Court Grants Suspension of Compulsory Execution for HYBE’s ‘Payment of 25.5 Billion Won to Min Hee-jin’

The court granted HYBE’s application to suspend compulsory execution regarding the 25.5 billion won lawsuit for stock purchase payment (put option) dispute between HYBE and former ADOR CEO (current CEO of OOAK Records) Min Hee-jin. In response, OOAK Records CEO Min Hee-jin’s side stated that it was an expected procedure and announced plans to claim an additional 12% annual interest in the appellate court.

On the 23rd, Civil Division 17 of the Seoul Central District Court granted the application to suspend compulsory execution filed by HYBE.

-Omitted-

Regarding this, Shin & Kim, the legal representative of OOAK Records CEO Min Hee-jin, stated, “It was an expected procedure for the compulsory execution to be suspended by the debtor, who lost in the first trial, providing security to prevent provisional execution.” They added, “In fact, since HYBE applied for compulsory execution on the very day the certified copy of the judgment was dispatched, it was an expected course of action for the compulsory execution to be temporarily suspended by providing security. Normally, secrecy is important in claim attachment, so the case cannot even be searched until the attachment order is issued. However, OOAK Records CEO Min Hee-jin openly disclosed the attachment application form after being informed that the compulsory execution would be suspended anyway. We naturally expected the compulsory execution to be temporarily suspended.”

They continued, “In the appellate court stage, we plan to immediately claim 12% annual interest on the principal of approximately 25.6 billion won. Specifically, when the appellate trial officially begins, we will apply for an expansion of the claim and plan to additionally claim 12% annual interest on the principal from the day after HYBE receives the application until the day it is fully repaid.”

HYBE did not release a statement regarding the matter.