Koreaboo
2 hours ago
Ooak records CEO Min Hee Jin‘s side (former CEO of ADOR) has shared their position regarding the first trial ruling on the termination of the shareholder agreement with HYBE and the lawsuit claiming the stock purchase price.
On the 12th, ooak records issued a statement saying, “We express our deep respect to the court for its careful and objective judgment. We respect and humbly accept the court’s decision confirming the validity of the shareholder agreement and the legitimacy of the put option rights through this ruling.”
They added, “CEO Min Hee Jin has hoped that this lawsuit process would go beyond personal rights remedy and serve as an opportunity to correct unreasonable practices in the K-pop industry and to rethink the seriousness of contracts.” They continued, “Regardless of the verdict, we sincerely apologize to the fans and entertainment industry stakeholders who may have felt fatigue during the previous dispute. We also want to express our gratitude to the HYBE officials who went through the long legal battle together.”
Furthermore, they stated, “Now, ooak records and CEO Min Hee Jin intend to move forward toward the future as originally planned, rather than dwelling on past disputes. Ooak records will focus all its efforts on establishing a stable management environment, maximizing the value of artists, and nurturing new talents that will represent the K-pop industry.”
The Seoul Central District Court Civil Division 31 ruled on the 12th in favor of former CEO Min in the stock purchase price claim lawsuit filed against HYBE.