Min Hee-jin and HYBE Clash Over 26 Billion Won Shareholder Dispute

By Jieun, Baek

Apr 17, 2025

Min Hee-jin and HYBE Clash Over 26 Billion Won Shareholder Dispute



The 26 billion won battle between former ADor CEO Min Hee-jin and Hive continues.

The hearing of the 31st Civil Affairs Department (Chief Judge Nam In-soo) of the Seoul Central District Court held the second hearing on the 17th to confirm the termination of the contract between shareholders filed by Hive with former CEO Min Hee-jin. Former representative Min was absent on the day, but about a dozen lawyers from both sides attended.

The issue of the lawsuit on this day was whether to terminate the contract between shareholders.




Hive filed a lawsuit to confirm the termination of the contract, saying in a semi-annual report released in August last year that the shareholder contract with former CEO Min was terminated.

However, former representative Min said, `There has been no violation of the contract between shareholders, and this has also been confirmed through the court's decision on provisional injunction. "Unless the parties agree or the other party violates the contract, neither party shall unilaterally terminate the inter-shareholder contract."

Since then, former CEO Min resigned from the company's executive director in November last year and notified Hive that he would exercise his put option, which is estimated to be about 26 billion won.




Min Hee-jin and HYBE Clash Over 26 Billion Won Shareholder Dispute
If the inter-shareholder contract is terminated as Hive claims, the put option will be extinguished. Hive said "The legal requirements differ as to whose cause the contract was terminated. It is our argument that there is a benefit of the litigation in accordance with precedent."

Former representative Min's position is that he exercised his put option without the termination of the contract between shareholders.

In response, the court decided to merge a lawsuit to confirm the termination of the contract between shareholders and a lawsuit to pay for put options.




The next date was set at 2:10 p.m. on June 12.

Min Hee-jin and HYBE Clash Over 26 Billion Won Shareholder Dispute
Meanwhile, Newzins, who declared himself a "Tal-A-Door" after former CEO Min left the door, was blocked from independent action. In November last year, Newzins announced that his exclusive contract with Adore was terminated, and that he would change his team name to 'NJZ' and conduct independent activities. In response, Adore filed an application for provisional injunction, including a lawsuit to confirm the validity of an exclusive contract, preserving the status of an agency, and prohibiting the conclusion of an advertising contract. The court cited all applications for provisional injunction filed by Adore. Newzins claimed that 11 violations of the contract occurred, including the dismissal of former representative Min, but the court refused to accept it. Newzins filed an objection, but the court rejected it. Newszins is immediately appealing.



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