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HYBE vs Min Hee Jin - The Full Timeline

Hi guys, Han here, and LORD, this has been one of the hardest things I've ever had to do, but I hope this is helpful to all those who are trying to follow this mess in its entirety.

Important notes:

I've included the pre-audit timeline to help you understand the history and context of everything that's happened

I will be updating periodically with new information

I will try to keep entries to the point, and highlight the main points given by each side without adding too much of my own opinion - so make your own conclusions!

Credits to TMIKpop on Twitter for most of the translated news articles as I'm far too lazy, busy (and dyslexic) to read all those Korean articles myself.

I tried to include sources as much as possible in the more recent news, but honestly, I'm going to be a little lazy with this as I don't have enough free time to go back and find sources for things that happened way in the past or are already well-known up to this point. Feel free to send me sources in my ask box though!

Also for reference, here are the key involved characters (and name abbreviations that will be used throughout this post.)

Bang PD (Bang Shihyuk, HYBE Chairman & BigHit CEO)

PJW (Park Jiwon, HYBE CEO, ex-CEO of NEXON Games)

MHJ (Min Hee Jin, ADOR CEO, ex-SM employee)

VP L (Lee Sangwoo, VP of ADOR, ex-financial division at HYBE)

VP S (Shin ??, VP of ADOR)

NJs (NewJeans), LS (Le Sserafim), IL (ILLIT), GFRIEND & BTS

BHM (BigHit Music), SouMu (Source Music), BELIFT & ADOR

Items with * are accusations by either ADOR or HYBE, but that haven't been 100% verified as true or false. Things that have been verified won't have any *.

Similarly, (RUMORS) that seem to have some basis in reality based on existing evidence but have not been explicitly stated by either side are also included. Also disclaimer: I am not pro-HYBE nor pro-MHJ, I have my personal opinion but I've tried to keep this as impartial and unbiased as possible. I've just presented the news that has been released, if it tills one way, that's just how it is.

Without further ado(r LOL), let's begin!

2019~2021

MHJ joins BigHit Ent as Chief Branding Officer for all labels - this is in preparation for Bighit Ent becoming HYBE.

*Between then and 2021, MHJ suggests making a girl group to Bang PD, and they agree to make the group under SouMu rather than BHM. However, MHJ is never officially employed at SouMu.

*Bang PD promises that MHJ's group will be HYBE's first girl group.

All NJs members join SouMu (Minji joined in 2017 / Hani 2019 / Haerin & Danielle 2020 / Hyein 2021)

*NJs' debut is pushed back initially because of COVID, then again due to contract issues, resulting in LS being ready to debut first and PJW telling MHJ that NJs will no longer be the first gg from HYBE. MHJ claims the reason for NJs' debut delay is because they didn't like her creative vision though.

2021

Q1 (Exact Timing Unknown)

Bang PD starts developing LS with SouMu as he wants to create a group featuring known members, Chaewon and Sakura from Iz*one.

*NJs' debut is pushed back initially because of COVID, then again due to contract issues, resulting in LS being ready to debut first

PJW tells MHJ that NJs will no longer be the first gg from HYBE.

*MHJ is upset that another gg is being developed under Source and claims that it's because Bang PD didn't like the direction she was taking NJs and abandoned her to work on LS instead.

MHJ later agrees to the new debut schedule, with LS debuting just 2 months before NJs, and decides that is enough time for her to promote NJs.

Feb/Mar

HYBE is officially established as a company with Bang PD as CEO.

May

PJW is announced as the new CEO of HYBE.

Bang PD continues as CEO of only BGM but only the chairman of HYBE. This means he has no say in the daily operations of HYBE, but can make big decisions that go to the Board of Directors (BOD). Note: Each label under HYBE has its own individual CEO.

GFRIEND is officially disbanded without any notice from SouMu.

*MHJ is accused (by HYBE staff) of taking almost all of the SouMu staff to ADOR resulting in SouMu not having enough staff to manage GFRIEND and LS. SouMu also had a lot of debt from the training of NJs that they would no longer see a return on as the profits would go to ADOR so they needed to take dramatic measures. (RUMOR) SouMu had already sunk a lot of money into LS (and NJs) and expected LS to be more popular as they were debuting under HYBE, so they decided to terminate GFRIEND at the end of their contracts without warning.

November

ADOR is officially established so that MHJ can have full control over her group's image and development, rather than answering to SouMu CEO and Bang PD.

HYBE gives 16.1B won investment for the establishment of ADOR

2022

May

LS debuts from SouMu

*HYBE claims they shortened their promotional period in order to give MHJ enough time to promote NJs ahead of their debut, but MHJ shows Kakao messages of PJW specifying that NJs should not be promoted ahead of LS' debut so they can benefit from the speculation of them being MHJ's group.

LS' debut is overshadowed by the Garam scandal.

(RUMOR) While Garam was later found to be innocent and misrepresented in the media (ie she was protecting a friend from a bully, not actively bullying someone), many believe MHJ was the one who leaked the information to the press to jeopardize LS' debut. This comes from the statements from HYBE that they have evidence of her collecting and leaking artists' private information.

July

NJs debuts with ZERO pre-debut promotion, instead dropping an incredible amount of content for the debut promotions. Note: While MHJ claims HYBE tried to stop her promoting at all before their debut, she has not provided any evidence. It is the responsibility of each individual label to plan and execute their artist's promotions.

End of Year

Thanks to NJs' successful debut, ADOR has paid off a majority of their debt to HYBE, and now only owes 4B won.

2023

Dec // Source: Donga Ilbo

Bang PD lends MHJ money to buy cheap stock options (intentionally discounted by HYBE for her to buy) and MHJ uses the loan to buy a 20% stake in ADOR. This means she gets paid her shares on top of her 1M USD annual salary as CEO. Note: I couldn't confirm this, but it's believed she is the only CEO of any HYBE label that has stocks in her company. BHM is private so there are no stocks and it is owned completely by Bang PD, while the other labels' stocks are owned 100% by HYBE.

MHJ buys the shares on the following conditions: + If she decides to quit, HYBE is obliged to buy the stocks back and pay MHJ 13 times [ADOR's profit from the last 2 years x her % of shares] + She can quit from Nov 2024 and has a non-compete clause for 2 years where she must maintain a 4.5% stake in ADOR. Note: This means as a stakeholder she can not establish her own company or work for a company that will directly compete with ADOR for those 2 years, as she can not do work that can potentially devalue her shares. This is standard in many industries.

MHJ later shares 2% of her shares to executives of ADOR: VP S and VP L. Note: It is unclear if she sold them or gifted them.

Q4 (Exact Timing Unknown)

VP L leaves their position in HYBE's financial team and starts to work at ADOR under MHJ.

*HYBE accuses VP L of downloading a bunch of HYBE's private financial data that he should no longer have access to, and giving it to MHJ to later use to try and blackmail HYBE into selling their ADOR stocks with the investors she is colluding with. This would mean the majority of ADOR stocks would be controlled by people who support MHJ's decisions.

2024

Feb // Source: Donga Ilbo

MHJ tries to negotiate the terms of her contract with HYBE. She requests the following: + The 13x valuation of her shares be increased to 30x. Taking their value from approximately 100B won to 270B won. (This would be 5.5x the amount of profit she actually made with ADOR in 2023.) + The complete removal of the non-compete clause, allowing her to cash out all of her stocks and start/work for a competitor company immediately after leaving the company.

Additionally, she asks for the ability to make decisions regarding outside investors by herself as the CEO without HYBE's input.

HYBE rejects all of her requests because they would be complete financial losses and risks to HYBE. Negotiations stop as neither side will budge.

It is also around this time that HYBE gets the tips that MHJ is planning a management takeover with outside investors.

Mar

HYBE received a tip that MHJ is planning to try and make ADOR independent by gathering investors who support MHJ to buy up the majority of ADOR shares.

[23rd~29th] MHJ and VP L share messages about selling ADOR after 'emptying it like a shell', how to make ADOR independent, and how they should blackmail HYBE and ruin HYBE's reputation. *HYBE believes the 'empty shell' comment means terminating NJs' contracts with the majority shareholder power from the investors MHJ was meeting. Note: MHJ has confirmed the existence of these messages but insists they were just jokes between disgruntled employees. HYBE retorts that these plans are too specific and detailed, and they found additional evidence to prove they were more than just empty words.

[25th] ILLIT debuts with 'Magnetic'

April

[3rd] MHJ submits an internal complaint to HYBE and BELIFT that IL's concept is copyright infringement of NJs and that HYBE has the obligation to protect them. She requests they respond by April 23rd or 24th (not clear.)

MHJ also complains to the parents of NJs that HYBE is trying to sideline NJs with IL.

[21st] HYBE and BELIFT submit a 6-page response to MHJ. Note: She later claims that she didn't receive any response, but HYBE provides proof that she received it, so she changed that they replied last minute so she couldn't prepare for the audit, but the response doesn't mention the audit because they are separate issues. However, MHJ believes the audit is all because of the IL situation.

[22nd] HYBE carries out and publically announces the ADOR audit. This results in an 8% drop in HYBE stocks. (Whistleblower will be revealed later!) *They claim to find evidence of her plans, the illegally obtained company and artist information, and more.

[23rd] MHJ holds a 2.5 hour press conference in retaliation. *She doubles down that she believes this is all because of the complaint she filed and that HYBE (and particularly Bang PD) has hated her and NJs from the beginning. Conference Transcript Here:

[24th] This was also the deadline for which all company devices needed to be returned for the audit but MHJ refused to return her work laptop (and still hasn't as far as I know.) *MHJ claims the timing of the audit was intentional to jeopardize NJs' comeback, however, HYBE provided copied devices to all the employees. She has since not given any justification for not returning her laptop and NJs comeback is continuing as scheduled.

[26th] While HYBE initially stated they wouldn't respond on the day of the conference, they later released a full statement addressing the key points of MHJ's argument. HYBE's full response in English:

NJs's fans (Bunnies) sent trucks to HYBE requesting that MHJ stop using NJs and their parents to protect herself and that NJs stay within HYBE.

NJ's parents refuse to accept calls from HYBE but express their support through newspaper interviews.

Both NJs and BTS RM announce their comebacks set for May 24th. (HYBE's stocks recover thanks to this.) MHJ paints this as HYBE trying to crush NJs with their biggest group because NJs surpassed BTS - HYBE retorts that BHM picked the date first and advised her to change the date, but she insisted on having NJs' comeback on the same day.

[30th] HYBE calls an extraordinary general meeting with the BODs, but the ADOR executives and MHJ do not attend, meaning they have to file a legal suit requiring the MHJ, VP S and VP L to attend the ADOR BODs extraordinary general meeting on May 31st instead.

Other things of note that happened between the 22nd to 30th:

News reports broke that a petition for re-investigation regarding a 2017 allegation against BTS for Sagaeji was passed to the KFTC & Ministry of Culture, Sports & Tourism. Days later the organizations responded by clearing the charges and asking that all musicians be as honest and forthcoming as BTS. It was later discovered at the hearing that MHJ was behind this situation, and ordered her VPs to create a buzz around the issue to distract attention from her. // Sources: Link / Yonhap News

Similarly, following the accusation from HYBE that MHJ was talking to her 'shaman friend', a rumor broke that BTS were members of a cult that the chairman of their university (Cyber Global University) is rumored to be part of. The Chairman denied being part of a cult, and HYBE/BHM released statements denying the allegations too.

(RUMOR) "K-ARMYs" sent trucks and funeral wreaths to HYBE dissing the company and pleading allegiance only to BTS until May 7th. The following day, these were replaced by trucks from "Bunnies" showing support for MHJ - contradicting the prior trucks sent criticising her. The suspicious timing, the unusually fast fundraising, the contradictory message, the hiring of bodyguards to protect the wreaths, and other strange coincidences cast doubt on if any of these trucks are actually from fans. Many believe MHJ is funding these herself to paint the image that fans are on her side, or at least hate HYBE, justifying her own discontent with HYBE.

May // Source: Biz Chosun

[7th] MHJ files an injunction to Seoul District Court to block HYBE from using their 80% share of ADOR to vote her out (fire her.)

[10th] ADOR BOD agreed to HYBE's request to hold the extraordinary general meeting to discuss the dismissal of MHj (and the two VPs.)

*The same day, prior to the BOD announcement, MHJ's side said a styling team leader was subject to improper coercion during the audit. // Source: Lee Daily HYBE later retaliated explaining how the audit was conducted and that when the staff wanted to stop, they respected her wishes. Furthermore, HYBE said they found evidence of embezzlement and improper payment receipts for ADOR staff. // Source: Newsen ADOR denied that the payment methods were normal and legal, but definitely they are not. // Source: Newsis However, the staff did come forward to say she felt pressured and blackmailed with the embezzlement claims if she didn't comply with the audit. // Source: Ilgan Sports

[12th] An email from "NJs Parents" to HYBE is released to a newspaper, the contents of the email describing how Bang PD did not greet the girls in the elevator, and how they are their parents were upset by it. HYBE retorted that this was not true, and that the email was fabricated by VP L and MHJ and they had proof of this. // Source: YTN A parent of NJs later gave an interview with Ilgan Sports revealing the email was in fact written by MHJ, based on conversations she had with the parents. She also claimed PJW had said the girls would take a break for 1.5 years in order to find a Grammy worthy producer for NJs and that the parents were worried about their careers. // Source: Ilgan Sports HYBE denies any such statement and that they plan to continue NJs schedules as planned. //Source: Seoul Newspaper

[13th] YTN reports HYBE has selected a new CEO for ADOR to replace MHJ once she's voted out, and that they will reveal all of the results of the audit at the court hearing.

Controversy about NJs new song 'Bubble Gum' being plagiarised from a 1982 song called 'Easier Said Than Done' by British Rock Band ShakaTak. // Source: Biz Chosun

[14th] HYBE filed a complaint with the FSS due to insider trading carried out thanks to a tip from MHJ's side about the upcoming public scandal. Note: It's complicated and is about additional people not mentioned until now, so I will link the thread explaining it. It is relevant however, as it backs HYBE's claim that MHJ had planned to ruin their company image as part of her management takeover plan even before the audit. LINK

[17th] The hearing for MHJ's injunction takes place. Each side has 30 minutes to present their arguments and evidence. The below tweets summarize the main points.

HYBE's Side:

ADOR's Side:

Although MHJ requested her Kakao messages not to be shared publically (despite her already showing some), a reporter did recreate the messages. (He copied them word for word but recreated the image so it doesn't break the rules.) The messages show her hatred for women in general, particularly a female employee who was reported assaulted by one of the VPs. Messages Translation: LINK Message Source: LINK LINK

[17th] NJs members and their parents all submitted petitions to oppose the dismissal of MHJ and request that MHJ and NJs continue to stay under HYBE - these petitions were submitted before the hearing where MHJ's disparaging comments against NJs were revealed. // Source: Hankook Ilbo

[17th] HYBE's Q1 results were released and showcased how NJs/ADOR is not as valuable an asset as MHJ is painting them out to be. This goes against MHJ's argument that HYBE is trying to crush her because NJs are getting 'too big'. LINK

[17th] The whistleblower who tipped HYBE off to make them do the audit is revealed. Long story short it was one of the associates of the investors MHJ had been trying to get to buy shares of ADOR who reached out to HYBE. MHJ has claimed during her conference she never met any investors and that HYBE should prove who they are. Now that they've been named, she's still deflecting because it was VP L who met with the investors rather than MHJ herself. // Source: LINK / Biz Chosun

[17th - yeah, a lot happened this day] MHJ accuses HYBE of trying to make her commit 'Albun Pushing', as well as complaining about the distribution deal with UMG - HYBE retaliates denying the allegations and provides evidence of MHJ doing the exact thing she accused them of, and also explains how the UMG benefits all artists and has already benefit NJs. // Source: LINK Note: This is NOT Sajaegi, but it is still a tactic to inflate sales. The difference is Sajaegi is the company buying the albums themselves, whereas this album pushing is forcing distributors to preorder more stock and then hold events (like fansigns) to help them sell out after.

[24th] This day is the deadline by which both sides can submit additional evidence before the courts make their decision on whether to pass MHJ's injunction (stopping HYBE from voting her out) or not. The court has stated they will release their verdict before the 31st. // Source: YNA

[31st] The ADOR extraordinary general meeting will take place.

This is all the information so far, I've skipped some of the common knowledge things like the details of the IL plagiarism or cult accusations because I think they just muddle the whole timeline and are very inconsequential.

I will continue to update this page as things continue to happen. And I want to show out TMIKPOP from Twitter one more time as I wouldn't have been able to put this together without their tweets.

#important #bts

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