ADOR CEO Min Hee-jin has been confirmed to have contacted Naver and the operator of Upbit, Dunamu, in an attempt to seize management control. Naver and Dunamu have reportedly admitted to HYBE that they met with Min. With the recent revelation of previously undisclosed external investors, HYBE’s claim that Min has been pushing for a management takeover gains credibility. Until now, Min has consistently denied meeting any investors for the purpose of seizing control of the company.
According to investment banking and legal sources on May 16, Min proposed the acquisition of ADOR to Dunamu Chairman Song Chi-hyung, and officials from Naver. Min was reported to have urged Song to pressure HYBE to relinquish ADOR. Dunamu, holding a 5.6% stake in HYBE, is one of the three major shareholders with the authority to appoint directors.
The fact that Min contacted Naver and Dunamu came to light during HYBE’s audit of Min. HYBE had initiated an internal audit on April 22 after confirming that Min illegally downloaded trade secrets, including dividend details for artists and regional income, which only HYBE is authorized to manage. This was to verify Min’s attempt, dubbed as a “management usurpation,” to attract external investors to sell off HYBE’s ADOR stake.
During the audit process, HYBE accessed Min’s PC and discovered KakaoTalk messages containing evidence of Min contacting Naver and Dunamu. The document reportedly contained Min’s remarks such as “Song Chi-hyung doesn’t even understand what I’m saying. XX” and “Naver understands somewhat.” HYBE also disclosed conversations where Min reacted with excitement to plans by ADOR’s vice president to secure cash through put options and purchase ADOR shares from HYBE through financial investors.
HYBE owns 80% of ADOR’s shares, while Min holds 18%. The remaining 2% is divided among two internal directors (vice president Shin and senior creative director Kim) appointed by Min. The ADOR CEO needs to attract external investors to secure her company’s management rights.
Min has consistently denied any meetings with investors aimed at seizing management control. In response to HYBE’s claim on May 15 that discussions with external investors regarding taking over management rights occurred, Min rebutted, saying, “I didn’t offer any opinions on management rights takeovers, such as capital increases or sales, knowing that such actions require the consent of major shareholders.”
