SEOUL, SOUTH KOREA — FIFTY FIFTY has filed a criminal complaint on their own agency, ATTRAKT, against the CEO, Jeon Hong Joon, for embezzlement.
On August 17, FIFTY FIFTY filed a complaint against Jeon Hong Joon through their law firm Barun, officially announcing that the CEO of ATTRAKT, FIFTY FIFTY’s agency, is “violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (embezzlement).”
The Law Firm Barun specifically stated, “CEO Jun Hong Joon has revealed that Star Crew Entertainment (Jun Hong Joon’s other company) had allocated the initial advance payment, which was originally received from the music distributor, towards undisclosed expenses. This amount was subsequently included under the investment costs for the girl group under the pretense of the said investment; consequently, the responsibility for the advance payment debt was transferred to ATTRAKT. This financial liability has come to light, with proceeds generated from FIFTY FIFTY’s digital music and album sales going toward repaying this debt.”
Before ATTRAKT, FIFTY FIFTY members were originally signed under Jeon Hong Joon’s previous company called, Star Crew Entertainment, although they transferred to ATTRAKT soon before their debut.
Barun made claims about Jeon Hong Joon’s specific financial issues originating from funds and debts being transferred back and forth between the two companies.
The law firm states, “It has also been confirmed that ATTRAKT ordered FIFTY FIFTY’s albums to be shipped to a distribution company, but the advance payment of 2 billion KRW (1.5 million USD) to be received was transferred to Star Crew ENT, not to ATTRAKT. The above acts are crimes that amount to a business breach of trust that cause property damage.”
FIFTY FIFTY filed to terminate their exclusive contracts with ATTRAKT back in June, but the court recommended mediation between the parties. On the next court date, FIFTY FIFTY members told the court that they would not be mediating, meaning they wanted the issue to return to trial. – KLife/Zain
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