OK Records CEO Min Hee-jin has expressed conflicting views towards HYBE in just two days.
On February 25th, Min Hee-jin held a press conference at the Kyowon Challenge Hall in Jongno-gu, Seoul, to discuss the results of her victory in the first trial of the lawsuit against HYBE regarding the claim for payment of stock sales and termination of the shareholder agreement related to the 25.5 billion won put option exercise, as well as her future plans.
Arriving six minutes late, Min Hee-jin read only the statement she had prepared, without taking questions. Min Hee-jin stated, “To HYBE and Chairman Bang Si-hyuk, let’s meet now not in the courtroom, but in the realm of creation. In an era where corporate responsibility is becoming more serious, such as the amendment to the Commercial Act in July 2025, choosing to resolve the risks of the entertainment industry and reconcile would be the wisest management decision for shareholders and fans.” She then proposed to HYBE that instead of relinquishing 25.6 billion won, HYBE should immediately cease all ongoing civil and criminal lawsuits and terminate all disputes. This proposal included not only Min Hee-jin personally but also the NewJeans members, external partners, former ADOR employees, and even the termination of all lawsuits and accusations against the fandom embroiled in this conflict.
Just two days before the press conference, Min Hee-jin indirectly mentioned HYBE and Bang Si-hyuk, stating, “Is this Dabolink Season 2? ㅋㅋ No one will fall for such a novel anymore. The talent for grandly inflating trivial matters and making it seem like something exists is exactly the same as somewhere else. Instead of focusing on an ordinary civil case, please focus on thoroughly investigating those under criminal investigation.”
She continued, “It seems like reverse-viral marketing started last week, right after my complete victory… such a trite tactic ㅉㅉ.” She also stated, “Please remember the obvious fact that I also have the right to rebuttal when reporting. Stop spreading false information and please uphold reporting ethics.”
Former CEO Min Hee-jin also added that she would hold those responsible for the false Dabolink report and today’s report accountable in civil and criminal court, stating, “I’m sick of it. You’d be good at writing SF novels or soap opera scripts.”
Previously, Dispatch reported, citing an insider, that former CEO Min Hee-jin was introduced to Kazumachi, a prominent figure in the Japanese racing industry, and discussed investments. They also claimed he led NewJeans’ “Pit Stop” stage at the Hong Kong ComplexCon, and that Bonnie Chan Woo, CEO of Complex China, inquired about selling NewJeans to HYBE, with Min Hee-jin’s involvement. Furthermore, they reported that “she wrote the script for NewJeans’ press conference to execute the termination of NewJeans’ contract and had the members memorize it.”
Previously, the 31st Civil Division of the Seoul Central District Court (Chief Judge Nam In-soo) held a hearing on the 12th to deliver a verdict on the lawsuit filed by HYBE against former CEO Min Hee-jin to confirm the termination of the shareholder agreement and the lawsuit filed by former CEO Min Hee-jin against HYBE regarding the claim for payment of stock sales related to the put option exercise. The court ruled, “HYBE’s claim is dismissed, and HYBE shall bear the costs of the lawsuit. Furthermore, Min Hee-jin’s exercise of the put option is legitimate, and HYBE must pay the amount of approximately 25.5 billion won.”
Subsequently, HYBE filed an appeal on the 19th, dissatisfied with the first instance ruling.
Furthermore, Chairman Bang Si-hyuk is under police investigation for allegedly making approximately 190 billion won in illicit profits during HYBE’s initial public offering (IPO) process. Prior to HYBE’s IPO in 2019, Chairman Bang Si-hyuk is accused of falsely telling existing investors that there were no plans for an IPO and then having them sell HYBE shares to a private equity fund (PEF) established by an acquaintance. It is reported that one of the three registered directors at the time of the PEF’s establishment was an acquaintance of Bang Si-hyuk. Subsequently, Chairman Bang Si-hyuk proceeded with the IPO, and financial authorities believe that Chairman Bang earned approximately 190 billion won in illicit profits, including receiving 30% of the sales profits from the private equity fund.
In connection with this, Chairman Bang Si-hyuk has been investigated by the police a total of three times.
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