Former ADOR CEO Min Hee Jin Wins Lawsuit Against HYBE
Min Hee Jin won her lawsuit against HYBE, with the court ruling in her favor regarding the put option and dismissing HYBE's claims.Summary
On February 12, the Seoul Central District Court ruled in favor of former ADOR CEO Min Hee Jin in her lawsuit against HYBE. The court dismissed HYBE’s claim to confirm the termination of the shareholder agreement and validated Min Hee Jin’s exercise of a put option, requiring HYBE to pay ₩25.5 billion KRW (approximately $17.6 million USD). The court reasoned that HYBE’s ability to dismiss Min Hee Jin, owning 80% of ADOR’s shares, necessitated strong grounds for termination, such as breach of trust, damages exceeding ₩1.00 billion KRW, or embezzlement.
Min Hee Jin had announced her resignation as an inside director of ADOR in November 2024 and subsequently exercised her put option, initiating legal action to secure payment. The total amount in dispute was approximately ₩28.7 billion KRW (about $19.8 million USD).
The court emphasized that the director delegation agreement allows for dismissal, but trust and financial interests strengthen over time, supporting Min Hee Jin’s right to exercise the put option. The put option is estimated to be worth about ₩100 billion KRW (about $69.1 million USD) after 2025.
(Source：Koreaboo)