Min Heejin refutes claims of meeting Japanese investors for NewJeans, warns against false reporting, and discusses legal actions against HYBE.
February/23/2026 18:16Related Groups & Members
Former ADOR representative Min Heejin denied reports that she contacted Japanese wealthy individuals to receive investments related to NewJeans. Today (23rd), Min Heejin opened up through her official Instagram, saying, 'Is it DavoLink season 2? No one is fooled by such novels anymore. The tactic of exaggerating trivial matters and fabricating something as if it were true is very reminiscent of something.' She continued, 'Instead of being interested in civil cases of ordinary people, please investigate the person under criminal investigation (HYBE's Bang Si-hyuk) more diligently. It seems that negative viral work started last week right after I won completely, but it’s a cliché tactic. Dispatch, please remember that I also have the right to rebuttal during interviews. Please stop spreading false facts and uphold journalistic ethics.' She added, 'I will hold Dispatch accountable for the false reports regarding DavoLink and today's report to the fullest extent allowed by law. I will also hold accountable the media that simply reprints Dispatch's articles to earn page views. It's exhausting.' Previously, Dispatch reported that Min Heejin met with Kō Wada, a prominent figure from a prestigious Japanese family and the racing world, to receive investments for NewJeans' activities by the end of 2024. It was reported that she summoned all NewJeans members to the meeting, taking advantage of Kō Wada's fandom. In relation to this, Min Heejin denied the claims as false. Min Heejin announced that she would leave ADOR in November 2024 and terminate the shareholder agreement with HYBE. She stated, 'I will hold HYBE legally responsible for breaches of the shareholder agreement. I plan to proceed with necessary legal measures for the numerous illegal acts of HYBE and its affiliates one by one,' and filed a lawsuit for the payment of the put option exercise. A put option refers to the right to sell specific assets at a predetermined price before or on the expiration date, and the terms regarding the exercise of the put option are specified in the shareholder agreement between Min Heejin and HYBE, along with the guarantee of the term of office of ADOR's representative director (HYBE must take necessary measures to exercise voting rights to ensure that Min Heejin can maintain her position as ADOR's representative director and internal director for five years, or that directors appointed by HYBE exercise voting rights at ADOR's board of directors). The amount of the put option for ADOR is equivalent to 75% of the shareholding ratio of ADOR held by the parties after applying 13 times the average operating profit of ADOR over the last two years. According to the 2023 ADOR audit report, Min Heejin exercised a call option in 2023 and purchased 18% (573,160 shares) of ADOR's stock. Initially, it was known that if Min Heejin exercised the put option across years, she could acquire about 100 billion won (about 10.7 million dollars) based on the calculation period (2023-2024). However, after notifying the exercise of rights in early November last year, it is expected that she can acquire about 25.5 billion won (about 2.7 million dollars) based on the calculation period from 2022 to 2023. ADOR recorded operating losses of 4 billion won (about 400,000 dollars) in 2022 (the debut year) and 33.5 billion won (about 3.6 million dollars) in 2023, contrary to Min Heejin's claims. Contrary to Min Heejin's assertions, HYBE disclosed through its semi-annual report on August 19, 2024, that the shareholder agreement with Min Heejin was terminated in July 2024. Amidst this, on February 12, at the Seoul Central District Court's Civil Division 31 in Seocho District, a judgment hearing was held for the confirmation lawsuit regarding the termination of the shareholder agreement filed by HYBE against Min Heejin and the lawsuit for the payment of stock sale proceeds filed by Min Heejin against HYBE. The first-instance court dismissed HYBE's request on this day, ruling that 'Min Heejin's exercise of the put option is legitimate, and HYBE must pay Min Heejin 25.5 billion won.' After suffering a complete defeat to Min Heejin, HYBE submitted an appeal on February 19, planning to contest the decision again in the appellate court.
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