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Former ADOR CEO Min Hee-jin appears in court for stock dispute with HYBE

Published: 11 Sep. 2025, 19:48 Updated: 11 Sep. 2025, 19:54

Min Hee-jin, former CEO of girl group NewJeans' agency ADOR, appears at the Seoul Central District Court in Seocho District, southern Seoul, on Sept. 11. [YONHAP]

Former ADOR CEO Min Hee-jin appeared in court Thursday to defend her case in a 26 billion won ($19 million) stock dispute with HYBE, marking her first public appearance in a courtroom since last year’s legal battle over NewJeans’ exclusive contract.

Put option at center of dispute

The Seoul Central District Court held a joint hearing on HYBE’s lawsuit seeking confirmation of the termination of its shareholders’ agreement with Min and Min’s countersuit demanding payment for stock sales. Min underwent questioning, while HYBE Chief Legal Officer Jung Jin-soo testified as a witness.

In November, Min notified HYBE of her intent to exercise a put option. Under the agreement, she would be entitled to receive 13 times ADOR’s average operating profit over the previous two fiscal years, multiplied by her 75 percent equity stake.

Min Hee-jin, former CEO of girl group NewJeans' agency ADOR, appears at the Seoul Central District Court in Seocho District, southern Seoul, on Sept. 11. [NEWS1]

Min Hee-jin, former CEO of girl group NewJeans' agency ADOR, appears at the Seoul Central District Court in Seocho District, southern Seoul, on Sept. 11. [YONHAP]

ADOR recorded an operating loss of 4 billion won in 2022 and an operating profit of 33.5 billion won in 2023. Based on this calculation, Min’s payout would amount to about 26 billion won. She currently holds 573,160 shares, or 18 percent of ADOR.

HYBE argues, however, that it terminated the shareholders’ agreement in July 2023, nullifying Min’s right to exercise the put option.

Dispute tied to NewJeans lawsuit

The conflict between Min and HYBE escalated in April 2024, when HYBE initiated an audit against Min and other ADOR executives. It later expanded into the dispute over NewJeans’ exclusive contract.

Coincidentally, another division of the Seoul Central District Court held the second mediation session on Thursday in a separate case over the validity of NewJeans’ contract with ADOR. The mediation failed, and the court said it will deliver a ruling next month.

Earlier, the court issued an injunction prohibiting NewJeans members from engaging in independent activities without ADOR’s prior approval.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JEONG JAE-HONG [[email protected]]