The court ordered HYBE to pay 25.5 billion won.
Min Hee-jin plans to produce a boy group with her new agency OOAK.
Min Hee-jin, former head of ADOR, has secured a victory in court against HYBE. The Seoul Central District Court’s civil division ordered HYBE to pay 25.5 billion won to Min Hee-jin as part of her stock sale compensation claim. The court clarified that the 'empty shell' message cited by HYBE does not imply the transfer of NewJeans and that this move was conducted under HYBE's consent.
The court dismissed allegations of Min Hee-jin's independence attempt being a breach of contract, reinforcing that there was no substantive evidence of a violation on her part. Additionally, the court recognized her right to the put option, asserting that HYBE’s contract termination claims lack merit. The dispute ignited when HYBE accused Min Hee-jin of privatizing ADOR, leading to the claimed termination of the shareholder agreement.
While HYBE contended that the put option's validity was extinguished, the court estimated damages of 25.6 billion won based on the profits Min had achieved. Min Hee-jin has recently established a new agency, OOAK, where she plans to produce a boy group.
This court ruling is a significant landmark in Min Hee-jin's management journey, showcasing her decision-making and highlighting the contention with HYBE. By allowing the concept of 'empty shell', the court emphasizes that her independent management strategy unfolded with minimal interference from HYBE, potentially reshaping the public perception of the brand.
Furthermore, the 25.5 billion won from the put option serves to validate Min Hee-jin’s managerial capabilities and will undoubtedly influence her future endeavors positively. Her new agency, OOAK, presents her with fresh opportunities for growth and further distinction in the music industry.
Lastly, this case underscores the critical importance of contracts in corporate dealings and management. Min Hee-jin's victory is expected to resonate as motivation for many entrepreneurs, particularly reaffirming the significance of independence in relationships with larger corporations.
This article is KOSTAR’s reinterpretation of a story originally reported by TVDaily.
Photo: TVDaily
