With Min stepping down from her position as an internal director of ADOR on November 20, all professional ties between her and Bang have been severed, leading to the resolution of their financial dealings as well.
According to sources on November 21, the outstanding personal debt between Bang and Min amounts to about ₩3.94 billion as of the end of November. In March 2023, Bang personally loaned ₩3.7 billion to Min to facilitate her purchase of an 18% stake in ADOR. Contrary to reports claiming Min purchased the shares for ₩1.1 billion, she acquired 573,160 shares (18%) for ₩3.7 billion. While the face value of the shares was ₩2.8658 billion, the actual purchase price, considering the company’s valuation, was estimated at ₩6,700 per share.
This financial support was independent of HYBE’s shareholder agreement and was extended as a personal gesture from Bang. It is highly unusual for a corporate owner to personally lend money while hiring an outsider. Such loans typically require a written loan agreement, with a minimum interest rate of 4.6%, the legal standard. The initial loan of ₩3.7 billion in March 2023 has since grown to ₩3.94 billion as of the end of November due to accrued interest.
The loan arrangement is separate from the ongoing legal dispute over the validity of the shareholder agreement between HYBE and Min. Regardless of the lawsuit’s outcome, the loan remains valid. Previously, Min announced her intention to exercise a put option valued at about ₩25.8 billion. The recognition of this option, however, hinges on the shareholder agreement’s validity. If the put option is honored, she will have no issue repaying the loan. Conversely, complications could arise if the shareholder agreement is deemed invalid. In such a scenario, if Min is found guilty of breach of trust in the related criminal case, HYBE could acquire her 18% stake at face value, amounting to ₩2.8658 billion. Based on the amount of debt as of the end of November, Min would need to add about ₩1.07 billion to fully repay Bang.
The key question is when Bang will demand repayment. With their professional relationship concluded, it is a natural progression for Bang to exercise his legal rights over the personal loan. If Min fails to comply with the repayment request, Bang could pursue measures such as a provisional seizure or a loan repayment lawsuit. Sources indicate that Bang is internally considering legal steps for repayment, suggesting it is a matter of timing. However, a HYBE representative stated, “As this is a private transaction, we cannot comment.”
Source: Daum
