Former ADOR CEO Min Hee Jin saw her attempt to seize assets from HYBE put on hold after the court accepted HYBE’s request for a stay of compulsory execution.
On February 23, the Seoul Central District Court’s Civil Division 17 granted HYBE’s application to suspend enforcement of the first trial ruling. HYBE had filed the request on February 19 alongside its appeal in the stock sale payment lawsuit related to the put option dispute.
The first trial court previously ruled in favor of Min Hee Jin, ordering HYBE to pay her 25.5 billion KRW (19–20 million USD). The court also dismissed HYBE’s lawsuit seeking confirmation of termination of the shareholder agreement. Additionally, the ruling ordered payments to two former ADOR executives who exercised the put option alongside her.
Following the initial victory, Min moved to freeze HYBE’s bank accounts as a follow up measure and shared a scanned copy of the seizure application online. However, with the court now granting HYBE’s stay of execution request, enforcement of the 25.5 billion won judgment will be suspended until the appellate court delivers its decision. HYBE is expected to provide a large scale security deposit equivalent to the first trial amount.
The legal battle between the two sides is set to continue in the appeals court. Meanwhile, Min Hee Jin, now head of 'OK Records', is scheduled to hold a press conference on February 25 to address the lawsuit and the shareholder agreement dispute.
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