Hive Pays '29.2 Billion Deposits' To Court After Losing Put Option Litigation, Min Hee-jin

*This content was translated by AI.

While Min Hee-jin, former CEO of ADOR and current CEO of Okarekoz, won the put option lawsuit, Hive reportedly paid the deposit to the court to prevent the provisional execution of the ruling.

According to News 1 on the 25th, Hive paid 29.25 billion won in court deposit to the Seoul Central District Court.

Earlier on the 12th, the Civil Agreement Department 31 (Director Nam In-soo) of the Seoul Central District Court held a ruling on Hive's lawsuit to confirm the termination of the inter-shareholder contract against former CEO Min and a lawsuit against former CEO Min for the exercise of put options against Hive.

At the time, the court said, "Hive's claim is dismissed and the litigation costs are borne by Hive. In addition, he ruled in favor of Min Hee-jin, saying, "Min Hee-jin's exercise of put options is justified and should pay an amount worth 25.5 billion won."

Former CEO Min applied for the seizure and collection order of bonds (deposit accounts) against Hive according to the results of the judgment. However, at the same time as Hive filed an appeal for a stock trading price lawsuit, he applied for a suspension of execution, and the court accepted it, and the execution was suspended.

Usually, a party who loses a civil lawsuit can apply for a suspension of execution to prevent provisional execution of the ruling, and the court mostly cites it on the condition of providing collateral, such as depositing a certain amount in cash or receiving and submitting a guarantee insurance certificate unless there are special circumstances.

Hive and former CEO Min have been at odds since April 2024 over allegations of takeover of management rights and discriminatory treatment of NewJeans.

While the first trial ruled in favor of Min, Min held an emergency press conference on the 25th and proposed to Hive to end all disputes over NewJeans instead of giving up the 25.6 billion won put option he would receive. Hive has not taken a particular stance on Min Hee-jin's proposal.

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*This content was translated by AI.