by Journalist Kim Jongyong
On the 16th, sources from the investment banking (IB) industry revealed that CEO Min met with Song Chihyung (Chairman of Dunamu) and representatives from Naver to propose the acquisition of ADOR. CEO Min reportedly told Chairman Song to 'pressure HYBE into selling ADOR' as Dunamu is the 3rd-largest shareholder of HYBE, with a 5.6% stake, giving them the power to appoint directors.
HYBE discovered CEO Min's contact with Naver and Dunamu when they audited CEO Min's activities. Previously, HYBE confirmed that CEO Min had illegally downloaded sensitive business information, such as artists' dividend details and regional income, which only HYBE manages. HYBE started an internal audit on April 22nd to investigate if CEO Min was trying to bring in outside investors to force HYBE to sell its shares in ADOR, which would be an attempt to take control of the company.
During the audit, HYBE reportedly found Kakao Talk messages on CEO Min's computer that showed she had contacted Naver and Dunamu. These included messages where CEO Min said things like, "Song Chihyung doesn't understand what I'm saying. XX," and "Naver understands a bit better." Previously, HYBE had also revealed a conversation where CEO Min responded "jackpot" to a plan by the ADOR vice president to secure cash and buy ADOR's shares from HYBE through a financial investor.
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