[Breaking News] Court rules in favor of Min Hee-jin… wins first trial against HYBE in 25.5 billion KRW put option case
https://t.co/X9xsSu4OK7
Reporter Yoo Ji-hee
The court has ruled in favor of former ADOR CEO Min Hee-jin in lawsuits related to the shareholder agreement and the exercise of a put option between HYBE and Min.
On the morning of the 12th, the Civil Agreement Division 31 of the Seoul Central District Court (Presiding Judge Nam In-soo) dismissed HYBE’s lawsuit seeking confirmation of termination of the shareholder agreement against former CEO Min. The court also rejected the defenses raised by the defendant — HYBE — in the lawsuit filed by Min seeking payment for shares related to the exercise of the put option.
Previously, in November 2024, Min notified HYBE of her intention to exercise the put option for her ADOR shares. Based on the number of ADOR shares she holds according to ADOR’s audit report, the amount she could receive is reported to be approximately 26 billion KRW.
However, HYBE had argued that since it had notified termination of the shareholder agreement — which forms the basis of the put option — in July of the same year, the put option exercise was no longer valid.
In contrast, Min maintained that the termination of the agreement was unjustified and refused to acknowledge it, leading both sides to continue an intense legal battle in court. In particular, during the litigation process, Min personally appeared in court three times for witness examinations and denied all allegations related to NewJeans tampering and attempted management control takeover.