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ADOR has launched a brand new rebuttal to HYBE.
On Might 2, ADOR launched an in depth assertion in refutation to HYBE’s statement on ADOR CEO Min Hee Jin’s press conference that befell on April 25.
We want to present correct details relating to HYBE’s claims.
We deeply remorse having to launch an announcement on a matter apart from [news about] our artist once more at an necessary time when NewJeans’s new music is being launched.
ADOR has repeatedly requested HYBE to chorus from media actions that unfold information about different points unrelated to information concerning the artist in order that the worth of NewJeans’s efforts is just not broken by conversations with the media. HYBE additionally acknowledged that they’d not refute the press convention held by CEO Min Hee Jin. We categorical deep disappointment and remorse that HYBE resumed its refutation by the media in lower than a day.
Regardless of HYBE’s refutation, ADOR has not responded with a view to not trigger hurt to the artist’s actions and to guard their worth. Nevertheless, as unverified points proceed so as to add to the general public’s confusion, ADOR needs to make clear the correct details relating to the present controversy.
1. Relating to the takeover of administration rights
HYBE’s declare of a “administration rights takeover” is baseless. The proof they supplied was not meant for a takeover however emerged from ongoing conflicts with HYBE based mostly on “creativeness.” We reiterate that there was no particular plan or execution associated to this.
Because the audit started and the malicious battle of public opinion worsened, the [ADOR] vice chairman who was fairly involved for Min Hee Jin’s security approached HYBE’s senior administration to request a halt to their unilateral battle of public opinion. Nevertheless, HYBE’s administration responded that it was not the time to fret about Min Hee Jin and coerced cooperation with statements reminiscent of, “In case you get sued and your tie will get lower off for being the particular person in cost, how are you going to cowl the damages it’s a must to pay?” and “Take into consideration your loved ones.” They psychologically pressured the vice chairman into signing a consent kind for data provision by saying, “There will likely be no points if you happen to cooperate with us.” The following day, the vice chairman’s KakaoTalk messages had been disclosed to the media. This can be a extreme invasion of privateness and violation of human rights. Lately, Min Hee Jin’s authorized consultant confirmed with Yongsan Police Station, within the strategy of submitting the facility of lawyer kind, that the vice chairman who wrote it was excluded from being a defendant.
HYBE maliciously edited the content material of the conversations to make it seem as if the unique intention was to take over administration rights and deliberately publicized this extensively within the media. Min Hee Jin’s assertion, “This must be famous as being informal dialog,” which is totally unrelated to the context, was additionally selectively edited.
2. Relating to monetary compensation
Firstly, Min Hee Jin acknowledged on the press convention that the “incentive” is 2 billion gained (roughly $1.45 million), not her wage. This was a reward for attaining 33.5 billion gained (roughly $24.3 million) in working revenue two years after ADOR’s institution.
As acknowledged on the press convention, the problem she raised relating to the motivation calculation was not concerning the quantity itself however concerning the standards for figuring out the motivation and the transparency of the decision-making course of. Min Hee Jin believed that HYBE’s standards for figuring out incentives was unclear and that there was a scarcity of clear clarification relating to the method of calculating incentives.
Distorting the details concerning the incentive like this and obfuscating the problem by mentioning Min Hee Jin’s wage, incentive, and inventory compensation can solely be seen as HYBE’s try and falsely body Min Hee Jin as being motivated by monetary greed.
3. Relating to the inner whistleblowing and audit course of
It’s mentioned that CEO Park Ji Received replied to ADOR’s inner whistleblowing e-mail on April 22 at 10 a.m. On the similar time, HYBE not solely initiated an audit together with seizing the vice chairman’s laptop computer but additionally despatched a letter demanding Min’s resignation and calling for a common shareholders’ assembly. Just some hours after, information articles had been constantly printed, asserting the sudden activation of the audit rights on ADOR’s administration. The next day, articles continued as if it had been a stay broadcast with HYBE’s aggressive media exercise. We want to ask HYBE. What was your response to Min’s inner whistleblowing e-mail?
We want to ask this additionally. What sort of listed firm discloses to the general public the small print of an audit that needs to be carried out discreetly, even modifying in unverified data, and reviews them as in the event that they had been a stay broadcast? Furthermore, this occurred simply on the time when a subsidiary label’s artist was making ready for a comeback.
The activation of audit rights has severely hindered the work of Min Hee Jin and ADOR employees members, who had been working tirelessly in preparation for NewJeans’s comeback. Though HYBE claimed that they instantly present new laptops and permit downloading current work supplies to make sure no disruption to work, this isn’t true. The laptops had been taken away with out giving the vice presidents time to obtain their work supplies, and the method of seizure was additionally unreasonable.
4. Relating to HYBE’s promise to debut [NewJeans] as the primary lady group
HYBE had publicly declared NewJeans as Min Hee Jin’s lady group and HYBE’s first lady group because the “Plus International Audition.” This can be a reality remembered by the dad and mom of NewJeans members and the executives and workers of ADOR on the time as witnesses. Ultimately, with the recruitment of Sakura and Kim Chaewon, LE SSERAFIM turned HYBE’s first lady group, and despite the fact that it was revealed that HYBE didn’t preserve its promise of “HYBE’s first lady group,” HYBE is just not hesitating to make false claims. On the time, Min Hee Jin requested the institution of ADOR whereas giving up her shares, and he or she endured numerous disputes with a view to switch and debut the NewJeans members in ADOR.
Regardless of the reality about NewJeans’s debut course of, HYBE claimed, “NewJeans’s debut schedule couldn’t assist however be delayed no matter HYBE’s intention as a result of division of the corporate and the switch of contracts.” It’s regrettable that HYBE continues to lie concerning the fact of what has already occurred.
5. Relating to the request to not promote NewJeans’s debut
HYBE claims there have been considerations that the truth that Sakura joined SOURCE MUSIC in addition to the knowledge on the composition of NewJeans members could be uncovered, however this isn’t solely factually incorrect but additionally logically inconsistent.
There isn’t any clarification in any respect on what relation there’s between revealing that ADOR’s debut group is “composed solely of rookies” and Sakura becoming a member of SOURCE MUSIC in addition to what issues may lead to exposing the knowledge on the composition of ADOR’s debut members.
HYBE gave the excuse, “As there was not satisfactory time for the 2 teams’ promotions as a result of their debut schedules adopted one after the opposite straight away, it was determined that minimal promotional durations could be set,” however if truth be told, there have been no such agreements. On the time, HYBE wished to create confusion inside the trade that LE SSERAFIM might be Min Hee Jin’s lady group, and CEO Park Ji Received explicitly requested Min Hee Jin by calls and social media [messages] for ADOR to not promote NewJeans. That is confirmed by the social media dialog information between Park Ji Received and Min Hee Jin, but HYBE continues to vary their story whereas giving irrelevant causes.
6. Relating to the declare that it was not a slave contract
Min Hee Jin doesn’t deny the need of the non-competition clause itself. As the top of an organization engaged within the leisure enterprise, she understands that working in a competing enterprise throughout and for a sure interval after employment will be prohibited. Nevertheless, enterprise and period topic to the prohibition of competitors should be affordable, which isn’t the case with the present shareholders’ settlement.
Opposite to the official assertion on April 25, HYBE’s rebuttal assertion distributed to all media shops on April 26 blamed Min Hee Jin for disclosing the shareholders’ settlement and refuted by revealing a part of its content material.
The irrationality of the present shareholders’ settlement primarily lies in the truth that Min Hee Jin can solely be free of the non-competition clause by now not holding any shares, and addressing this unfairness is just pure. HYBE claimed in its rebuttal that it despatched a response in December final 12 months stating, “There have been variations in interpretation within the provisions associated to promoting shares within the contract. We are going to resolve the clause with ambiguous interpretation,” however any authorized knowledgeable would discover the interpretation unambiguous, and Min Hee Jin would proceed to bear the non-competition obligation till she disposes of all shares with HYBE’s consent. Though HYBE claimed to have despatched a response to resolve the ambiguous clause in December, it was not till mid-March this 12 months {that a} revised proposal containing this content material was obtained.
7. Relating to follow-up reviews on the shareholders’ settlement
Following HYBE’s rebuttal, a number of follow-up reviews confirmed by HYBE by the media have been rife with hypothesis and distortion relating to the shareholders’ settlement. To right additional misunderstandings, we offer this data.
HYBE has misled by claiming that Min Hee Jin demanded a rise to 30x for the put possibility, suggesting that the present battle is motivated by monetary causes. Nevertheless, the 30x was a mirrored image of the worth of our future boy group manufacturing and one of many proposals in the course of the negotiation course of to vary the shareholders’ settlement with numerous unreasonable features, and it was not a precedence merchandise within the negotiations.
Moreover, HYBE promised Min Hee Jin an extra 10 % stake in ADOR as inventory choices in the course of the inventory buy settlement and shareholders’ settlement signing in March final 12 months. Nevertheless, authorized recommendation revealed that inventory choices couldn’t be granted to main shareholder Min Hee Jin beneath the Business Code. This inventory possibility was not requested by Min Hee Jin however proposed by HYBE. Min Hee Jin couldn’t dismiss the notion that HYBE had deceived her. It was a matter of “belief.”
It’s also not true that Min Hee Jin rejected HYBE’s proposal to launch the non-competition obligation. HYBE steered that Min Hee Jin serve a compulsory eight-year tenure and bear a one-year non-competition obligation after resignation, with the put choice to be exercised in levels in accordance with that interval. Nevertheless, the controversy over ILLIT arose in the course of the shareholders’ settlement negotiations, resulting in the present state of affairs. Min Hee Jin has not communicated any stance on HYBE’s proposal. It’s unfaithful that Min Hee Jin expressed a refusal.
8. Relating to the truth that the shaman is solely a good friend
NewJeans’s success and ADOR’s outstanding achievements made in a brief time frame are based mostly on rational enterprise choices. These claims are a part of HYBE’s framing to undermine and deny ADOR’s success.
ADOR’s income and working revenue stem from stopping pointless bills, effectively managing the price range, and striving to reinforce the model picture. If what they declare is feasible, why would Min Hee Jin and ADOR’s employees members work tirelessly day and night time?
It’s regrettable that HYBE, which needs to be a pacesetter of Ok-pop, tried to border with private defamation unrelated to the problem and never even price responding to, particularly asserting it simply earlier than Min Hee Jin’s press convention.
9. Relating to the truth that HYBE doesn’t cherish NewJeans
HYBE was the one who all of a sudden introduced the audit to the media on April 22 with out ready for the audit outcomes. With none concrete proof, they claimed an unimaginable “takeover of administration rights” and didn’t even try and take heed to ADOR’s stance internally, sparking this challenge earlier than NewJeans’s comeback.
HYBE claims they steered to not point out the artist. In the event that they believed attacking Min Hee Jin and ADOR publicly wouldn’t have an effect on NewJeans’s model worth, it signifies a lack of information of label administration and is sophistry to cowl up their very own misjudgments in administration.
We hope the above data helps to resolve additional hypothesis and misunderstandings.
On April 16, Min Hee Jin acknowledged, “HYBE is unprepared, lacks understanding, and has the incorrect perspective towards a multi-label system,” mentioning numerous points and continuing with inner whistleblowing. Regardless of it being a frank assertion made with belief in Chairman Bang Si Hyuk’s guideline to “converse up about variations and your opinions when confronted with injustice and irrationality within the office though it might be tough to take action,” the state of affairs has come to this present excessive state with accusations of “breach of belief.”
ADOR is presently contributing all of our efforts into supporting NewJeans’s actions and can proceed to take action. If HYBE really needs to guard the IP as claimed and considers the shareholders’ pursuits, we hope they’ll cease spreading the unconvincing malicious propaganda and present an affordable perspective by supporting ADOR so we will showcase full dedication to creation.
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