[Official] Min Hee-jin's side expresses regret over Bang Si-hyuk's "4.2 billion won loan lawsuit," calling it a "contradictory stance"

*This content was translated by AI.View Original

It was revealed that Bang Si-hyuk, Chairman of HYBE, has filed a lawsuit demanding the return of a loan worth 4.2 billion won against Min Hee-jin, former CEO of ADOR (now head of OK Records Lee Re-ko-jeu (CEO)). In response, Min Jeon (CEO)'s side expressed regret.

On the 16th, an official from OK Records told StarNews, "This loan lawsuit arose in connection with the shareholders' agreement at the time of acquiring ADOR shares in 2023." The official added, "Since the first-instance court has already ruled that HYBE must pay a put option purchase price of 25.5 billion won, this matter will naturally be offset and settled once the main lawsuit is finally finalized."

The official further pointed out, "HYBE's refusal to comply with the first-instance ruling by not paying the put option amount, while separately filing a lawsuit only over the related loan, is an inconsistent and contradictory stance."

They continued, "Even though this issue will naturally be resolved during the main lawsuit proceedings, insisting on filing a separate lawsuit appears to be an unnecessary offensive that goes beyond a pure legal response. Min Jeon (CEO) will diligently proceed with the upcoming main lawsuit to clearly conclude all rights and settlements in accordance with the law and principles."

It was also revealed on this day that Chairman Bang had applied for a payment order demanding the return of 4.2106 billion won from Min Jeon (CEO) last April.

Previously, in March 2023, Min Jeon (CEO) purchased 573,160 shares (17.8%) of ADOR held by HYBE for approximately 3.738 billion won, borrowing 3.7 billion won from Chairman Bang. It is known that the amount Chairman Bang demanded for return was 510.6 million won more than the original loan amount at that time.

In response, the Seoul Western District Court issued an order in May last year requiring Min Jeon (CEO) to pay the loan to Chairman Bang. However, after Min Jeon (CEO) filed an objection in July, the case was transferred to a formal civil lawsuit.

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*This content was translated by AI.View Original