"We made plans to take New Jeans out of ADOR"- Davo Link

TLDR

1. Park Jung-kyu's Claims Investment Request and Discussions Chairman Park claimed that in late August 2024, Min Hee-jin requested a ₩5 billion investment through B, the uncle of a NewJeans member. After rejecting the request, Park proposed a different structure where Min could acquire Davolink to secure necessary funding for her new business. September 30 Meeting Park stated that Min, along with B, visited his home to discuss plans for taking over Davolink and arranging financing for entertainment-related ventures. Discussions on Moving NewJeans Park alleged that Min asked if it would be possible to bring NewJeans out of ADOR. According to Park, he advised Min to let go of her current position to decrease ADOR's value, which might make it feasible for her to take NewJeans.

2. Min Hee-jin's Position Min Hee-jin’s side has denied all allegations, stating that no discussions about investments or business negotiations took place. Her team also refuted claims that she ever met Park regarding such matters.

3. Reasons Behind the Rift Differences in Opinion Park stated that he became skeptical of Min’s professionalism during their meeting and felt that their ideas for collaboration were incompatible. Subsequent Fallout Park was angered by Min’s public denial of their meeting and accusations of lying.

4. Legal and Ethical Implications Potential Breach of Duty If Min negotiated with external investors or discussed relocating NewJeans while still employed by ADOR, it could constitute a breach of fiduciary duty (embezzlement). Park’s claims also hint at possible tampering, as such actions may violate industry ethics by discussing artist movement without the current agency’s consent. Lawsuit by HYBE HYBE, ADOR’s parent company, had previously filed a lawsuit against Min for breach of duty in April 2024. The alleged September meeting could be pivotal in ongoing investigations and future legal proceedings.

5. Industry Reactions and Future Prospects The conflicting statements have drawn attention as the case could escalate into a full-blown legal battle. The future activities of NewJeans and their relationship with ADOR are now under scrutiny, with potential repercussions for the group’s career.

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[Exclusive] "Min Heejin told blatant lies... We even discussed ways to take NewJeans out" - Chairman Park Jung-kyu's revelatory disclosure "I was stunned to hear her say she never agreed to receive investment or met with any investors. Min Heejin is telling blatant lies. We discussed investment-related matters for three hours and even talked about how to extract NewJeans."

Park Jung-kyu, chairman of Dabo Link, who met with former CEO Min Heejin in late September last year and presented specific plans for establishing a new company and funding, interviewed with TenAsia. This is the first time Chairman Park has publicly detailed his investment-related discussions with former CEO Min using his real name.

Meeting at an undisclosed location in Seoul on the 7th, Chairman Park expressed his grievances about being labeled a liar and suffering stock price damages after Min denied ever meeting him. Park emphasized that Min's denial of their meeting was an absurd lie.

According to Park, he received Min's investment request around late August last year, with Person B, the uncle of NewJeans member A, acting as an intermediary. "On a Sunday in late August, while I was playing golf, B called me. He said he absolutely needed to meet today and would wait in front of my house. We met around 9 PM. When I heard what he had to say, it was a request to invest 5 billion won in former CEO Min. I declined since it was sudden and too risky. We met again the next day, and I made a counter-proposal. I suggested creating a structure where they would take over Dabo Link instead. I saw that we could secure sufficient investment funds using the capital market. It was a decision aimed at my own profit too. Right there, B called Min on speakerphone. As soon as Min answered, she asked, 'Father, did the discussion go well?' She knew about it. It's clear that Min Heejin knew about the 5 billion won investment proposal."

The meeting between Chairman Park and former CEO Min took place on September 30. Min and B gathered at Park's home. The photos that one media outlet released showing Park and Min discussing investment were taken that day. According to Park, the meeting's purpose was to discuss how to transfer Dabo Link to Min and how to secure necessary funding. Park proposed that Min acquire Dabo Link.

The plan was for B to lead the acquisition of Dabo Link and then hand over actual management rights to Min. Park explained how to raise funds for the acquisition and said additional funding for entertainment business could be secured through capital increases. The structure would have Park selling Dabo Link to Min's side and profiting from the share sale. Park proposed this plan to Min as a way to avoid investment risks while still benefiting himself.

◆Plans to extract NewJeans also discussed Park and Min discussed ways to extract NewJeans from ADOR. Park said Min first asked "Would I be able to take NewJeans with me?" and explained, "I told her that logically, she would need to give up something first to take those members. I asked who would let her have everything if she didn't give anything up. I advised Min that if she left ADOR, the company's value would drop, and that would eventually make it possible to take NewJeans with her."

◆Why did Chairman Park and former CEO Min turn their backs on each other? Park said that during their 3-hour conversation, Min spent over 70% of the time talking about herself. Much of it was complaints about conflicts with HYBE and Chairman Bang Si-hyuk. Park recalled, "When she used vulgar language to insult Chairman Bang in front of someone she just met, I thought 'this person isn't right.' Isn't that lacking basic courtesy? I explained what I had planned but had a feeling it wouldn't work out."

It appears that Park and Min ultimately didn't agree on specific investment methods. The problem came afterward. Park takes issue with Min's subsequent denial of ever meeting investors.

Market fluctuations in stock prices after their meeting became known in investment circles also seem to have played a role. Some analyze that Min may have found it difficult to accept Park's proposal since it wasn't a simple investment structure.

◆Min continues to deny investor contact claims

We first interviewed Chairman Park late last year. After the interview, we requested fact-checking from former CEO Min's side.

In response, Min's side stated, "Chairman Park's claims about former CEO Min are completely false" and "Former CEO Min never discussed investments with Chairman Park nor proposed any investments." We conducted an additional interview with Chairman Park on the 7th to hear further explanations, ensuring the right of reply given the completely contrasting statements from both sides.

However, Min's position includes aspects that defy common sense, particularly her denial of the clear fact that she "met" with Chairman Park. Analysis suggests this is deeply related to legal liability. Min has been particularly sensitive to "investor contact allegations." Meeting external investors while serving as an internal director at ADOR could constitute one element of breach of trust. Breach of trust requires actual execution, not just planning.

This is also why Min has previously characterized her "Leave HYBE" plans merely as "employee complaints." Min's actions of meeting Park to discuss investments and asking about ways to extract NewJeans could constitute elements of breach of trust. The revealed discussion about planning to take NewJeans members also supports tampering allegations.

HYBE filed criminal charges against Min for breach of trust on April 26 last year. The investigation is ongoing. Until now, the focus has been on materials secured during HYBE's audit of Min. Min's side has countered that there is no concrete evidence of execution to constitute breach of trust. This is why Min's conversation with Chairman Park could play a "key role" in the investigation and future trial. This meeting represents executed action. Whether Min's actions violated principles of good faith as an ADOR member, and whether they ultimately caused damage to ADOR, could become key issues in determining breach of trust.

source: https://m.entertain.naver.com/article/312/0000695802