FORMER ADOR CEO MIN OFFERS TRUCE WITH K-POP GIANT HYBE OVER US$17.89 BLN DEAL

SEOUL, Feb 25 (Bernama-Yonhap) -- Former ADOR chief executive Min Hee-jin on Wednesday offered to end all legal disputes with K-pop giant Hybe in return for giving up a 25.6 billion-won (US$17.89 million) put option from the company, Yonhap News Agency reported.

Min, who now heads her own label Ooak Records, made the announcement at a press conference in central Seoul held shortly after a local court ruled partly in her favour in an ongoing legal battle with Hybe, the parent company of ADOR.

"I have decided to exchange 25.6 billion won for another value," Min told reporters. "I'm here because there are values I desperately want more than a large sum of money. The reason is the NewJeans members. In return for giving up the 25.6 billion won, I propose that all civil and criminal lawsuits between us be concluded," she said, referring to the popular girl group under ADOR.

Min added that she "cannot watch some standing on stage while others stand in court", saying the situation was "painful for both the members and fans".

Her remarks came after the Seoul Central District Court earlier this month dismissed Hybe's lawsuit seeking to confirm the termination of its shareholders' agreement with Min and another executive.

The court also ruled that Hybe has to pay 25.5 billion won worth of a put option to Min because of the validity of the shareholders' agreement. The court acknowledged that Min probably sought ways to make NewJeans independent from ADOR, but the circumstances cannot be considered a serious breach of the shareholders' agreement.

Hybe appealed the ruling last week, and the same court subsequently accepted the company's request on Wednesday to stay the execution of the put option payment until an appellate ruling is made.

-- BERNAMA-YONHAP