Min Hee-jin v. HYBE: Lawsuit for Stock Purchase Payment, 1st Hearing & HYBE v. Min Hee-jin: Lawsuit to Confirm Termination of Shareholders’ Agreement, 3rd Hearing (Consolidated Hearing)

The 31st Civil Division of the Seoul Central District Court held a hearing on the stock purchase price claim lawsuit filed by former CEO Min and two others against HYBE.

The court also conducted a joint hearing with the third hearing on the shareholders’ agreement termination confirmation lawsuit filed by HYBE against former CEO Min and one other person.

Argued that former CEO Min planned and executed a scheme to “take NewJeans away” in advance, and that grounds for termination of the shareholders’ agreement exist, making the put option unexercisable.

“The purpose of the shareholders’ agreement was the growth and development of ADOR, and for this purpose, ADOR was prohibited from engaging in any actions that could harm HYBE.”

“The materials reveal how they planned to ‘take NewJeans away’ and that the purpose was to breach the contract.”

“A violation of the shareholders’ agreement was confirmed, leading to the termination of the contract, and the put option is also invalid. Last year alone, ADOR paid former CEO Min a salary of 2.7 billion won, and while receiving such a large salary, she was secretly trying to take NewJeans away.”

“The various circumstances that have already been revealed prove the grounds for termination that make it impossible to maintain the contract, and the relationship of trust cannot be said to have been maintained.”

“The essence of this court is for the plaintiff to present evidence and for the defendant to rebut the evidence. If (former CEO Min) claims she never tried to ‘take NewJeans away,’ she should confidently explain that the submitted evidence does not mean that, but she has been completely unable to do so.”

Claimed that the put option exercise is valid because there are no grounds for liability.

Argued that there was no ‘taking NewJeans away,’ and that the chronological sequence does not align.

“The shareholders’ agreement termination was in July, the put option was exercised in early November of last year, and the NewJeans members notified ADOR of their exclusive contract termination at the end of November. One can only claim ‘taking away’ after the members notified of contract termination, and such actions occurred only after December.”

“(HYBE’s claims) are like fiction. They are even making the absurd claim that former CEO Min had been dreaming of idol independence by taking trainees away to an independent label since she joined the company.”

“We have never acknowledged (the evidence submitted by HYBE) as evidence, nor have we ever acknowledged it as lawful. We have consistently been crying foul about the illegality of KakaoTalk messages and other materials illegally obtained by HYBE.”

Set the next date for September 11, 2025, and will proceed with witness examination of witnesses requested by HYBE’s side.