Hive, which is auditing whether some executives of its label Adore attempted to seize management rights, announced interim results on the 25th.
Hive said that through this audit, “We confirmed the specific facts that a plan to seize management rights was established led by Adore CEO Min Hee-jin, and also secured physical evidence.”
During the investigation, one of the audit subjects submitted information assets containing plans to seize management rights and contacts with external investors as evidence, and also admitted to writing a Hive attack document for this purpose.
According to the face-to-face investigation and the conversation transcripts included in the submitted information assets, CEO Min Hee-jin instructed executives to prepare a way to pressure Hive to sell its stake in Adore.
In accordance with this instruction, methods for terminating the exclusive contract with the artist and invalidating the contract between Adore's CEO and Hive were discussed in detail. There were also conversations such as, 'Let's bring in global funds and make a deal with Hive,' 'Critically appeal everything that Hive does,' and 'Think of ways to harass Hive.'
The conversation log also contained action plans such as ‘preparing for public opinion in May’ and ‘making Adore an empty shell and taking him out.’
Hive also reported that it had secured a statement from the audit subject that “the wording that 'ultimately you will exit Hive' is a transcription of what the CEO of Adore said.”
Based on the data, Hive plans to submit a complaint on the 25th against those involved on charges of breach of trust.
Due to this incident, concerns are growing about New Genes, who are scheduled to make a comeback next month. Regarding this, Hive said, “We plan to do our best to provide psychological and emotional care for the New Genes members and support them for a successful comeback in the future. We also plan to meet with the members' legal representatives as soon as possible to discuss ways to protect the members.”
Park Ji-won, CEO of Hive, said, “We apologize to our fans, artists, and members for causing concern due to events that occurred in the process of upgrading the multi-label.” “I will do my best to ensure stability,” he said.
(Photo provided by Hive)
(SBS Entertainment News Reporter Kang Seon-ae)
