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ADOR ACCUSED HYBE OF INVENTING INFO + HYBE'S RESPONSE
🕑 Added 2024-05-16 08:47:00 +0000 UTCFROM ADOR:
We request that HYBE stops casting suspicion on everyone connected with Min Hee Jin as if they're scouring for dirt, and that they refrain from constructing narratives based on mere speculation.
We need to clarify the truth behind HYBE's claim that an analyst 'A' arranged a suspect meeting between ADOR's management and foreign investors. This meeting was actually a scheduled discussion on 'Prospects for K-Culture Investment' involving various public and private companies, aimed at exploring growth opportunities not just for K-Pop agencies but also for drama and game production companies. This event included visits to food spots in Seoul. Vice President 'S' simply had lunch with 'A' before this program, which HYBE inaccurately portrayed as a secretive meeting to sell ADOR.
During the lunch, Vice President 'S' discussed ADOR's market value to understand market trends better. HYBE failed to mention that this conversation did not lead to any serious discussions about selling ADOR. Instead, 'A' noted that while ADOR's market value could triple with NewJeans' growth and the launch of a new boy group, there was no actual opportunity for external investment due to HYBE's 80% ownership, making any takeover attempts impossible.
Furthermore, when analyst 'A' later met with HYBE’s IR department head 'K' and CEO Park Ji Won, they discussed the lunch but confirmed it was just a casual meal with no hidden motives or violations of business norms. Yet, HYBE continues to twist such ordinary events into sinister acts by using phrases like 'seizing control' or 'audit', even though 'A' has no involvement in such matters. We ask HYBE to cease their baseless suspicions and harassment.
CEO Min Hee Jin even consulted analyst 'A' about her shareholder's contract on the advice of HYBE's CEO Park Ji Won, who assured her, 'Consult the analyst; I won’t stop you. You decide.' During this consultation, 'A' gave general advice on her contract negotiations, which never involved any confidential or sensitive business information.
CEO Park Ji Won urged Min Hee Jin to trust him, promising fair treatment during the contract negotiations. However, a year later, Min Hee Jin found severe issues in her contract, including lifetime prohibitions on working with competing businesses, to which Park Ji Won’s only response was to blame her for not reviewing the contract properly.
HYBE would do better to admit their disdain for Min Hee Jin openly. Their actions suggest a clear intent to discredit her and remove her from her position, which began with direct attacks and has since escalated to targeting her associates, hinting at a broader campaign against her. Regarding the recent fall in HYBE stock prices, the executives have not accepted any responsibility, instead wrongfully attributing it to ADOR, despite ADOR’s positive contributions to the company.
Lastly, Vice President 'S' has been inaccurately labeled as 'Min Hee Jin's right hand' after only three months in her position, a misleading and harmful characterization that seems designed to manipulate public perception to suit HYBE's narrative.
HYBE'S RESPONSE
Hello, this is HYBE. We would like to share our response to CEO Min Hee Jin's statement released earlier today.
The evidence presented by Min Hee Jin today suggests that detailed discussions with a financial analyst would not occur if the goal was merely casual conversation about taking over a company's management. During her press conference on April 25, Min Hee Jin said, "HYBE claims I conspired with outside investors. Outside investors from where? Bring them here to me." She acted as if she never met any outside investors and misled the public, but the truth is gradually emerging. We will now wait for the full truth to come out through legal investigations.
We also strongly request that Min Hee Jin stop using the phrase "ADOR's side" in her press statements. This case does not involve the subsidiary company, ADOR. It is about an individual, Min Hee Jin, attempting to take control of the company out of greed, with the involvement of a few other executives.
Comments
Sandra de la Herran
train wreck...yes thats exactly it
S G
This is going to be going on until all BTS members get discharged I think. Wonder how much attention is going to be taken away when they all start coming home...starting with Jin.
Nix
Watching the syntax and word choices shows that whoever is typing this hasn't been in business long, is fairly immature in life, and runs on emotions. It's fascinating to see in a 'cannot stop watching the train wreck' kind of way. Thank you for the updates.
