HYBE’s Legal Battle: Why Min Hee-jin’s $25.6 Million Claim Could Change the K-Pop Industry
Daniel Kim Views
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| Min Hee-jin / Photo=DB |
[Sports Today reporter Jeong Ye-won] Entertainment agency HYBE has filed a petition to cancel the forced execution of put-option claims (stock purchase claims) involving Min Hee-jin, the CEO of OK Records, and others.
According to a Star News report on the 15th, HYBE submitted the petition to the Seoul High Court on the 10th seeking to halt enforcement tied to the put options against Min and the other respondents.
Last month on the 12th, a lower court ordered HYBE in the first-instance ruling to pay approximately 25.5 billion KRW (about $17,085,000) to Min, roughly 1.7 billion KRW (about $1,139,000) to Mr. Shin, and about 1.4 billion KRW (about $938,000) to Mr. Kim in a suit over payments for stock sales related to the exercise of the put options. HYBE has appealed that decision.
The next day, Min posted via social media that she had applied to seize claims and requested a collection order against HYBE. The court, however, granted HYBE’s request to stay enforcement, preventing any seizure until the appeals court rules.
At a subsequent press conference, Min said she called the briefing to convert the roughly 25.6 billion KRW awarded to her in the first-instance put-option verdict into a different form of value, and that her urgent motivation was concern for the members of NewJeans. She proposed that, in exchange for offering 25.6 billion KRW (about $17,152,000), all ongoing civil and criminal proceedings be suspended and resolved. She said the offer would cover not only herself but also the NewJeans members, outside partner companies, former ADOR staff, and would include the withdrawal or resolution of related complaints and charges.
[Sports Today reporter Jeong Ye-won ent@stoo.com]
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