HYBE Confirms Audit Results, Reveals ADOR And NewJeans Efforts To Terminate Contracts

HYBE (HYBE Labels)

JAKARTA - The HYBE agency announced the results of an audit of ADOR's management after finding the alleged ADOR's plans to become independent. Today, Thursday, April 25th, HYBE released the results of an audit stating that it would file a lawsuit against ADOR CEO, Min Hee Jin.

Regarding the results of the audit, HYBE confirmed and obtained concrete evidence related to management control made under the direction of the CEO of ADOR. One auditor submitted evidence containing information on the management control taking plan and contacted investors and admitted that they wrote documents attacking HYBE during the investigation, "said HYBE.

"According to the results of face-to-face investigations and recorded conversations, the CEO of ADOR gave instructions from the management team to pressure HYBE to sell ADOR shares," he said.

Discussions also continue regarding exclusive contracts that will end between ADOR and HYBE. Other conversations also contain ADOR attacks on HYBE. ADOR plans to leave HYBE management.

Through a message circulating, Min Hee Jin and the deputy directors exchanged private messages containing ADOR's plan to leave HYBE by looking for investors, suggesting HYBE sell ADOR at a reasonable price, and Min Hee Jin would buy ADOR as an independent label.

"I feel guilty for causing concern to fans, artists and employees over what is happening in the process of improving the multilabel system," said Park Ji Won, CEO of HYBE.

"Now that the incident has reached a conclusion, we will maximize our efforts for psychological counseling and emotional stability of artists who are valuable assets for K-pop," he said.

Their conflict began when Min Hee Jin as CEO of ADOR reportedly planned to be removed from his position after his management was audited by external parties.

Then, Min Hee Jin revealed his protest because ILLIT, a new group from the BELIFT LAB label under HYBE, imitated the NewJeans concept that was on ADOR labels under the same company. He also requested that ILLIT and NewJeans not be linked to the news.