Min Hee-jin, former ADOR CEO (now OK Records CEO) Reporter Kwon Do-hyun

After a first-instance ruling ordered HYBE to pay approximately KRW 25.5 billion to former ADOR CEO Min Hee-jin (now CEO of OK Records) under a put option (share purchase right), the two sides issued contrasting responses. The side representing Min said it would accept the court decision, while HYBE said it would appeal after review.

OK Records, a newly established agency founded by Min, issued a statement on the afternoon of the 12th, saying, “We express deep respect to the court for its careful and objective judgment,” and, “Through this ruling, we respect and humbly accept the court decision confirming the validity of the shareholder agreement and the legitimacy of the put-option right.”

The Civil Division 31 of the Seoul Central District Court (Presiding Judge Nam In-su) ruled in favor of Min in the lawsuit seeking payment for stock sale proceeds that she filed against HYBE.

OK Records said, “Min has hoped that this litigation process would go beyond a remedy for an individual right, become an opportunity to correct unfair practices within the K-pop industry, and remind everyone of the gravity of contracts,” and, “OK Records and Min now intend not to remain in past disputes, but to move forward toward the future as originally planned.”

It continued, “We will build a stable management environment, focus all our capabilities on maximizing the value of artists, and foster new talent that will represent the K-pop industry,” and, “We will devote all our energy to discovering artists in ways only OK Records can and creating content that inspires global fans. Min also plans to focus on her principal work as a creator, producer, and manager.”

HYBE, by contrast, said of the first-instance outcome, “It is regrettable that our arguments were not sufficiently accepted,” and, “We plan to proceed with future legal steps, including an appeal, after reviewing the written judgment.”