Categories: NEWS
By Published On: 4 weeks ago

HYBE Initiates Audit of NEWJEANS’ Management Team including CEO Min Hee-jin in Attempt for Independence

HYBE has initiated an audit of the management team of ADOR, the label under which the girl group NEWJEANS is managed. The audit targets CEO Min Hee-jin, also known as “NEWJEANS’ Mom.”

According to sources in the music industry on the 22nd, HYBE launched the audit amid reports that CEO Min and the management team are attempting to gain independence from the headquarters.

The audit team has started collecting relevant evidence. They have reportedly seized company computer assets from the ADORmanagement team’s work areas and are securing face-to-face statements.

A HYBE official stated, “It is true that an audit has been initiated against ADOR management team amid suspicions of attempting to take control of management rights.”

HYBE suspects that individuals like Mr. A have attempted independent actions to gain control.

Particularly, suspicions have arisen that CEO Min and Mr. A discussed leaking confidential documents, such as contracts related to attracting investors, and persuading HYBE to sell Adaore shares. Additionally, Mr. A is suspected of using his position to provide internal information from HYBE to ADOR.

Adaore is a label established by CEO Min under HYBE in 2021, with HYBE holding an 80% stake. The remaining 20% is held by CEO Min and other Adaore management members. CEO Min exercised a call option last year, acquiring an 18% stake in Adaore, becoming the second-largest shareholder after HYBE.

HYBE has demanded a shareholders’ meeting with ADOR’s board of directors and sent a letter requesting CEO Min Hee-jin’s resignation. Following the analysis of the computer assets obtained on the day, HYBE reportedly plans to take legal action if necessary.