In a significant development, HYBE Labels has announced its intention to file a criminal complaint against CEO Min Hee Jin.
The allegations stem from suspicions of a hostile takeover attempt by CEO Min Hee Jin involving ADOR, the label representing NewJeans.
In response, HYBE initiated an audit, which has now yielded concrete evidence pointing to a planned takeover orchestrated under CEO Min’s leadership. The company explicitly stated its intent to prosecute those implicated for embezzlement.
On April 25, HYBE released interim audit findings, revealing that evidence had been collected. This evidence includes information assets detailing the takeover plan and documents outlining strategies aimed at undermining HYBE.
According to logs released by HYBE, CEO Min allegedly instructed the management team to pressure HYBE into selling its ADOR shares. Discussions also revolved around prematurely terminating NewJeans’ exclusive contract and nullifying agreements between ADOR’s CEO and HYBE.
Furthermore, HYBE disclosed conversations hinting at intentions to attract global funds and strategize ways to weaken HYBE. Specific execution plans, such as preparing for a public opinion campaign in May and positioning Udoor as an empty entity for acquisition, were discussed.
Notably, HYBE obtained a statement from one of the audit subjects confirming that the phrase “ultimately leaving HYBE” was based on statements made by CEO Min Hee Jin.
However, the interim audit results only provide evidence of the planned takeover without revealing whether external funds were solicited or if public opinion campaigns were executed.
In light of these findings, HYBE is set to file a criminal complaint with the police against those involved, citing embezzlement and other charges.
Despite the ongoing legal matters, HYBE remains committed to supporting NewJean’s upcoming comeback. CEO Park Ji Won emphasized the company’s dedication to the emotional well-being and stability of K-pop artists.
NewJeans recently released the music video for their new single album’s title track, “Bubblegum,” on April 27.
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