According to the entertainment industry on April, HYBE began an audit on Min Hee-jin, the CEO of ADOR, and executive A, among others, on this day. It is reported that personnel from the HYBE audit team visited the offices of ADOR in the morning to secure company computer assets and conduct face-to-face interviews.
It is known that these individuals have been caught in an internal audit at HYBE for leaking confidential documents, such as contracts, to attract investors, and discussing measures to persuade HYBE to sell its ADOR shares. Currently, HYBE holds 80% of ADOR’s shares, while the remaining 20% is held by ADOR’s management, including CEO Min Hee-jin.
In particular, it is understood that executive A has utilized his position to pass on internal information from HYBE to ADOR. A, who comes from an accounting background, was responsible for IR in HYBE’s finance department, but transferred to ADOR earlier this year.
Furthermore, executive A is suspected of passing confidential documents and trade secrets necessary for ADOR’s independence to ADOR’s side since his tenure at HYBE. He is known within ADOR as “Min Hee-jin’s right-hand man.”
HYBE plans to take legal action as necessary based on the secured computer assets. It is unknown whether the audit will affect NewJeans’ future activities.
On the other hand, Min Hee-jin, who joined SM Entertainment as a regular employee in 2002, even rose to the position of Creative Director and Executive Director before leaving SM. She joined HYBE in 2019 and played a key role in building the company’s initial brand as Chief Brand Officer (CBO). In November 2021, she became the CEO of ADOR, a subsidiary agency under HYBE. Upon launching NewJeans in July 2022, Min Hee-jin has also been recognized for her capabilities as a producer.
