Asian Junkie Asian pop. Without discretion.
HYBE has launched an audit of ADOR, CEO Min Hee Jin, and an unnamed executive with the company, according to recent reports. The reason for this is the company suspects them of leaking confidential information in order to attract investors with the purpose of getting HYBE to sell off ADOR shares, which are currently at 80% HYBE, 18% Min Hee Jin, and 2% other ADOR execs. In other words, that they were reportedly trying to go independent.
HYBE reportedly called for a shareholders’ meeting to hold the ADOR management accountable and to also appoint an additional ADOR director from HYBE as both of ADOR’s current directors came to the company with Min Hee Jin from SM Entertainment.
The exec is described as Min Hee Jin’s right-hand man, and HYBE believes he passed inside info to ADOR about HYBE, including confidential documents, trade secrets, contracts, and more in an attempt to separate the two entities. The exec was a CPA and part of HYBE’s finance department that worked on HYBE’s IPO before he moved on to ADOR. The audit team reportedly went to ADOR in order to get computers and witness statements.
Perhaps burying the lede a bit, it was also reported that HYBE sent out a document that called for Min Hee Jin’s resignation.
Following the report, HYBE confirmed that they initiated an audit against executives in the company due to their belief that they were trying to take control of ADOR. As mentioned, HYBE want a shareholder meeting in order to confirm their management rights, but require the ADOR board approval to do so, and the board for ADOR is all her people that she brought over, so this looks like just the start of a legal battle. If Min Hee Jin doesn’t step down, HYBE will have to sue.
