New info from HYBE released to the press
[Exclusive] Min Hee-jin met with Naver and Daum, asking them to take over Ador.
It was confirmed that Min Hee-jin, CEO of Ador, contacted Naver and Upbit operator Daum to secure management rights. Naver and Daum reportedly admitted to HYBE that they met with CEO Min. As the existence of an external investor that has never been revealed until now is revealed, HYBE's argument that CEO Min has been pushing to seize management rights is expected to gain strength. So far, CEO Min has claimed, “I have never met any investors (to seize management rights of the company).”
According to the investment banking (IB) industry and legal circles on the 17th, CEO Min met with Daum Chairman Song Chi-hyung and Naver officials and proposed the acquisition of Ador. Representative Min is known to have made remarks to Chairman Song, such as “pressure HYBE to leave Ador.” Daum holds a 5.6% stake in HYBE and is the third largest shareholder with the right to elect directors.
The circumstances of CEO Min's contact with Naver and Daum were revealed during HYBE's audit of CEO Min. Previously, HYBE began an internal audit on the 22nd of last month after confirming that CEO Min had accessed and illegally downloaded trade secrets that only HYBE can manage, such as dividend details by artist and income by region. This is to confirm the so-called 'usurpation of management rights' attempt by CEO Min to attract external investors and sell HYBE's shares of Ador.
It is said that during the audit process, HYBE accessed CEO Min's PC and discovered KakaoTalk conversation logs containing CEO Min's contacts with Naver and Daum. In this document, Representative Min said, “Song Chi-hyung doesn’t even understand what I’m saying. XX” and “Naver still understands it rather well”. Previously, HYBE also disclosed a conversation history in which CEO Min responded “jackpot” to Ador’s plan to secure cash through put options and purchase shares of Ador from Hive through financial investors (FIs). .
Ador's shares are owned by HYBE (80%) and CEO Min (18%). The remaining 2% was distributed by CEO Min to two internal directors (Vice President Shin and Chief Creative Director Kim). In order for CEO Min to secure management rights to Ador, she must attract outside investors.

So far, CEO Min has been protesting, saying, “I have never met any investor to seize management rights of the company.” CEO Min also responded to HYBE's claim that they had discussed the seizure of management rights with external investors the day before, saying, "We knew that capital increase or sale was impossible without the consent of major shareholders, so we did not provide any review opinions regarding the seizure of management rights, such as capital increase or sale." “He countered.
In response to this, HYBE said, “Specific conversations with those in the investment industry cannot proceed if it was Saddam who took over management rights,” and added, “CEO Min said at a press conference on April 25, ‘Bring before me who the investors were and what they were conspiring with.’ She deceived the entire public by pretending that he had never met the investor, but the lies are being revealed one by one by evidence and facts.”
Meanwhile, on this day, the hearing on the provisional injunction filed by Representative Min to ban the exercise of voting rights is underway. The gist of the content is to prevent HYBE from exercising its voting rights on CEO Min's dismissal ahead of Ador's extraordinary general shareholders' meeting to be held at the end of this month. If the court makes a decision to grant it, HYBE, which owns 80% of Ador's shares, will be blocked from exercising its voting rights, making it impossible to dismiss CEO Min.
https://v.daum.net/v/20240517102018200