FIFTY FIFTY has officially filed criminal charges at Jeon Hong Joon, the CEO of their own agency ATTRAKT.
Read the law firm's statement here.
FIFTY FIFTY Files Criminal Complaint Against ATTRAKT CEO Jeon Hong Joon
Law firm Barun has released an update regarding FIFTY FIFTY's legal dispute.
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It tackled about certain financial issues that came from the exchange of funds and debts between the two agencies.
Read the full statement below:
"On August 17, 2023, FIFTY FIFTY members Keena, Saena, Sio, and Aran have all filed criminal charges against ATTRAKT CEO Jeon Hong Joon. The filing was due to the charge of violating the Act on Aggravated Punishment for Specific Economic Trust (Betrayal of trust).
It was revealed that CEO Jeon Hong Joon made use of the advance payment that Star Crew Entertainment initially received from their album distributor for unidentified expenses.
This was then included under the investment costs of the girl group, which means that ATTRAKT had to bear the financial responsibility of that certain advance payment and use FIFTY FIFTY's digital music and album profits to pay off debts.
Furthermore, it has also been confirmed that ATTRAKT had acquired the advance payment of 2 billion won that was needed to be collected from FIFTY FIFTY's album distributor, which were deposited to Star Crew Entertainment instead of ATTRAKT.
The acts mentioned above equates to ATTRAKT's financial harm and is considered as breach of trust.
Until now, ATTRAKT has only been acting in a demeanor that evades responsibilities by downplaying FIFTY FIFTY's preliminary injunction request (to suspend their exclusive contracts), which stems from members' concerns regarding settlement terms.
However, FIFTY FIFTY's resolve in terminating their exclusive contracts will continue, as long as CEO Jeon Hong Joon, who committed embezzlement, breach of trust, and misconduct, maintains his authority in ATTRAKT. These grievances of members go way beyond complaints.
We would also like to inform everyone that this criminal complaint filing is a concrete step towards clarifying why members can't maintain their contractual relationship under ATTRAKT.
Nowadays, the internet, social media, YouTube, and many other platforms have distorted real facts to the point of being unacceptable. We highly encourage you to please refrain from producing criticism or accusations that are based on unverified claims."
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