Behind the scenes of the Hive New Jins dispute vs Min Hee-jin's last novel...Five-hour loud voice, sentencing in January next year
Sep 12, 2025
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On the 11th, a hearing was held in the 31st Division of Civil Agreement (Chief Judge Nam In-soo) of the Seoul Central District Court to confirm the termination of the contract between shareholders filed by Hive against former CEO Min and a lawsuit against Hive for stock trading.
The day drew attention as former representative Min appeared in court for the first time since the legal battle against Hive began last year.
On the Hive side, CLO (Chief Legal Officer) Jung Jin-soo attended as a witness. Chung CLO said former CEO Min tried to wield unwavering power by changing the contract between shareholders and raised suspicions of plagiarism and hoarding records by ILLIT, a girl group affiliated with Hive label Billifrap.
Regarding former CEO Min's obligation to ban competition even after the exercise of put options under the contract between shareholders is a slave contract that prevents him from leaving the company until a certain point, he does not agree. Min Hee-jin worked and caused problems in various departments. When writing the business agreement, there was a fear that it would be repeated without explicit provisions to protect the company", he explained.
In particular, the CLO claimed that former CEO Min was behind the scenes of an exclusive contract dispute between Newzins and Adore.
Chung CLO showed the data shown to Japanese investors by translating the opinion of the law firm Sejong that "100% New Jin wins" in Japanese at a time when New Jin's exclusive contract provisional lawsuit was pending. The prosecution also ordered a supplementary investigation into the former representative Min's decision to reject Hive's governance structure and investment environment as he urged the dispute."
In addition, in February 2024, the outside director at the time told Park Ji-won that `The people of Theodore are asking for help in planning an independence plan.' In March, I asked CSO(Chief Strategy Officer) 'Min Hee-jin to meet him when he suddenly asked for a solo meeting. I don't know why he asked me to meet him. I doubt it. Deputy CEO Odor met with analysts at Yeouido Securities Co. and added, `It seems that the hive artists are pushing away.'
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In addition, '(Hive) ultimately escapes'Differentiate Doror into empty shells' is a fictional novel. It's almost like a crazy drama. I made a story with the determination to oust me" he pleaded.
Min and Hive had a five-hour war of words shouting. Accordingly, the court decided to conduct an additional interrogation of former representative Min on November 27 and conclude the argument on December 18. Sentencing is expected to come out by the end of January next year.
Former CEO Min announced the exercise of put options when he resigned as Hive's executive director in November last year.
According to the shareholder contract signed by former CEO Min with Hive, if he exercises the put option, he will be able to receive 75% of his stake in Adore from the average operating profit multiplied by 13 times in the previous two years.
As of November last year, the base year for calculating put options is 2022-2023. Audor recorded an operating loss of 4 billion won in 2022 and an operating profit of 33.5 billion won in 2023. According to Adore's audit report released in April 2024, former CEO Min holds 573,160 shares (18 percent), so the amount that former CEO Min can receive from the put option event is about 26 billion won.
However, Hive says that former CEO Min's put option rights have also been extinguished as the shareholder contract was terminated in July last year.
silk781220@sportschosun.com
