In a startling turn of events, the feud between K-pop girl group FIFTY FIFTY and their agency, ATTRAKT, has taken a dark and convoluted twist.
FIFTY FIFTY recently made shocking allegations against their agency's CEO, Jun Hong Joon, suggesting a troubling web of financial exploitation and mismanagement.
FIFTY FIFTY Alleges Complex Financial Scheme Orchestrated by CEO in Lengthy Statement
On October 12, FIFTY FIFTY took to social media to issue a lengthy statement, denying what they referred to as "baseless accusations" leveled against them.
READ ALSO : ATTRAKT's New Girl Group Reportedly to Have Up to 9 Members- Big Shift from FIFTY FIFTY?
However, the heart of their statement was a series of concerning claims that shed light on their strained relationship with their agency.
In their statement, FIFTY FIFTY raised questions about whether their agency viewed them merely as a means to resolve financial debts.
They alleged that CEO Jun Hong Joon orchestrated a complex financial arrangement, collaborating with the CEO of an outsourcing company, identified as A, to allocate a substantial sum of $3.7 million (5 billion KRW) into the girl group's financial structure.
This move, they contended, was a measure to offset debt obligations stemming from J's involvement in another agency, referred to as S.
Furthermore, FIFTY FIFTY claimed they were charged a staggering $2,223,943.80 (3 billion KRW) for unspecified costs on a settlement statement.
The statement lacked a detailed breakdown of the supposed operating expenses, which amounted to $2,445,623.073 (3 billion KRW), and a deposit of $1,259,866.43 (1.7 billion KRW) up to October.
FIFTY FIFTY Issues Warning to CEO: Demands Transparency Amid Surveillance Claims
FIFTY FIFTY issued a stern warning to CEO Jun Hong Joon, urging transparency regarding their situation and emphasizing the detrimental impact of constant surveillance and control on their health.
Additionally, they pledged to uncover the truth behind the CEO's positive image.
In a countermove, ATTRAKT, represented by Jun Hong Joon, had previously initiated a lawsuit for 1 billion KRW in damages.
The agency alleged embezzlement and misappropriation by individuals associated with The Givers, including CEO Ahn Sung Il and Baek Jin Sil.
Additionally, they cited substantial losses in key business opportunities and a breakdown in obligations, resulting in a direct dispute between their company and the artists.
ATTRAKT expressed intentions to expand the claim amount as the legal proceedings progress.
The ongoing conflict between FIFTY FIFTY and ATTRAKT continues to capture headlines and raises concerns about the complexities within the K-pop industry.
As both parties prepare for legal battles and further revelations, the truth behind these allegations remains to be uncovered.
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Madison Cullen wrote this.
