HYBE argues that the contract has been terminated, thereby nullifying the put option's validity.
Min Hee-jin has established her own agency, 'OOAK,' signaling a new challenge ahead.
The Seoul Central District Court's Civil Division 31 will hold the sixth hearing today at 2 PM on the lawsuit filed by HYBE against former CEO Min Hee-jin. This hearing will also cover Min Hee-jin's claim for payment amounting to 256 billion won for stock sales.
The core issue revolves around the validity of Min Hee-jin's put option. She officially notified HYBE of her intention to exercise the put option after stepping down from her position as a director in November. This amount was calculated based on 13 times the average operating profit of ADOR over the past two years, proportional to her ownership stake.
HYBE claims that the contract was terminated due to Min Hee-jin's attempted privatization, thus rendering the put option invalid. In contrast, Min Hee-jin's side insists that there was no breach of contract and that HYBE's termination notice lacks validity. She plans to personally attend today's hearing to articulate her position.
This lawsuit highlights a critical legal dispute between Min Hee-jin and HYBE, centering around the interpretation of the stock sales contract. The outcome regarding the validity of the put option could significantly impact her future career trajectory.
Min Hee-jin's emotional responses during court appearances underscore the importance of this lawsuit in her life. Her efforts to maintain the trust and reputation built during her time at ADOR are attracting considerable attention.
Moreover, the establishment of her own agency, 'OOAK,' signifies her pursuit of an independent path in the music industry. This move could strengthen her presence in the sector, especially with plans to produce a new boy group generating significant anticipation.
This article is KOSTAR’s reinterpretation of a story originally reported by TVDaily.
Photo: TVDaily
