Former ADOR CEO Min Hee-jin appeared at the final hearing in the put option lawsuit.
The Seoul Central District Court Civil Division 31 (Presiding Judge Nam In-soo, Director General) held a hearing on the 11th for HYBE's suit seeking confirmation of termination of the shareholders' agreement against former CEO Min Hee-jin and for former CEO Min Hee-jin's suit against HYBE claiming the purchase price for shares.
This is the first time former CEO Min Hee-jin has appeared in court in the legal disputes that arose after the conflict with HYBE that erupted last year, including the exclusive contract dispute with NewJeans.
Former CEO Min Hee-jin called a Kakao taxi and, after boarding, attended the court. Rather than a regular taxi, she reserved a Venti and arrived with her lawyers, smiling calmly as she headed to the courthouse. Although it might have been natural to be nervous given that it was her first appearance, she appeared to wear a poker face to avoid revealing her true feelings.
Former CEO Min Hee-jin notified HYBE last November of her exercise of the put option. Under the contract, if she exercises the put option, she can receive from HYBE an amount equal to 13 times ADOR's average operating profit for the two most recent years, multiplied by 75% of the equity stake she holds in ADOR. Based on this calculation, it is known that the amount former CEO Min Hee-jin could receive is about 26 billion won.
HYBE argued that because the shareholders' agreement was terminated last July, former CEO Min Hee-jin's put option rights also expired.
Meanwhile, coincidentally, a suit to confirm the validity of the exclusive contract between NewJeans and ADOR was also held that day at the Seoul Central District Court. NewJeans did not attend.
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