Former ADOR chief executive Min Hee-jin on Wednesday offered to end all legal disputes with K-pop giant Hybe in return for waiving a 25.6 billion-won (US$17.89 million) put option payout she expects from the company.
Min, who now heads her own label Ooak Records, made the announcement at a press conference in central Seoul held shortly after a local court ruled partly in her favor in an ongoing legal battle with Hybe, the parent company of ADOR.
"I have decided to exchange 25.6 billion won for another value," Min told reporters. "The reason is the NewJeans members," she said, referring to the top ADOR girl group she created.
"In return for giving up the 25.6 billion won, I propose that all civil and criminal lawsuits between us be concluded."
Min added that she "cannot watch some standing on stage while others stand in court," saying the situation was "painful for both the members and fans."
