Min Hee-jin and HYBE are in a legal battle over a 26 billion KRW put option during a court hearing.

On June 12, the first hearing for a lawsuit filed by former ADOR CEO Min Hee-jin and two others against HYBE was held at the Seoul Central District Court’s 31st Civil Division. They were seeking payment for the exercise of a put option. Simultaneously, another lawsuit filed by HYBE against Min Hee-jin and another individual to confirm the termination of a shareholder agreement was also heard. Min Hee-jin did not attend the hearing.

As per the shareholder agreement between Min Hee-jin and Hybe, if Min Hee-jin exercises her put option, she is entitled to receive an amount equal to 75% of her ADOR shareholding (approximately 18%) based on the average profit of ADOR for the last two years (2022–2023) multiplied by 13.

In 2022, ADOR experienced an operating loss of 4 billion KRW but turned it around in 2023 with an operating profit of 33.5 billion KRW. With Min Hee-jin’s 18% stake in ADOR, the estimated amount she could receive from the put option exercise is around 26 billion KRW.

The disagreement between both parties centers around the timing of the termination of the shareholder agreement. In November 2024, Min Hee-jin informed Hybe of her intention to exercise the put option. HYBE claims this happened after the agreement was terminated, while Min Hee-jin’s side argues it was before.

HYBE stated, “Former CEO Min intended to take NewJeans, ADOR’s artist, which breaches the contract. Since the breach was confirmed, the termination notice issued in July 2024 was valid, making the put option exercise after termination invalid.”

Min Hee-jin’s side refuted this as “fiction,” claiming, “HYBE alleges termination in July, but Min Hee-jin stepped down in November after putting the option exercise,” asserting the validity of the exercise.

The two sides also disagreed on the retrieval of Min Hee-jin’s KakaoTalk messages, with HYBE claiming they were acquired with consent while Min Hee-jin’s side alleging illegal acquisition. The court has set a witness examination for a witness requested by HYBE on September 11, 2025, followed by final arguments from both sides to conclude the proceedings.