HYBE deposited 29.25 billion won ($20.5 million) with a Seoul court to secure a stay of enforcement after losing a 25.5 billion won civil case to former ADOR CEO Min Hee-Jin, now the founder of ooak records.

The move came the same day that Min proposed that HYBE drop all ongoing lawsuits involving her and its girl group NewJeans in exchange for her forgoing the 25.6 billion won ($17.7 million) payment from the company.


On Feb. 12, the Seoul Central District Court’s civil division sided with Min over HYBE in a lawsuit over a shareholders’ agreement, effectively ordering the company to pay her between 25.5 billion won and 25.6 billion won in put-option proceeds.

HYBE subsequently filed an appeal against the decision on Feb. 19 and sought a stay of enforcement to delay payment until the ruling is finalized. Courts typically grant such stays on the condition that the losing party posts a deposit.

The dispute stems from a high-profile feud that erupted in April 2024, when HYBE accused Min of attempting to seize control of ADOR. In July 2024, HYBE declared its shareholders’ agreement with Min null, alleging that she had plotted to separate NewJeans from ADOR.

Min has denied the allegations, arguing that HYBE’s unilateral termination of the agreement was invalid. In November that year, she sought to exercise her put option — a contractual right to sell one’s shares to the company upon demand, which was included in the shareholders’ agreement — on ADOR shares, as the contract remained valid up to that point, while also declaring the contract’s dissolution.

HYBE maintains that the shareholders’ agreement effectively ended in July 2024. Therefore, Min had no legal right to exercise the put option when she attempted to do so.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]