Davolink chairman says he discussed founding new company to sign NewJeans with Min Hee-jin
Published: 09 Jan. 2025, 13:10
![Former ADOR CEO Min Hee-jin [SCREEN CAPTURE]](https://koreajoongangdaily.joins.com/data/photo/2025/01/09/1ebb08cc-045f-46bb-af9c-8e8d958bebc5.jpg)
Former ADOR CEO Min Hee-jin [SCREEN CAPTURE]
A company executive says he met with former ADOR CEO Min Hee-jin to discuss investment opportunities for founding a new company aimed at signing NewJeans.
Park Jung-kyu, chairman of networking terminal equipment manufacturer Davolink, told local media outlet Ten Asia on Thursday that he had a three-hour conversation with Min regarding investment. He expressed disbelief when she later denied the discussion.
“Min is lying,” Park said. “We talked for three hours about investment and strategies to secure NewJeans.”
On April 22, 2024, HYBE accused Min of attempting to take control of the company by involving a third-party investor, leading to her removal as ADOR’s CEO on Aug. 27, 2024. The key issue centered around allegations of her engagement with external investors.
“On a Sunday near the end of August last year, I was playing golf when I received a call from an acquaintance,” Park said. “He asked me to invest 5 billion won ($3.43 million) in the former CEO, but I declined.”
“The next day, I proposed structuring a deal to acquire my company, Davolink, instead. It was a business decision to ensure my own profit,” he added.
![NewJeans delivers its acceptance speech at the 39th Golden Disc Awards, which took place on Jan. 4 and 5 at the Mizuho PayPay Dome in Fukuoka, Japan. [GOLDEN DISC AWARDS ORGANIZING COMMITTEE]](https://koreajoongangdaily.joins.com/data/photo/2025/01/09/ffa80731-3182-469f-ad3c-d52966e91a85.jpg)
NewJeans delivers its acceptance speech at the 39th Golden Disc Awards, which took place on Jan. 4 and 5 at the Mizuho PayPay Dome in Fukuoka, Japan. [GOLDEN DISC AWARDS ORGANIZING COMMITTEE]
Min publicly denied the claims on Nov. 5, 2024, stating that she had not met with external parties and had no intentions of interfering with NewJeans.
“I’m sure Min knew what was being discussed,” Park said. “I even heard her on the phone, asking if the discussion went well.”
According to Park, he and Min met on Sept. 30 at his residence, accompanied by another individual. Photos reportedly taken during the meeting were later shared by local news outlet Dispatch on Dec. 2, reigniting speculation about third-party investment dealings.
Following the emergence of rumors, Davolink’s stock prices fluctuated, causing Park significant financial losses.
![HYBE Chairman Bang Si-hyuk, left, and former ADOR CEO Min [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2025/01/09/69861e86-e9bb-4c65-897f-76c57ba552fc.jpg)
HYBE Chairman Bang Si-hyuk, left, and former ADOR CEO Min [YONHAP]
“The purpose of the meeting was to discuss how to transfer ownership of Davolink and secure the necessary funding,” Park said.
Park further claimed that Min directly discussed plans to take NewJeans with her. He also alleged that Min expressed dissatisfaction with HYBE Chairman Bang Si-hyuk, referring to him as “the fat moron.”
The talks between Park and Min ultimately failed due to disagreements over the investment structure.
On April 26, 2024, HYBE filed a criminal complaint against Min for breach of fiduciary duty. The investigation is ongoing, based on evidence gathered during an internal audit by HYBE. Min’s legal team, however, insists there is no concrete evidence of criminal activity.
BY YOON SEUNG-JIN [[email protected]]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)