"Issued a purchase opinion and advised Min Hee-jin." Hive requests the Financial Supervisory Service to investigate analysts – Korea Economic Daily VRESP

Adore CEO Min Hee-jin is holding an emergency press conference on the 25th of last month in response to suspicions of breach of trust in connection with an attempt to seize Hive management rights, and is disclosing the KakaoTalk chat she had with Hive Chairman Bang Si-hyuk./Photo = News 1

Adore CEO Min Hee-jin is holding an emergency press conference on the 25th of last month in response to suspicions of breach of trust in connection with an attempt to seize Hive management rights, and is disclosing the KakaoTalk chat she had with Hive Chairman Bang Si-hyuk./Photo = News 1

It is reported that Hive requested the Financial Supervisory Service to investigate Adore management’s alleged violation of the Capital Markets Act and included analyst A from a foreign securities company in the investigation.

According to Yonhap News on the 15th, Hive submitted a petition to the Financial Supervisory Service on the 14th to investigate Adore executives, including Adore CEO Min Hee-jin, and Mr. A on charges of spreading false information, price manipulation, and stock trading using undisclosed information.

Hive claims that Mr. A, who published a report recommending a buy opinion on Hive, was involved in a management conflict that could have lowered the value of Hive stock.

According to Hive’s claim, Mr. A arranged a separate meeting with Adore management for a foreign investor who visited Korea on the 17th of last month prior to the meeting with Hive. Hive believes that the foreign investor expressed his intention to invest during a meeting with Adore.

It is also suspected that the company’s internal confidential information was leaked during the contact between CEO Min and Mr. A.

Representative Min’s side still maintains that the ‘suspicion of stealing management rights’ is completely groundless. At a press conference last month, CEO Min said, “I received advice from an external advisor. They said I met someone and received some kind of investment. Please bring me here. What kind of investment did I talk about?” and added, “I have never even met them.”

Reporter Han Kyung-woo, Hankyung.com [email protected]

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