2024-04-27 07:16:18
Hive explained the non-compete clause of Adore CEO Min Hee-jin, its label and New Jeans agency.
Hive issued an official statement on the 26th and began to directly refute CEO Min’s claims, saying, “We would like to accurately state the facts regarding the remarks CEO Min made at the press conference on the 25th to protect shareholder value and IP.”
In response to CEO Min calling the non-competition clause in the shareholder contract a ‘slave contract’, Hive said, “The non-compete is a request by the buyer to prevent unfair competition by selling shares held by shareholders and starting a business in the same industry.” “It is not true to say that it is tied up forever,” he said. “CEO Min can sell his stocks from November of this year, and if he sells his stocks, he will not be subject to a ban on competition from November 2026, when his employment contract with our company expires.” revealed.
He continued, “Representative Min himself said, ‘I can make 100 billion won even if I just stay still,’ and the condition of being guaranteed a large amount of money and being able to cash it out and start a business in the next year can never be called a slave contract.” “The KakaoTalk conversation also states that ‘we will exercise the put option and EXIT on January 2, 2025,’” he refuted.
At the same time, “In the case of the sale-related clause in the contract that Representative Min claims is a slave contract, there was a difference in interpretation as to whether the two clauses take precedence, and the response last year was, ‘If the interpretation is ambiguous, we will resolve the ambiguous clause and revise it so that it does not become a problem.’ “I already sent it in December,” he said, adding, “CEO Min said, ‘I’m not interested in money,’ but the key issue that sparked the discussion was the size of the compensation.”
Previously, on the 22nd, Hive began an emergency audit after reporting that Adore CEO Min Hee-jin and Vice-CEO A had attempted to steal management rights. Afterwards, on the 25th, they announced that they had secured evidence of breach of trust by Adore’s board members, including CEO Min, through an interim audit report, and reported them to the Yongsan Police Station in Seoul on the afternoon of the same day on charges of breach of trust.
According to the interim results of Hive’s audit of Adore’s board of directors, physical evidence of an ‘attempt to escape Hive’ was found in face-to-face surveys and conversation logs in submitted information assets. CEO Min Hee-jin instructed Adore executives to come up with a way to pressure Hive to sell its shares in Adore. In accordance with this instruction, methods for terminating the exclusive contract with the artist and invalidating the contract between Adore’s CEO and Hive were discussed in detail.
In response to this, CEO Min completely denied the results of the audit, including the attempt to take over Adore management rights claimed by Hive, at an emergency press conference held on the afternoon of the 25th. CEO Min said he was deeply troubled because Hive did not keep its promise to him, and revealed that there were differences of opinion with Hive’s Chairman Bang Si-hyuk and CEO Park Ji-won during the process of debuting New Genes.
(Seoul = News 1)
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2024-04-27 07:16:18