HYBE confirms audit of ADOR following breakaway suspicions, reportedly call on Min Hee Jin to resign

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HYBE has launched an investigation into ADOR CEO Min Hee Jin and an unnamed executive with the company, according to recent reports. The reason for this is that the audit team for the company suspected them of leaking confidential information in order to attract investors and to try and get HYBE to sell off ADOR shares, which are currently at 80% HYBE, 18% Min Hee Jin, and 2% other ADOR execs. In other words, that they were trying to go independent.

On April 22, industry representatives reported that HYBE initiated an audit of the ADOR management after detecting attempts by ADOR to become independent. HYBE reportedly called for a shareholders’ meeting to hold the ADOR management accountable and to also appoint an additional ADOR director from HYBE as both of ADOR’s current directors came to the company with Min Hee Jin from SM Entertainment.

The exec is described as Min Hee Jin’s right-hand man, and believe he passed inside info to ADOR about HYBE, including confidential documents, trade secrets, and contracts, and more in an attempt to separate the two entities. The exec was a CPA and part of HYBE’s finance department that worked on HYBE’s IPO before moving to ADOR. The audit team reportedly went to ADOR executives to get computers and witness statements.

Perhaps burying the lede a bit, it was also reported that HYBE sent out a document that called for Min Hee Jin’s resignation. Following the report, HYBE confirmed that they initiated an audit against executives in the company due to their belief that they were trying to take control of ADOR.

HYBE want a shareholder meeting in order to confirm their rights, but require the ADOR board to do so, and the board for her company is all her people that she brought over, so this looks like just the start of a legal battle. If Min Hee Jin doesn’t step down, HYBE will have to sue.

Already a mess and a high likelihood this goes nuclear.