*This content was translated by AI.
The final hearing date between Hive and Min Hee-jin, former CEO of Airdore, will be held.
On the 15th, the Civil Agreement Department 31 (Director Nam In-soo) of the Seoul Central District Court will hold a final hearing on Hive's lawsuit against former CEO Min to confirm the termination of the contract between shareholders and former CEO Min's lawsuit against Hive.
Earlier, Min attended the court and questioned witnesses three times, and denied allegations of group New Gene Systeming at the time, writing documents between former executives and stealing management rights.
In the process of investigating whether the contract was violated between shareholders, Hive disclosed the contents of former CEO Min's past messaged conversations with shamans and others, but former CEO Min confronted that it was before the establishment of the door.
Bana, who has exclusively been in charge of A&R since the establishment of A&R, was also mentioned. BANA, led by Kim Ki-hyun, a former CEO of SM Entertainment A&R, produced all the albums of New Jeans.
In response, Hive raised suspicions of preferential treatment, citing that former CEO Min and CEO Kim Ki-hyun were in an ex-lover relationship, along with the claim that the service payment received by Bana as of 2022 is twice the settlement amount of all Newzins members. Former CEO Min countered, "It was not excessive compensation compared to the industry."
In July last year, Hive terminated the contract between shareholders and filed a lawsuit with the court to confirm the termination of the contract between shareholders, saying that former CEO Min attempted to privatize Newzins and Adore and caused damage to the company and its affiliated labels. Former CEO Min was dismissed from his position as CEO of Audor in August the following year.
In November of the same year, former CEO Min resigned as an in-house executive director and notified Hive of the exercise of put options. In this regard, Hive claimed that the exercise of the put option had no effect because the shareholder contract was terminated in July.
Former representative Min refuted that Hive's notification of termination was ineffective, saying that there was no violation of the contract between shareholders. In addition, since the put option was exercised in that state, it maintains that the right to claim payment is valid.
According to the shareholder contract signed by former CEO Min, former CEO Min will be able to receive 75 percent of his ownership (about 26 billion won) from Hibe, multiplied by 13 times the average operating profit for the previous two years.
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*This content was translated by AI.
