Police to Conduct Investigation This Week into HYBE Regarding 'Min Hee-jin Accusation'

Former Taekwang Chairman Lee Hojin's Warrant Dismissed: "Reason Analysis"

Regarding the case in which HYBE reported its subsidiary ADORE's CEO Min Hee-jin to the police on charges including breach of trust in the course of business, it is expected that the complainant's investigation will take place within this week. Attention is focused on whether the related investigation can proceed at a swift pace.

CEO Min Hee-jin of ADOR has filed an injunction to prohibit the exercise of voting rights against HYBE, continuing the conflict between HYBE and CEO Min. The photo was taken on the 8th at HYBE headquarters in Yongsan-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Min Hee-jin, CEO of ADOR, is making a statement on the conflict with the parent company HYBE at the Korea Conference Center in Seocho-gu, Seoul, on the 25th of last month. Earlier, HYBE announced the results of an interim audit on ADOR's management, including CEO Min Hee-jin, and stated that they would file charges against them for breach of duty and other allegations. Photo by Kang Jin-hyung aymsdream@

Jo Ji-ho, Chief of the Seoul Metropolitan Police Agency, stated, "The complainant (HYBE) informed us that they would appear after the provisional injunction hearing (on the 17th), so the investigation will take place within this week," adding, "Subsequent necessary procedures will follow."

HYBE filed a complaint with Yongsan Police Station on the 25th of last month against CEO Min and others on charges of breach of trust in the course of business. After filing the complaint, HYBE submitted related materials to the police several times, and it is known that the police have completed their analysis of these materials.

Typically, the complainant's investigation is conducted within 1 to 2 weeks after the complaint is filed, but in this case, due to ongoing legal disputes such as the provisional injunction, it is observed that more time has been required. Once the complainant's investigation is conducted, the police are expected to begin a full-scale verification of the facts.

Chief Jo previously stated at a press briefing on the 7th regarding this case, "Since there is national interest, we will conduct the investigation more meticulously and swiftly and be able to explain the matter."

Regarding the court's dismissal of the arrest warrant for former Taekwang Group Chairman Lee Ho-jin, Chief Jo said, "It is necessary to analyze the reasons for the court's dismissal," and added, "After the analysis, we will decide whether to conclude the investigation or if supplementation is needed."

Former Chairman Lee Hojin of Taekwang Group, who is accused of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Crimes, is appearing at the Seoul Central District Court on the 16th to attend the pre-arrest interrogation. Photo by Heo Younghan younghan@

The Anti-Corruption Crime Investigation Unit of the Seoul Metropolitan Police Agency applied for an arrest warrant on the 7th against former Chairman Lee on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement). Former Chairman Lee is accused of mobilizing group affiliates to create slush funds worth billions of won and improperly supporting construction costs for affiliates through Taekwang CC.

However, Nam Cheon-gyu, the judge in charge of warrants at the Seoul Central District Court, held a pre-arrest detention hearing on the 16th and dismissed the warrant, stating, "Considering the degree of evidence for the criminal charges and the possibility of dispute, the evidentiary relationship regarding conspiracy or instruction in some criminal facts and the suspect's claims, the progress of the investigation, the progress of investigations into other key related persons, and the suspect's social ties, it is difficult to recognize the grounds and necessity for detention at this stage."

Meanwhile, Chief Jo said regarding the investigation into K-Samhung, which recently faced allegations of speculative real estate fraud, "The analysis of materials secured through search and seizure will be completed soon, and thereafter, related persons will be summoned in earnest."