The Korea Startup Forum (KSF) recently expressed concerns regarding the ongoing conflict surrounding HYBE and its subsidiary's investment contracts.
On the 23rd, KSF stated that the dispute between HYBE and its subsidiary over investment contracts could undermine the legal stability of the investment environment and threaten the very foundation of the startup ecosystem.
This statement follows the recent announcement by New Jeans, a group under HYBE' subsidiary and agency Ador, regarding the termination of their exclusive contract.
On November 28, NewJeans held an emergency press conference to announce the termination of their exclusive contract with Ador. Although they are still following their scheduled activities, the group is continuing with individual activities using each member's name rather than under the name of NewJeans.
KSF emphasized, "The recent conflict over the investment contracts between HYBE and its subsidiary is a serious case that could severely damage the principles of trust and responsibility that are fundamental to the investment ecosystem." It continued, "An investment contract is a legally binding promise based on mutual trust. It involves not only financial contributions but also intangible assets like opportunity costs, time, and shared vision in a joint venture."
Additionally, KSF noted, "Investment contracts protect the assets and rights of a business and serve as a crucial foundation for fostering growth between investors and investees. However, if the interpretation and implementation of such contracts are unilaterally undermined, it would damage the essence of investment decisions and lead to irreparable distrust across the investment ecosystem."
The statement further stressed that "the erosion of social trust in the fulfillment of investment contracts seriously dampens investor sentiment, having a catastrophic effect on the entire ecosystem." It added, "Investment contracts must be interpreted and executed in a way that protects investors' reasonable and sound expectations. Only when a stable environment that does not damage social trust is maintained can healthy investments take place."
KSF warned that cases of unilateral contract invalidation would significantly diminish investors' willingness to invest, leading to a decline in trust not just for individual contracts but across the entire South Korean startup ecosystem.
It further explained that if international investors' trust in the Korean market is damaged, global investment opportunities could shrink, limiting growth prospects for domestic startups and ultimately weakening the competitiveness of the Korean startup ecosystem.
KSF stated, “In fact, investor sentiment in the entertainment industry has sharply declined following this incident. This is a regrettable event at a crucial time when K-pop has the potential to expand globally.”
Through this case, KSF emphasized the importance of the essence and principles of investment contracts, as well as social trust, warning that the healthy development of the startup industry and investment environment could be seriously undermined.
source: https://m.entertain.naver.com/article/311/0001809537
original post: here
1. Nugu?
2. HYBoongie pulled a HYBoongie again
3. Seriously I'm so fed up with all their mediaplay
4. KSF??? What's that?
5. Sihyuk-ah, what are you going to do?
6. Is KSF a fake company?
7. This is such bullsh*t
8. Sihyuk-ah, go away
9. Who are they?
10. Isn't the "Free NewJeans" movement logically going to benefit the startup world? It's like a statement of how an original idea of a startup got harmed by the process of a big company. It's such a recurring thing in the industry ã…‹
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