“Don’t Frame Us Without Evidence” — FIFTY FIFTY Claims That CEO Jeon Hong Joon Fabricated The Amount Spent On The Group

They updated fans through a personally controlled Instagram account.

FIFTY FIFTY created a social media account in August 2023, updating the fans with their own personal point of view. Although the members lost their lawsuit for termination of exclusive contract against ATTRAKT, it did not stop them from operating their own social media accounts. On October 12, 2023, the members updated fans through that particular account.

They informed fans that the company had framed them without proof. The post was titled “The company is framing us without proof!” They claimed that although ATTRAKT had previously claimed to have spent ₩5.00 billion KRW (about $3.74 million USD) on them, the actual amount was only at ₩2.00 billion KRW (about $1.49 million USD). Furthermore, they had received an advance from a distribution company that was way more than what they actually spent on the first album for the group.

Did you see how the company uses their girl group as a way to solve liabilities?

A. CEO J plotted to pay the salaries of their girl group through an advance payment from an investment company.

[KakaoTalk conversation between external company CEO A and ATTRAKT CEO J.]

  • A: After we have collected our first round of data, we plan on making our decision after the feedback and the last Thailand interview.
  • J: Ah… Okay.
  • A: We have scheduled a meeting with the distribution company.
  • J: Hwaiting! I’ve matched up stories that we’ve received ₩5.00 billion KRW (about $3.74 million USD) as an advance payment for our girl group.
  • J: 2 years and 6 months. ₩100 million KRW (about $74,700 USD) per month… over 30 months… ₩3.00 billion KRW (about $2.24 million USD)
  • J: ₩1.60 billion KRW (about $1.20 million USD) for the first album this time. ₩1.00 billion KRW (about $747,000 USD) after. It’s ₩5.60 billion KRW (about $4.19 million USD). I think we can match up to ₩5.00 billion KRW (about $3.74 million USD) in advance payments.

CEO J plotted with external company CEO A, planning to frame that they invested ₩5.00 billion KRW (about $3.74 million USD) of advance payment into FIFTY FIFTY, but the money was actually owed to another company, S.

They planned on framing that the company spent ₩100 million KRW (about $74,700 USD) per month over 30 months, totalling ₩3.00 billion KRW (about $2.24 million USD) on FIFTY FIFTY.

They planned that the total expenses after the first album (guessed to be CUPID) would add up to be ₩5.00 billion KRW (about $3.74 million USD). The actual amount in advances received from the distribution company for the first album was ₩2.00 billion KRW (about $1.49 million USD).

As such, the company liablw for the advance was not ATTRAKT, but external company S.

— Instagram Post from FIFTY FIFTY

Following this, the members made the following requests of the company.

  • The ompany has continuously avoided replying the members despite their requests, and they have continued to frame the members with criticism.
  • Please do not ridicule the members with baseless claims of tempering.
  • Please reveal the total truth about FIFTY FIFTY now.

According to the members, the company has been avoiding telling the truth with claims that the members had participated in tempering along with The Givers. They claim that ATTRAKT has not been transparent with the expenses spent on the girls. Although FIFTY FIFTY has requested for a transparent log of expenses, the company has not yet replied, merely claiming that they invested ₩8.00 billion KRW (about $5.98 million USD) in the girls, without accounting for the expenses individually.

The members claim that they are suffering in terms of health due to the ongoings of the case. They plan on revealing the truth about the company and CEO Jeon Hong Joon‘s true personality in time to come. Stay tuned!

Source: Star News