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by Journalist Kim Jongyong
On the 16th, sources from the investment banking (IB) industry revealed that CEO Min met with Song Chihyung (Chairman of Dunamu) and representatives from Naver to propose the acquisition of ADOR. CEO Min reportedly told Chairman Song to 'pressure HYBE into selling ADOR' as Dunamu is the 3rd-largest shareholder of HYBE, with a 5.6% stake, giving them the power to appoint directors.
HYBE discovered CEO Min's contact with Naver and Dunamu when they audited CEO Min's activities. Previously, HYBE confirmed that CEO Min had illegally downloaded sensitive business information, such as artists' dividend details and regional income, which only HYBE manages. HYBE started an internal audit on April 22nd to investigate if CEO Min was trying to bring in outside investors to force HYBE to sell its shares in ADOR, which would be an attempt to take control of the company.
During the audit, HYBE reportedly found Kakao Talk messages on CEO Min's computer that showed she had contacted Naver and Dunamu. These included messages where CEO Min said things like, "Song Chihyung doesn't understand what I'm saying. XX," and "Naver understands a bit better." Previously, HYBE had also revealed a conversation where CEO Min responded "jackpot" to a plan by the ADOR vice president to secure cash and buy ADOR's shares from HYBE through a financial investor.
theqoo
-Honestly, I can totally understand why she asked them to acquire ADOR...
-Seriously, what's going on?
-Min Heejin seemed to ask Dunamu to pressure HYBE to sell ADOR, since Dunamu is one of HYBE's shareholders. Soon, there will likely be articles denying about this accusation. However, based on this alone, Min Heejin seems to be in a disadvantageous position.
-Just go to court already..
-It's so annoying how no one's playing along with HYBE's propagandaㅋㅋㅋㅋ
-It's been over two years since HYBE and Dunamu exchanged billions of won in shares. Although the two of them have maintained a close relationship, strengthening business partnerships, the cooperation between the two companies hasn't yet produced significant results.
-If this is true, we need to know the exact details to judge whether it's true that ADOR was trying to take over management rights.
-Why are they going through Min Heejin's personal Kakao Talk messages? It's scary. She can't even chat with her friends?
-Let's just talk in courtㅋㅋㅋㅋ
-Instead of those Kakao Talk messages, does HYBE have any other evidence that CEO Min met with Naver and Dunamu?
-That's nonsenseㅋㅋㅋㅋ
-It seems like they spend all day going through Min Heejin's Kakao Talk messages line by line.
-Even so, it doesn't change the fact that HYBE's a mess, right?
-The legal battle will probably last for more than a year... It's going to be extremely noisy until then. It's going to be painful for the fans.
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