"Stock Price Manipulation Scheme Involving NewJeans Member's Family"... Min Heejin Denies Tampering Allegations (Comprehensive)

ADOR: "This Is a Matter for the Courts"

Min Heejin, former CEO of ADOR. Photo by Yonhap News

The legal team representing former ADOR CEO Min Heejin has claimed that the allegations of "NewJeans tampering" surrounding her are, in fact, a stock market manipulation scheme orchestrated by a specific businessman and a member's family.

On the afternoon of January 28, Sunwoong Kim, an attorney at the law firm Jiam, held a press conference in Jongno-gu, Seoul, to state their position regarding the allegations.

Attorney Kim first explained the reason for Min Heejin's absence from the press conference. He said, "Min Heejin is in a situation where it is difficult for her to personally speak about issues involving the families of NewJeans members," adding, "She recently heard stories related to family relationships that left her deeply shocked, which is why she could not attend."

Min Heejin's side defined the essence of the tampering allegations as "a fraudulent scheme carried out by a member's family and a businessman, who colluded to manipulate the stock price and attempt market rigging for a specific company." Attorney Kim asserted that he had identified circumstances in which a member's uncle, Lee, and Daboinc Chairman Park Jungkyu joined forces to use NewJeans as a theme stock.

Attorney Kim emphasized, "At the time, Min Heejin was attempting to reach a settlement with HYBE by giving up all her rights in order to return to NewJeans," and added, "A member's family, who claimed to have close ties with HYBE's key management, exploited Min's situation, planned the tampering, and rallied support."

He also presented evidence suggesting that HYBE's management was aware of these developments in advance. According to materials released that day, in June 2024, Min Heejin received a suggestion from a member's father to have his well-connected older brother handle negotiations. Subsequently, in September, Lee contacted Min and showed her messages exchanged with HYBE management, volunteering to negotiate.

Min Heejin's side explained that on September 28, 2024, she met directly with HYBE CEO Lee Jaesang, and when CEO Lee warned her not to meet with Daboinc and others, she responded that it was the first time she had heard of such matters.

On the afternoon of the 28th, Seonwoong Kim, a lawyer at the law firm Jiam, held a public press conference at the Kyowon Jonggak Building in Jongno-gu, Seoul, regarding the allegations of "NewJeans tampering" involving former Adore CEO Heejin Min. Photo by Yonhap News

KakaoTalk conversation between former ADORE CEO Min Heejin and member's uncle Lee. Provided by Sunwoong Kim, attorney at law firm Jiam.

The team also cited the reversal of Daboinc's public disclosure as evidence. Attorney Kim said, "Lee was announced as a candidate for internal director on October 2, 2024, but after Min Heejin denied any connection, he was removed from the candidate list on November 7. We believe that after failing to use Min as a tool to boost the stock price, they decided to drop Lee."

The reasons for Min Heejin's prolonged silence and her health condition were also addressed. An associate who attended the press conference stated, "Min Heejin remained silent for over a year out of concern that members and their families might be harmed. After hearing a recording in which the member's family, whom she was trying to protect, laughed off the situation as just a trivial episode, Min fainted." In the actual released recording, Lee explained his silence about Min's innocence by saying, "It was just a trivial episode, so I let it go."

There were also allegations that ADOR was deliberately attempting to disband NewJeans. Attorney Kim criticized, "Targeting only Danielle to terminate her contract and filing a lawsuit worth 43.1 billion won is a divide-and-conquer strategy aimed at breaking up the team," and said, "The exploitation of member families in lawsuits must stop."

Min Heejin's side urged HYBE to answer how they were aware of Chairman Park's possible involvement in advance, and announced plans to file criminal complaints against Chairman Park and others for defamation, violation of the Information and Communications Network Act, and unfair trading practices.

An ADOR representative dismissed the press conference, stating, "If there are claims, they should be addressed in court."