Kim, a close acquaintance of Bang Si-hyuk). Even a CEO surnamed Kim, a close acquaintance of Bang Si-hyuk, told Min Hee-jin that ’13x is too low a figure and you shouldn’t accept it.’ Subsequently, Min Hee-jin contacted Plaintiff CEO Park Ji-won to protest whether 13x was being evaluated as fair value. Park Ji-won then reportedly called this CEO Kim and pressed him, asking, ‘Why did you say such things to Min Hee-jin?’ If even the closest acquaintance of Park Ji-won and Bang Si-hyuk advised against accepting it, isn’t it only natural that the Defendant would feel betrayed by the Plaintiffs? From the Defendant’s perspective, having heard such advice, this appears to be a situation where sufficient doubt about the 13x multiple was warranted.”

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During the questioning of Jung Jin-soo by Shin & Kim (Attorney Won Lee), there was discussion about the IPO related to Bang Si-hyuk’s ‘stock fraud allegations,’ with the following details:

“Defendant’s Exhibit 54 (presenting a conversation between Min Hee-jin and a headhunter hired by Bang Si-hyuk in 2019). This is a conversation that Defendant Min Hee-jin had after being contacted by a headhunter whom Chairman Bang Si-hyuk had hired in January 2019 to recruit Min Hee-jin, following the dispute that began on April 22nd. During negotiations with Chairman Bang Si-hyuk over salary and compensation when joining HYBE (then Big Hit), there were widespread rumors that the Plaintiff would soon go public, and the headhunter suggested that the incentives Min Hee-jin would receive could potentially be converted into shares once the company went public. However, Chairman Bang Si-hyuk stated that he ‘absolutely had no plans to go public’ and wanted to substitute the incentives with a signing bonus instead, and trusting this, the salary contract was signed.”