By Shim Sun-ah
Min Hee-jin, now leading Ooak Records, her own label, announced a significant proposition at a press conference in Seoul. This followed a recent court ruling partially in her favor in the ongoing legal dispute with Hybe, the parent company of ADOR.
“I’ve decided to trade 25.6 billion won for a different kind of value,” Min stated. “I am here because there are things I value far more than a large sum of money. This is about the NewJeans members. In exchange for foregoing the 25.6 billion won, I propose that all civil and criminal lawsuits between us be concluded,” she declared, referencing the popular girl group NewJeans under the ADOR label.
Min Hee-jin emphasized that she “cannot watch some standing on stage while others stand in court,” adding that the situation was “painful for both the members and fans.”
Her announcement follows the Seoul Central District Court’s dismissal earlier this month of Hybe’s lawsuit seeking to confirm the termination of its shareholders’ agreement with Min Hee-jin and another executive.
The court also ruled that Hybe must pay 25.5 billion won as a put option to Min Hee-jin due to the validity of the shareholders’ agreement. While the court acknowledged Min Hee-jin’s potential efforts to make NewJeans independent from ADOR, it concluded that these circumstances did not constitute a serious breach of the agreement.
Hybe appealed the ruling last week, and the same court subsequently granted the company’s request on Wednesday to stay the execution of the put option payment until an appellate ruling is made.
