HYBE v. Min Hee-jin: Closing Hearing for Lawsuit to Confirm Termination of Shareholders’ Agreement & Lawsuit for Stock Purchase Payment

On the morning of the 15th, the Seoul Central District Court Civil Division 31 held the final hearing for the lawsuit filed by HYBE against former ADOR CEO Min Hee-jin and others to confirm the termination of the shareholders’ agreement, as well as the lawsuit filed by Min Hee-jin against HYBE for the payment of put option claims.

1. Complete Collapse of Trust Relationship

HYBE argued that the trust between major shareholders, which is the core of the shareholders’ agreement, has completely collapsed due to the defendants’ actions.

2. Betrayal Despite Full Support

They claimed that despite providing full support, such as funding 21 billion KRW and lending 3.7 billion KRW in personal funds for NewJeans even before their debut, the defendants sought and executed plans to control ADOR independently.

3. Impossibility of Cooperation and Justification for Contract Termination

HYBE emphasized that “cooperation is impossible with a counterparty who destroys trust and intentionally causes harm,” and that the contract termination is justified because the KakaoTalk conversations were not mere imagination but reached the stage of actual execution.

1. Defining the Essence of the Case

Min Hee-jin’s side defined the essence of this lawsuit as “the plaintiff’s attempt to remove the ‘protruding stone’ and tame the label.” They argued that a massive corporation is “making an example by mobilizing methods to pour a crossfire that an individual cannot withstand,” and pressuring with unreasonable lawsuits despite the absence of substantial illegal acts.

2. Pointing Out Fictitious Evidence (Storytelling)

Regarding the evidence presented by the plaintiff (HYBE), they strongly criticized, stating, “The plaintiff is still in the process of completing a story by adapting KakaoTalk conversations spanning several years.” They further pointed out, “The plaintiff scrutinized Min Hee-jin thoroughly, but investment proposals were nowhere to be found,” rebutting that HYBE’s claims are fiction, “merely asserting a violation of the shareholders’ agreement by stitching together fragmented words.”

3. Denial of Management Takeover Allegations

Former CEO Min Hee-jin asserted, “I did not possess the shares to take over ADOR, nor did I meet any investors to buy ADOR shares.” She maintained that the management takeover attempt claimed by the plaintiff has no substance and is merely a speculation criminalizing “imaginations that only happened within KakaoTalk conversations.”

4. Sincerity and Petitions

She reminded the court of the fact that NewJeans members, their parents, and employees submitted petitions during the injunction lawsuit last year despite the short hearing period. The legal team described this as an “amazing experience,” emphasizing that the fact that members stepped forward even in a situation where they “had no choice but to be wary of HYBE, the largest entertainment company in Korea,” is evidence that “Defendant Min Hee-jin has worked for ADOR and NewJeans with sincerity.”

5. Summary of Final Argument

The defendant’s side concluded their argument by appealing to the court, stating, “Please do not be misled by the plaintiff’s storytelling that mocks and adapts private conversations, and we ask you to examine this case, which consists mostly of words, rationally and objectively.”