HYBE Labels will be filing a complaint against CEO Min Hee Jin.
CEO Min Hee Jin is being accused of attempting a hostile takeover of ADOR, the label representing NewJeans. In response, HYBE initiated an audit. HYBE directly implicated CEO Min Hee Jin, stating that a plan to seize control had been devised under her leadership. They declared their intention to prosecute those involved for embezzlement.
On April 25, HYBE released interim audit findings, confirming concrete evidence of the planned takeover orchestrated by CEO Min. They disclosed that evidence had been gathered, including information assets detailing the takeover plan and documents outlining strategies to undermine HYBE.
According to logs released by HYBE, CEO Min allegedly instructed the management team to pressure HYBE into selling its ADOR shares. Discussions allegedly took place on methods to prematurely terminate the exclusive contract with NewJeans and nullify agreements between ADOR's CEO and HYBE.
HYBE also revealed conversations suggesting intentions to attract global funds and strategize ways to undermine HYBE. Plans for execution, such as preparing for a public opinion campaign in May and making Udoor an empty entity for acquisition, were discussed.
Additionally, HYBE mentioned obtaining a statement from one of the audit subjects confirming that the wording "ultimately leaving HYBE" was based on statements made by CEO Min Hee Jin.
However, the interim audit results solely provided evidence of the planned takeover without revealing whether external funds were solicited or if public opinion campaigns were executed.
Based on these findings, HYBE plans to file a criminal complaint with the police against those involved for embezzlement and other charges.
Regarding NewJean's upcoming comeback, HYBE promised to support their return. CEO Park Ji Won expressed HYBE's commitment to the emotional well-being and stability of K-pop artists.
NewJean's released the music video for their new single album's title track, "Bubblegum" on April 27.
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just curious about why do ppl believe so firmly that this is a villain-victim situation. Atp you would expect us to be trained to silently wait and see what happens, because we've been fed with one too many plot twists in Korean real-life dramas. Playing the victim and being a victim are two completely different worlds, and no one here is staff from ador nor hybe to be speaking about "facts" from the bits that both parties choose to disclose by following a carefully elaborated media play. You're forgetting this is a feud between millionaires, not plebs like us. We had LOONA, but we also had FIFTY FIFTY. Like, literally no one here knows shit about what's actually going on there, don't you feel like sheep losing your marbles by defending either side? For the time being, I see no victims here, just a power play between big fish
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