The so-called 'HYBE incident' has seen Bang Si-hyuk, Min Hee-jin, and NewJeans making headlines continuously.
It has been over a year and three months since the dispute between former Ador CEO Min Hee-jin and HYBE began in April of last year. During her tenure at Ador, Min was audited by HYBE on the grounds of attempting to seize management rights, which became the starting point of the 'HYBE incident.' Ultimately, Min completely built a wall against HYBE, and this process also affected her group, NewJeans.
There has been no conclusion reached through the legal battles that have lasted over a year, and the situation is still ongoing. Min has gone into hiding, and NewJeans has halted their activities.
In the meantime, on the 15th, the Yongsan Police in Seoul announced that they found it "difficult to acknowledge criminal allegations" regarding Min's breach of duty, leading to a decision not to prosecute. This marks the first judgment regarding Min's actions.
In relation to this, Min's side stated, "As a result of the police investigation that has lasted over a year, it has been confirmed that there is no illegality on the part of Min, and we inform you that both cases reported by HYBE have been decided as 'no charges' and not prosecuted." They reiterated their denial of the criminal allegations.
In response, HYBE indicated that they would not cease legal disputes by filing an objection with the prosecution.
Following the confrontation with Min, another major allegation surrounds HYBE. Chairman Bang Si-hyuk is under suspicion of fraudulent trading by financial authorities. The Financial Services Commission's Securities and Futures Commission (SFC) will decide on the level of sanctions against Chairman Bang during their regular meeting on the 16th.
According to financial authorities, Chairman Bang allegedly contracted to share 30% of the profits from the sale of shares with a private equity fund established by an acquaintance before HYBE's listing in 2020, and received about 400 billion won after the listing. Authorities believe that Bang's side falsely informed existing investors, such as institutional investors and venture capitalists, that the listing was impossible, leading them to sell HYBE shares to the acquaintance's private equity fund.
In response, HYBE stated, "We will clarify that the listing was conducted in compliance with laws and regulations." However, it has been reported that Chairman Bang refused the opportunity to clarify provided by the financial authorities before this regular meeting, indicating that he would focus on the prosecution investigation stage.
In the midst of this adult conflict, news has emerged that NewJeans has completely halted their activities. NewJeans has concluded their role as ambassadors for Incheon International Airport Customs, which lasted for a year. The contract extension did not materialize due to an agreement between Customs and Ador. This is also a consequence of the conflict between Min and HYBE, as it has led to restrictions on the team's activities.
Thus, the key figures leading HYBE's future, Bang Si-hyuk, Min Hee-jin, and NewJeans, seem to be struggling to escape from the quagmire.
[Ji Seung-hoon, Star Today Reporter]
