‘Hands off us’: Documents reveal NewJeans agency ADOR plotted against HYBE's control

Industry

Published: 23 Apr. 2024, 10:45 Updated: 23 Apr. 2024, 10:58

‘Hands off us’: Documents reveal NewJeans agency ADOR plotted against HYBE's control

ADOR CEO Min Hee-jin

Internal documents from ADOR, the K-pop agency behind NewJeans, listed multiple financial firms and ways to take management rights away from HYBE, confirmed HYBE on Tuesday as part of its internal audit into its subsidiary.

ADOR is majority-owned by HYBE, holding an 80 percent stake, with ADOR CEO Min Hee-jin owning 18 percent, the figure that HYBE accuses of spearheading the scheme.

The objective of the document is stated as "Keeping [HYBE's] hands off us and getting away" with it, according to HYBE.

The documents detail different scenarios to curb HYBE’s management control over ADOR. One of them is pressuring HYBE to sell shares of ADOR to private equity firms.

Media outlets reported that the listed firms are GIC, a Singaporean sovereign wealth fund, and PIF, Saudi Arabia’s sovereign wealth fund.

Another scenario was to set up a new unit with NewJeans.

Min denied the claim, saying that she neither has an intention of seizing management control nor has met with investors.

She claims that HYBE was trying to fire her after she raised claims that ILLIT, a rookie girl group under HYBE, copied the concept of NewJeans.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]