Seoul: K-pop powerhouse Hybe has appealed against a court's ruling that ordered the payment of 25.5 billion won (US$17.7 million) worth of put options to Min Hee-jin, a former CEO of a Hybe subsidiary named ADOR, judicial officials said Friday.
According to Yonhap News Agency, the appeal was filed with the Seoul Central District Court's Civil Division 31 on Thursday. This move came after the same court last week dismissed Hybe's lawsuit, which sought to confirm the termination of its shareholders' agreement with Min, and ruled in favor of the put option payment.
The court also ordered Hybe on February 12 to pay 1.7 billion won and 1.4 billion won to two former ADOR executives under similar circumstances. In response, Hybe has reportedly requested in its appeal that the effect of the initial trial be suspended until the appellate court renders a decision.
The conflict between Hybe and Min originated in April 2024, with Min being dismissed as CEO of ADOR in August of the same year. Hybe contends that the termination of the shareholders' contract is justified, claiming Min violated the agreement by attempting to end girl group NewJeans' agency contract with ADOR and advocating for ADOR's initial public offering.