Park Jeong Gyu, chairman of DAVOLINK, recently held an interview with Tenasia to discuss meeting with former ADOR CEO Min Hee Jin last year.
This is the first time the chairman has met with the press to explain the investment-related discussions he held with Min Hee Jin.
The press met Chairman Park in Seoul on January 7 and revealed that stock prices have dropped ever since Min Hee Jin denied having met him.
According to the chairman, he received Min’s investment offer in August last year, with Mr. B, the uncle of NewJeans member A, serving as a mediator.
“On a Sunday in late August, I got a call from Mr. B while I was playing golf. He said I had to meet him today and that he would wait in front of my house. Listening to him, he asked me to invest ₩5.00 billion KRW (about $3.43 million USD) to Min. This offer was so sudden, so I said I couldn’t do it as it was a big risk and not something I could decide right away.
I met him the next day and made a counteroffer. I suggested they take DAVOLINK instead, as I thought we could secure enough investment funds by utilizing the capital market. I made this decision so that I could also make a profit. Mr. B then called Min and put her on speakerphone. But as soon as she answered, she asked, ‘Did everything go well?’ This meant that she knew about the ₩5.00 billion KRW (about $3.43 million USD) investment proposal.”
— Park Jeong Gyu
The chairman and Min Hee Jin met in person on September 30. They met at the chairman’s house to discuss investment-related matters regarding how to transfer DAVOLINK.
Chairman Park also revealed that they discussed plans to take NewJeans out of ADOR.
He explained that Min asked, “Do you think I can take NewJeans out from there?” To this, Park felt they would have to throw away the group first to take them out. He explained, “I advised that if she leaves ADOR, the company’s value will plummet and that only then she could take NewJeans out.”
He also shared that during the three-hour conversation with Min, more than 70% of the discussion was about Min Hee Jin herself. Most of the conversation was about her conflict with HYBE and Bang Si Hyuk.
When I heard her call Chairman Bang a ‘f*king pig’ in front of someone she just met, I thought, ‘This person is not it’. She didn’t have basic manners. Although I explained my plan, I felt it wouldn’t work out.
— Park Jeong Gyu
Ultimately, the investment agreement did not go as planned. The bigger problem happened after. He was frustrated at Min Hee Jin’s statement that she had “never met with investors”. It seems that the stock price fell after the meeting between the two became known to the investment industry. There were also predictions that the method raised by Park was not a simple way of receiving investment, which could have made it difficult for Min to easily accept.
Tenasia first interviewed Chairman Park late last year. After the interview, we requested confirmation from Min Hee Jin.
We want to make it clear that Chairman Park Jeong Gyu’s claims about Min Hee Jin are false. Min has never discussed investment plans with Park and has never proposed an investment.
— Min Hee Jin officials
With this, Tenasia met with Chairman Park again for an additional interview to give the right to object as both sides were making different claims.
However, one part of Min’s position that doesn’t seem to make sense is that she even denies that she ever met with Chairman Park. Many suggest that this could be due to legal responsibility.
This is because Min’s meeting with outside investors while being an internal director could be seen as a breach of trust. The conversation about taking out the members could also support the suspicion of tampering.
Meanwhile, HYBE filed a complaint against former ADOR CEO Min Hee Jin last year for breach of trust, and the investigation is still ongoing.
Dispatch Exposes Min Hee Jin’s Alleged Lies With Damning Photos
