According to a report by News1 on February 25, HYBE submitted ₩29.25 billion as a litigation security deposit to the Seoul Central District Court. The move aims to block the provisional enforcement of the first-instance ruling that ordered the company to pay Min Hee Jin approximately ₩25.6 billion in stock sale proceeds.
Earlier on February 12, the Civil Agreement Division 31 of the Seoul Central District Court, presided over by Chief Judge Nam In Soo, dismissed HYBE’s lawsuit seeking confirmation of the termination of its shareholder agreement with Min Hee Jin and another party. The court ruled that HYBE must pay Min roughly ₩25.6 billion under the put option clause.
In response, HYBE filed an appeal on February 19, along with an application to suspend compulsory execution of the payment. The court accepted HYBE’s request, meaning enforcement of the put option payment will be suspended until the appellate court delivers its ruling.
The conflict between Min Hee Jin and HYBE escalated in April 2024 amid allegations of an attempted management takeover and controversies surrounding alleged discrimination against certain groups under the label. In August 2024, HYBE disclosed in its semiannual report that it had terminated its shareholder agreement with Min. Subsequently, in November 2024, Min notified HYBE that she would exercise her put option for her ADOR shares and filed a lawsuit.
Meanwhile, on the same day as HYBE’s court deposit was reported, Min Hee Jin held a press conference proposing that she would forgo the ₩25.6 billion put option payment if HYBE agreed to withdraw all ongoing civil and criminal lawsuits and bring the broader dispute to an end.
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Sources: Daum
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