HYBE v. Min Hee-jin: Lawsuit to Confirm Termination of Shareholders’ Agreement, 6th Hearing & Lawsuit for Stock Purchase Payment, 4th Hearing
On the afternoon of December 18, Civil Division 31 of the Seoul Central District Court (Presiding Judge Nam In-soo) held hearings for the lawsuit to confirm termination of the shareholders’ agreement filed by HYBE against former CEO Min Hee-jin and others, as well as the lawsuit for stock purchase payment related to the exercise of the put option (right to sell shares) filed by former CEO Min Hee-jin against HYBE.
📌 Trial Overview and Courtroom Atmosphere
◦Case title: Lawsuit to confirm termination of shareholders’ agreement and lawsuit for stock purchase payment related to the exercise of the put option (right to sell shares) worth approximately 26 billion won
◦Court: Civil Division 31 of the Seoul Central District Court (Presiding Judge Nam In-soo)
◦Date: Afternoon hearing on December 18, 2025 (lasted over 6 hours, ended at 8:24 PM)
◦Courtroom atmosphere and notable points:
–Both sides showed sharp reactions toward each other throughout, and the presiding judge had to mediate the heated atmosphere.
–There were multiple recesses during the examination. About 3 hours and 30 minutes in, former CEO Min said “I have panic disorder” and showed signs of distress, after which the court declared a recess before resuming the examination.
–After the examination concluded, the presiding judge asked “The arguments are actually finished, but is there absolutely no possibility of mediation?” and encouraged both sides to consider the possibility of mediation before concluding the session.
–The examination of the parties began with HYBE’s side presenting former CEO Min’s past messenger conversations on a screen, to which former CEO Min responded, “This is content from before ADOR was established—what does it have to do with the shareholders’ agreement? I don’t understand why I should answer this.”
–According to reports, during the examination process, both sides repeatedly interrupted each other. HYBE’s side strongly demanded “yes/no” type answers from former CEO Min, while former CEO Min countered by trying to explain the situation at the time and her thoughts. As a result, when former CEO Min began to answer, HYBE’s side would cut her off, and former CEO Min would respond in a louder voice, with HYBE’s side also asking questions in a louder voice—this pattern repeated multiple times. The presiding judge intervened several times, but similar conflicts continued.
–According to reports, HYBE’s attorney clicked their tongue while pointing out former CEO Min’s manner of speaking, to which former CEO Min protested, “Why are you clicking your tongue at me? Isn’t this a personal insult?”
–Fans who attended the hearing also noted that there was a pattern of trying to limit former CEO Min’s answers to “yes/no” during HYBE’s questioning, and the presiding judge reportedly commented to the effect that “In a normal situation, that would be correct, but the questions contain HYBE’s claims. If you look at the media coverage, it continuously has the effect of creating a negative impression.”
📌 HYBE’s Examination Content
◦Questioning the impropriety and allegations of preferential treatment in the ADOR-BANA service contract:
–HYBE’s side pointed to the structure of the service contract between ADOR and BANA, taking issue with the fact that ADOR paid BANA approximately 33 million won per month in service fees, paid additional personnel costs beyond CEO Kim Ki-hyun, and agreed to pay 5% of total revenue as an incentive.
–They particularly emphasized that in 2022, the service fees received by BANA amounted to twice the total settlement paid to all NewJeans members, and pressed on why the contract was designed in a manner favorable to BANA.
–HYBE’s side also specifically questioned the process by which conditions changed in the second contract—whether terms related to album royalties were adjusted, whether it changed to a structure where past album royalties were paid cumulatively, whether it was revised to pay 3% of revenue to Kim Ki-hyun personally, and whether the incentive increased from approximately 400 million won annually at the time of re-contracting to 1 billion won annually.
–They also pressed on whether the compensation provided to CEO Kim Ki-hyun was an unprecedented “advance payment before work” arrangement in the industry, raising allegations of preferential treatment connected to the fact that he is a former boyfriend.
◦Questioning intent regarding the use of BANA and independent activities:
–HYBE’s side referenced an article (dated February 14, 2025) suggesting that “contact was made with BANA” at the time NewJeans was attempting independent activities under the new name NJZ, and confirmed whether former CEO Min was aware of this.
–They also questioned whether she tried to circumvent “non-compete” restrictions by using BANA, or whether she had BANA in mind to serve as an agency at the time of independent activities.
◦Questioning ‘independence plotting’ through shaman KakaoTalk and feelings toward HYBE:
–HYBE’s side referenced expressions like “Let’s take it in 3 years” and “I want to have it” from KakaoTalk conversations former CEO Min had with a shaman in March 2021, pressing on what those expressions meant.
–They then questioned whether there was a contradiction in the fact that despite having negative feelings toward HYBE even before ADOR was established, she went ahead with establishing ADOR and signing the shareholders’ agreement.
◦Pointing out procedural defects and allegations of unauthorized access to internal materials:
–HYBE’s side repeatedly confirmed whether there was a board resolution for the BANA service contract, which should have been an important contract requiring board approval, pressing “Is the question difficult? Did the board approve it?”
–They also pointed out that in April 2024, a person named Lee, who was then Vice President of ADOR, accessed HYBE’s finance-related work folder without authorization and downloaded financial accounting materials of other labels and affiliated artists, questioning whether former CEO Min received those materials.
◦Whether she was involved in the NewJeans emergency live broadcast:
–HYBE’s side questioned whether former CEO Min knew in advance what content would come out during the emergency YouTube live broadcast conducted by NewJeans members last September, and whether she was involved or participated in any way.
📌 Min Hee-jin’s Testimony and Arguments
1. Regarding the ADOR-BANA Contract
◦Fair compensation based on musical contribution:
–In response to the allegation that BANA had been providing exclusive A&R services since ADOR’s establishment, former CEO Min argued, “BANA didn’t want to do idol work. Their music was absolutely necessary, and (thanks to that) NewJeans actually became hugely successful.”
–Regarding CEO Kim Ki-hyun, she explained that he was “the person who actually created all of NewJeans’ songs with me” and “a very capable person,” even expressing that “Kim Ki-hyun actually is NewJeans. 250 is NewJeans.”
–Regarding the scale of incentives, former CEO Min said “I don’t think 1 billion won is a large amount at all,” countering that it was not excessive compensation by mentioning examples of compensation other producers in the industry had received.
◦Background of introducing and collaborating with BANA (context before the contract):
–Former CEO Min testified that between 2020 and 2021, plans for a new girl group (NewJeans) were already in place. She evaluated BANA as “a really excellent music label” and introduced them to Bang Si-hyuk, and also sent demos to introduce them to HYBE’s A&R, but they were dropped (rejected).
–She also claimed that at that time, she hadn’t even decided whether to establish ADOR or not, and the direction within HYBE was also inconsistent, adding her dissatisfaction that “reasons are being attached after the fact.”
◦Response to questions about contract adjustment (second contract):
–To HYBE’s questions about whether album royalty-related items were adjusted in the second contract, whether it changed to a structure paying cumulative past album royalties, whether it was revised to pay 3% of revenue to Kim Ki-hyun personally, and whether incentives increased to 1 billion won annually based on the re-contracting period, former CEO Min reportedly answered “yes” to those questions.
2. Former Boyfriend Relationship and Separation of Public and Private: “Not Preferential Treatment but Fair Compensation”
◦Acknowledging the former boyfriend relationship and drawing the line on personal interactions:
–Former CEO Min revealed that CEO Kim Ki-hyun is “a former boyfriend. I intentionally told Park Ji-won (about that fact),” but drew the line by stating that they are not currently in a romantic relationship and there was no personal interaction during work.
–When asked whether they were dating at the time of the first and second service contracts, she answered that they had broken up long before the NewJeans project started.
◦Providing part of put option and compensation logic:
–Former CEO Min explained that the contract to transfer part of her put option to CEO Kim Ki-hyun was drafted together because she wanted it, saying “I need to compensate capable people, but since I can’t do it with company money, I gave it from my own share from the perspective that it’s okay for me to give from my portion.”
◦Explanation regarding the 100 million won trademark acquisition:
–Regarding ADOR acquiring the ‘ADOR’ trademark for 100 million won, former CEO Min stated her position that it was a fair price, explaining that it was “a total of 100 million” including logo usage rights and scope, as well as the ability to additionally utilize the designer.
3. Board Approval Dispute: “I Don’t Remember, but I Believed It Was Approved”
◦Key moment regarding whether there was a board resolution:
–When HYBE’s side repeatedly asked about board approval, the presiding judge clarified “Wait, you can just say whether there was or wasn’t a board resolution for that contract,” and former CEO Min answered “Actually, I don’t remember.”
–However, former CEO Min explained that there was prior consultation with former CEO Park Ji-won in the sense that “Hee-jin can handle it as she sees fit,” and that Bang Si-hyuk also knew this, explaining that she believed there was approval or verbal agreement from Park Ji-won.
4. Raising Issues about KakaoTalk Evidence and Media Leaks: “This Is Surveillance of Private Citizens and Framing”
◦Claims about how the KakaoTalk was obtained and surveillance:
–Former CEO Min strongly criticized the KakaoTalk evidence presented by HYBE, saying “The way it was obtained is so impure, and this is actually surveillance of private citizens,” and said “If you cut up and patch together KakaoTalk conversations, anyone can become a bad person tomorrow.”
–She also mentioned inequality regarding media coverage, saying that while there are few articles about cases under criminal investigation, articles about her come out “300-400 at a time even for trivial matters.”
◦Rebuttal to the shaman-BANA connection framing and suspicion about ‘exclusive’ articles:
–Former CEO Min argued that the shaman-related conversation was from before ADOR was established, and that the person is just an acquaintance, but they created an unrelated story by framing it as “shaman.”
–Furthermore, she said HYBE is digging through KakaoTalk to forcibly create reasons, expressing that “this is actually personal surveillance,” and regarding “exclusive” articles, she expressed suspicion that “it says exclusive, which means someone provided the source.”
–Regarding the article about alleged BANA contact, she answered “I know (that article) because XXXX is a media outlet famous for being pro-HYBE,” adding “Today (looking at this) I realize ‘ah, so that’s why it came out.’”
◦Re-questioning and answer regarding ‘recipient of attached shaman KakaoTalk’:
–HYBE’s side re-questioned suggesting “the external recipient to whom the shaman conversation was attached and sent was Kim Ki-hyun,” and former CEO Min answered “I didn’t know because I didn’t send it,” saying “There’s no reason for me to send my own KakaoTalk.”
5. Claims Regarding NewJeans Members: “Not for Me, but to Protect Themselves”
◦Nature of the emergency live broadcast:
–Former CEO Min said she knew what would be discussed in the emergency YouTube live broadcast conducted by NewJeans members, but argued that the live broadcast was not to save her but rather “something they did for themselves,” and that they took this action because the CEO suddenly disappeared leaving a vacancy and NewJeans was subjected to a media war.
6. Allegations of Internal Data Download and Denial of Sharing
◦Regarding access to the finance folder:
–When HYBE’s side raised allegations of Vice President Lee’s access to the finance folder and downloading of materials and asked former CEO Min whether they were shared with her, former CEO Min answered “no” and said “I never received any such materials and I don’t know why they were downloaded at that time.”
7. Position on Payment Issues After Activity Suspension
◦Controversy over continued payment of service fees:
–When HYBE’s side took issue with the fact that the obligation to pay monthly fees and incentives under the service contract continues even when activities have stopped, former CEO Min answered “There is no way, absolutely no way, that BANA would not be working.”
8. Purpose of the Lawsuit and State of Mind: “Not Because of Money, but to Fix Corporate Culture”
◦Claims about corporate culture and retaliatory audit:
–Former CEO Min emphasized that “the reason I’m doing this lawsuit is not because of money,” and appealed that she wanted to reveal the situation where she is being framed to the end even though she did nothing wrong.
–She expressed her state of mind as “feeling like I’m being beaten in Gwanghwamun right now” and “a painful lawsuit,” saying that HYBE’s methods and corporate culture need to be fixed.
◦Corporate credit card statement:
–Former CEO Min said “I’ve come this far because I wasn’t caught on the corporate credit card,” and mentioned “Digging through the corporate card—Park Ji-won taught me about this. He said he sent a lot of people that way at Nexon,” arguing that having no issues with the corporate card is proof that she managed cleanly.
9. Claims Regarding Grammy Best New Artist Submission/Campaign (From Courtroom Observers)
◦Grammy submission discussion and claims of HYBE PR team opposition:
–According to multiple fans who attended the hearing, claims were made that ADOR was considering submitting NewJeans for the Grammy Best New Artist category around February 2023, but HYBE’s PR team showed a negative attitude, saying “A campaign is needed for it to lead to a nomination, and if there’s no plan to actively conduct a campaign, it’s better not to submit.”
–In the same vein, content was shared that HYBE’s PR team responded “If you’re not going to do the campaign, it’s better not to even try” and “It’s not easy,” and claims were also presented that former CEO Min responded by asking “I see… but isn’t that what the PR team is supposed to do?”
–Multiple fans who attended the hearing are reporting that as a result “NewJeans was not submitted,” and are describing this process as connected to HYBE PR team’s passive attitude.
◦Mention of Rolling Stone’s ‘Grammy Best New Artist prediction’:
–According to multiple fans who attended the hearing, it was added that a Grammy Best New Artist prediction/analysis article was posted on Rolling Stone and NewJeans was included in the prediction list, and links to Rolling Stone X (Twitter) posts were attached along with these claims.
–Based on this, some writers added interpretations raising concerns about HYBE PR team’s attitude regarding “submission and campaign possibilities.”
10. Claims of ‘Award Change’ at 2022 MAMA (From Courtroom Observers)
◦Claims of NewJeans’ scheduled award and same-day change:
–According to multiple fans who attended the hearing, claims were made that at the 2022 MAMA awards ceremony, “NewJeans attended because they were told they would receive an award, but the award was changed on the day of.”
–These claims also mentioned “there is conversation content that while on the phone with the manager, it was said this happened because of Bang Si-hyuk” and “I protested to Park Ji-won,” and content was also shared that former CEO Min said “Why are they giving an award to me? I wasn’t even a nominee, but suddenly they give an award to Min Hee-jin and not to NewJeans. There are so many ways to humiliate someone.”
◦Difference in ‘day before/day of’ expressions:
–Some posts described it as “changed the day before the ceremony” while others described it as “changed on the day,” showing differences in the timing expressions.
📌 Upcoming Schedule
◦January 15, 2026: Next hearing scheduled
◦February 12, 2026: First trial ruling scheduled
🔗 Reference Links