“Min Hee-jin Is Lying Through Her Teeth, Even Discussed Taking NewJeans Out” Chairman Park Jung-kyu’s Explosive Revelations
Chairman Park Jung-kyu of Davolink, who met former ADOR CEO Min Hee-jin in late September last year to discuss setting up a new company and specific funding plans, revealed the details in an interview with Ten Asia. This is the first time Park has publicly disclosed his discussions about investment with Min, using his real name.
On January 7, during a meeting with Park at a location in Seoul, he expressed frustration about being labeled a liar after Min denied ever meeting him. He also claimed to have suffered damages, including a drop in stock prices, as a result of her denial. Park emphasized that it was absurd for Min to deny their meeting, calling her claims a complete fabrication.
“₩5 Billion Investment Proposal Was Known to Min Hee-jin”
According to Park, he received an investment request from Min Hee-jin in late August last year. The intermediary was “B”, the uncle of NewJeans’ member “A”.
“One Sunday in late August, I was playing golf when B called me, saying he needed to meet me urgently. He even waited outside my house. I met him around 9 PM, and he asked me to invest ₩5 billion in Min Hee-jin. I immediately said I couldn’t invest because of the risks and the difficulty of making such a decision on the spot. We met again the next day, and I made a counterproposal: why not consider taking over Davolink instead? I believed sufficient funds could be raised through the capital market. B then called Min Hee-jin on speakerphone. As soon as Min Hee-jin answered the phone, she asked, ‘Did the discussions go well?’ She clearly knew about the ₩5 billion investment proposal.”
The meeting between Park and Min took place on September 30, at Park’s residence, where B and Min were present. A photo, released by a media outlet, reportedly shows this meeting. The purpose of the meeting, according to Park, was to discuss the acquisition of Davolink and how to secure the necessary funds.
Plans to Extract NewJeans Discussed
During the meeting, they also discussed strategies to take NewJeans out of ADOR. Park revealed that Min asked, “Can I take NewJeans with me?” He advised her, “To take them out, you would first need to give something up. No one will let you have everything if you try to hold onto it all.” He added that he suggested Min leaving ADOR might lower the company’s value, which could facilitate taking NewJeans.
Why Did Park and Min Fall Out?
Park claimed that during their three-hour conversation, over 70% of the time was spent listening to Min complain about her conflicts with HYBE and Chairman Bang Si-hyuk. Park recounted, “She even used derogatory language to describe Chairman Bang in front of someone she had just met, and I thought, ‘This isn’t someone I can work with.’ Her lack of basic courtesy was alarming.”
Ultimately, they couldn’t agree on the specifics of the investment plan, leading to a fallout. Park was particularly irked when Min later claimed she had never met with him or discussed investment. This denial, which became known in the investment community, reportedly contributed to stock price fluctuations.
Min Hee-jin Continues to Deny Investor Contacts
In response to the allegations, Min Hee-jin’s side issued a statement last year denying all claims made by Park, “The statements regarding Min Hee-jin by Chairman Park Jung-kyu are completely untrue. Min Hee-jin never engaged in any discussions about investment or made any such proposals.”
However, Min’s denial has raised eyebrows, especially as she denied even meeting Park, despite photographic evidence of their encounter. Legal experts speculate that Min’s sensitivity to these allegations stems from potential charges of breach of trust if she had indeed met investors while still serving as an executive at ADOR.
HYBE filed a criminal complaint against Min for breach of trust on April 26 last year, and investigations are ongoing. The core of the case revolves around whether Min’s actions, including the discussions with Park, caused harm to ADOR. The allegations regarding her plans to extract NewJeans further bolster claims of tampering and potential misconduct. This case could become pivotal in determining whether Min Hee-jin violated fiduciary duties and damaged ADOR’s interests.
