Adore CEO Min Hee-jin holds an emergency press conference at the Korea Convention Center in Seocho-gu, Seoul on the 25th in response to allegations of breach of trust related to an attempt to seize management rights from Hive, and reveals KakaoTalk a message he shared with Hive Chairman Bang Si-hyuk./News 1
The legal community argued that the charge of breach of trust filed by Hive against Adore CEO Min Hee-jin was difficult to establish.
On the 27th, lawyer Lee Hyeon-gon (29th class of the Judicial Research and Training Institute), a former family court judge, said on his Facebook page, “Looking at Hive’s statement, I heard that (CEO Min) has record the breach of trust in a conspiracy in the company’s meeting minutes and work log Does that make sense?” “If the KakaoTalk data is the most conclusive evidence, Hive should be considered a failure,” he said.
Previously, Hive alleged that CEO Min tried to usurp Adore’s management rights and reported him to the police for breach of trust. Hive submitted the content of CEO Min’s messenger conversation with management as one of the pieces of evidence. One executive said, ‘Exercising put option on January 2, 2025’, ‘Adore becoming an empty shell’, ‘Seeking financial investors’, ‘Recommended sale of Adore to Hive’, ‘CEO Min cashed out’ a message written on it as ‘acquiring shares of Adore with money’. In response to this, CEO Min responded, “Awesome.”
In response to this, lawyer Lee said, “If (CEO Min) says ‘Daebak’, does that mean he consents to (using management rights)?” and “If you look at KakaoTalk Bang Si-hyuk, there is an accusation of starting the attack on Aespa Is that concrete evidence? “I’m not sure what’s different,” he said.
Previously, CEO Min revealed the contents of his KakaoTalk conversation with Hive Chairman Bang Si-hyuk at a press conference on the 25th. Chairman Bang sent a message to CEO Min about the rival girl group ‘Aespa’, saying, “You can step on Espa, right?”
On the 26th, lawyer Lee also said that the ‘exchange of management rights’ claimed by Hive could not be established. He said, “First of all, I don’t understand whether Hive’s claims meet the legal requirements for breach of trust. “The usurpation of management rights is a meaningless legal claim,” he said “Legally, the manager of Adore is the CEO of Min. “To put it bluntly, it was an attempt to make Adore management independent, but is that a crime?”
He continued, “Even if CEO Min tried to increase (Adore’s) stock by bringing in investors, I don’t know why that would be a breach of trust, whether he would get implemented or not,” and added, “Hostile M&A is also done legally, but receiving external investment will not cause harm to the company.” “It’s not happening,” he said.
Previously, on the 25th, lawyer Lee posted a message supporting Rep. Min, saying, “I like people who are the same on the outside and the inside,” and “It’s hard to bear for people to do mean things just to punish someone.”
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