Former ADOR CEO Min Hee Jin Reportedly Owes HYBE Founder Bang Si Hyuk 3.9 Billion KRW In Personal Loan
This article is part of our coverage of HYBE vs. ADOR CEO Min Hee Jin. You can read more and view the entire timeline here.
According to the latest reports by Korean media, former ADOR CEO Min Hee Jin is expected to repay ₩3.94 billion KRW (about $2.81 million USD) that she personally borrowed from HYBE founder and chairman Bang Si Hyuk.
A TenAsia report on November 21 stated that in March 2023, Bang personally lent Min the ₩3.70 billion KRW (about $2.64 million USD) she needed to purchase an 18% stake in ADOR. Min Hee Jin purchased 573,160 shares, and despite the face value of those shares being ₩2.86 billion KRW (about $2.04 million USD), with the factoring of corporate value, etc, the actual purchase price turned out to be ₩6,700 KRW (about $4.79 USD) per share, amounting to ₩3.70 billion KRW (about $2.64 million USD).
When personal loans are given through promissory notes or IOUs, the minimum interest applicable is the statutory rate of 4.6%. Going by that number, the [krw] 3.7 billion that Min Hee Jin borrowed in March 2023 increased to [krw] 3.94 billion [/krw] by the end of November. The loan agreement between the two stands separately from the legal dispute over the validity of the shareholder agreement between HYBE and Min Hee Jin. So, regardless of the result of the lawsuit, the agreement would remain valid.
Recently, it was reported that Min Hee Jin is seeking to exercise her put option worth ₩25.8 billion KRW (about $18.4 million USD) as per the shareholder agreement. If the court rules in favor of her and validates her ability to exercise the put option, then Min Hee Jin could repay Bang Si Hyuk without any hiccups. But if the court finds her guilty of professional malpractice and breach of trust, HYBE would then get the right to purchase her 18% stake in ADOR at face value, which is [Krw] 2.86 billion [/krw] as of November 2024. In that case, Min will remain in ₩1.07 billion KRW (about $764,000 USD) in debt.
With Min’s resignation from her position as an internal director of ADOR on November 20, all business relationships between her and Bang Si Hyuk have officially concluded. In this situation, it is natural to move toward resolving personal financial transactions as well. Bang Si Hyuk can now demand repayment from Min Hee Jin and also sue her in case of non-response. But it is unclear whether he plans to request the repayment right now. When media outlets reached out to HYBE for comment, an official stated that it would be difficult for them to speak on anything as the situation pertains to the personal finances of the two.
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