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Bang Si Hyuk demands 3.7 billion KRW personal loan repayment with interest from ex-ADOR CEO Min Hee Jin; HYBE clarifies its stance
Bang Si Hyuk seeks 3.94 billion KRW loan repayment from Min Hee Jin including interest. Read on for further details.
The controversy between Bang Si Hyuk and Min Hee Jin has been ongoing ever since the feud between ADOR and HYBE. However, the situation has further complicated following Chairman Bang PD’s request for the repayment of his loan, with full interest, by ADOR’s former CEO.
On November 21, 2024, a South Korean news outlet released an exclusive report stating that HYBE’s chairman, Bang Si Hyuk, is seeking repayment of a personal loan amounting to approximately 3.94 billion KRW ($2.8 million USD) from Min Hee Jin, the former CEO of ADOR. This total includes the initial loan of 3.7 billion KRW, provided by Bang Si Hyuk in March 2023, along with accumulated interest.
The loan was used by Min Hee Jin to purchase an 18% stake in ADOR, with the company valued accordingly. While earlier reports suggested that the purchase price for the shares was 1.1 billion KRW, the actual transaction amounted to 3.7 billion KRW, fully financed by Bang Si Hyuk.
Under South Korean law, the minimum interest rate for a personal loan issued via an IOU or promissory note is 4.6%. Consequently, the total amount Min Hee Jin owes Bang Si Hyuk as of November 2024 is estimated to be 3.94 billion KRW. This loan is a private arrangement between Bang Si Hyuk and Min Hee Jin and is unrelated to the ongoing legal dispute concerning their shareholder agreement.
Min Hee Jin is seeking to exercise her put option, valued at approximately 25.8 billion KRW ($18.5 million USD), as stipulated in the shareholder agreement. Should the court rule in her favor and validate the put option, she would likely be able to settle the loan without difficulty.
However, if the court sides with HYBE and denies her this option—potentially finding her liable for professional malpractice and breach of trust—HYBE could acquire her 18% stake at face value, currently estimated to be 2.86 billion KRW. In this scenario, Min Hee Jin would be left with a remaining debt of approximately 1.07 billion KRW.
HYBE Labels issued a brief statement addressing the matter, explaining that it is unable to provide further details as the issue pertains to a personal arrangement between Bang Si Hyuk and Min Hee Jin. The company clarified that the loan in question is separate from the legal dispute concerning the shareholder agreement and declined to elaborate further on the situation.
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