BREAKING: HYBE Announces ADOR Audit Results, Confirms Attempted Takeover, To Take Legal Action

Published Categorized as Kpop
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HYBE , the parent company of subsidiary ADOR, announced on the 25th of April that it has released the interim audit results regarding an attempted takeover of ADOR’s management rights.

According to the audit results, HYBE confirmed the concrete fact that a takeover plan of ADOR’s management rights was formulated under the leadership of ADOR’s CEO, and also obtained evidence to support this on the 25th.

One of the subjects of the audit investigation admitted that they submitted evidence in the form of information assets containing details of the takeover plan and contact with external investors. They also acknowledged that they had written attack documents against HYBE for this purpose.

According to the face-to-face investigation and the transcripts of the submitted information assets, ADOR’s CEO instructed the management team to pressure HYBE to sell its stake in ADOR.

In accordance with this instruction, specific discussions were held on ways to terminate exclusive contracts with artists and invalidate contracts between ADOR’s CEO and HYBE. There were also discussions on bringing in global funds and critically appealing against everything HYBE does, as well as brainstorming methods to torment HYBE.

The transcripts also contained execution plans such as “preparing for a public opinion campaign in May” and “turning ADOR into an empty shell and taking it away.”

HYBE also obtained a statement from the audit subject stating that the phrase “ultimately leaving HYBE” was written based on a statement made by ADOR’s CEO.

Based on this evidence, HYBE plans to file a criminal complaint against those involved on the 25th, alleging breach of duty in the course of business.

HYBE plans to provide psychological and emotional support for the NewJeans members in the future for their successful comeback. They also plan to meet with the members’ legal representatives and discuss ways to protect them.

Park Ji-won, the CEO of HYBE, expressed concern and apologized for the events that occurred during the process of enhancing the multi-label system. He stated that now that the case has been concluded, he will do his best to heal and emotionally stabilize the precious assets of artists in K-Pop.

Source: (A)

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