Min allegedly proposed 5 billion won ($3.43 million) investment in NewJeans to Park
Davolink Chairman Park Jung-kyu has disclosed details of a secret meeting with former Ador CEO Min Hee-jin, during which they discussed removing NewJeans from their current agency and securing investments for the group, a local media outlet reported Thursday. This revelation comes after Min denied the existence of such a meeting last month, following reports about her alleged attempts to move NewJeans to Davolink, a Kospi-listed tech company. This could provide crucial evidence for Hybe, Ador’s parent company, as it pursues legal action against Min for breach of duty.
According to Park, he was introduced to Min over the phone in August last year by an acquaintance, reportedly an uncle of one of NewJeans’ members. The trio later met in September at Park’s residence in Seoul to discuss practical strategies for getting NewJeans to sign with Davolink. At the time, Min was still an internal director at Ador.
During the three-hour discussion, Min allegedly proposed a 5 billion won ($3.43 million) investment in NewJeans, which Park declined, citing potential risks. Instead, Park suggested a different approach: Min could take over management rights at Davolink in collaboration with the NewJeans member’s relative, who would acquire the tech company under his name. This arrangement, Park claimed, would allow him to profit from selling his shares while minimizing his risks.
Park further claimed he explained to Min how she could secure the necessary funds to acquire Davolink, including raising additional capital later through stock issuance to finance her entertainment ventures.
However, Min immediately denied any contact with Park or attempts to bring NewJeans to Davolink, labeling the allegations as false.
Min’s actions, if confirmed, could constitute a breach of duty during her tenure at Ador. Engaging in discussions with external investors about relocating NewJeans while serving as an internal director of Ador could violate corporate laws. The crime of breach of duty is determined not solely by plans but by actual execution, and Min’s discussions with Park could fulfill these criteria.
Park also said that after Min denied ever meeting him, he was labeled a liar and suffered damages, including a decline in the company’s stock price.
Meanwhile, Hybe had already filed a criminal complaint against Min for breach of duty in April last year, accusing her of discussing potential ways to leave Ador with NewJeans members through a group chat on a mobile messaging app.
