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HYBE reveals details of ADOR audit in preliminary report

HYBE reveals details of ADOR audit in preliminary report

In addition to the results of the audit against ADOR, HYBE also revealed what new actions will be taken against CEO Min Hee Jin

Last Monday, the 22nd, HYBE made public the audit that is in progress regarding the management of one of its subsidiaries, ADOR, following suspicions that the agency is trying to become independent of the conglomerate. This Thursday, the 25th, the preliminary result of the inspection was revealed through a press release.

In the report, HYBE states that “concrete evidence” was found regarding the Min Hee JinCEO of ADOR, to separate herself from the conglomerate, just as there is physical and digital evidence that she is trying to pressure HYBE into selling the ADOR shares it holds (80% in total).

Read the full statement:

According to the audit results, HYBE confirmed and obtained concrete evidence that a plan to usurp management control was established under the direction of ADOR’s CEO.

One of the auditees presented digital evidence containing information about the management takeover plan and contact with external investors and admitted to having written documents to attack HYBE during the investigation.

According to the in-person investigations and the recording of the conversation based on the digital evidence presented, the CEO of ADOR instructed the management team to find ways to pressure HYBE to sell the ADOR shares it holds.

In response to this directive, specific discussions took place regarding ways to prematurely terminate exclusive contracts with artists and invalidate contracts between the CEO of ADOR and HYBE. Conversations such as ‘collect global funds and make a deal with HYBE’, ‘critically counter everything HYBE does’ and ‘think of ways to torment HYBE’ also followed.

The conversation record also contained execution plans such as ‘preparing for a public opinion battle in May’ and ‘making ADOR an empty shell and withdrawing it’.

HYBE also obtained a statement from the auditee that ‘the expression ‘ultimately leaving HYBE’ was written exactly as ADOR’s CEO said’.

HYBE CEO Park Ji Won said, ‘I apologize for causing worries to fans, artists and staff [das gravadoras] for what happened in the update process [sistema] multi-label’, and added, ‘Now that the incident has come to an end, we will maximize our efforts for the psychological counseling and emotional stability of artists, who are valuable assets of K-pop.’”

It is worth mentioning that the conversation between vice-president “A” of ADOR and Min Hee Jin was released and has the following translation:

“A: There is also this option

– Put option __% exit on January 2, 2025 (2023 operating profit: 33.5 trillion won / 2024 approximately __ won, average pre-tax cash outflow approximately __ won)
– ADOR becomes an empty shell / File a lawsuit for violation of rights
– Search for financial investors (CEO Min + plan to buy ADOR from HYBE)
– Suggest that HYBE sell ADOR
– Sold at a reasonable price
– CEO Min is the CEO of ADOR + acquires ADOR shares with the money withdrawn + signs a new contract

If this happens, the remaining __% that could not be sold in the past will become useful again

Min Hee Jin: Wow”

In addition HYBE announced that a formal charge will be filed against Min Hee Jinand individuals related to breach of occupational trust, according to information published by the Soompi portal.

Source: Recreio

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