Fifty Fifty Members to Reveal CEO’s True Identity Amid Exclusive Contract Dispute
Money Today Reporter Mara | 2023.10.13 06:38
The members of the group Fifty Fifty, who suspended their activities due to an exclusive contract dispute with the agency, have announced their intent to unveil the true identity of CEO Jeon Hong-jun. On the 12th, Fifty Fifty released a handwritten statement on their separate Instagram account, as well as their official channel.
Through this statement, Fifty Fifty shared their current situation, describing their days as filled with indescribable despair due to misunderstandings and criticisms.
They continued, stating, “We believe that there is a truth that must be revealed. We strongly believe that if this truth is transparently exposed, our fans will understand and support us even more. We are incredibly grateful for the hard work and assistance provided by many individuals. We have never forgotten its significance, and we will earnestly work towards repaying our gratitude in the future.”
In a separate post, Fifty Fifty specifically accused CEO Jeon Hong-jun of conspiring with the representative of the outsourcing company, A, to concoct a false story about investing 5 billion won in debt owed by another agency, S, to Fifty Fifty.
The members further expressed their discontent with Attract’s unwarranted interference, alleging that the CEO insulted them by framing their actions as a breach of their exclusive contract. Despite the members’ requests for transparency and settlement processing, CEO Jeon Hong-jun failed to respond, instead claiming that the members owe 3 billion won in expenses. In October, however, Attract has not disclosed the details of the management and operating costs totaling 3.3 billion won, as well as the 1.7 billion won in deposits.
Furthermore, Fifty Fifty vowed to expose everything they have endured while under surveillance, including the CEO’s practice of using Fifty Fifty’s music and album income to pay off debts from other companies. The members questioned their reason for returning to the agency and declared, “We will unveil everything, regardless of its feasibility.”
Fifty Fifty had previously halted their activities following the success of their debut song, ‘Cupid,’ due to their exclusive contract dispute with Attract. Although the members filed for a temporary injunction to terminate the exclusive contract, their request was rejected by the court in August. There are suspicions that outsourcing companies, including CEO Ahn Seong-il of music service company Dougi Bus, are involved in the exclusive contract dispute. Attract has filed a lawsuit against the outsourcing company at the Seoul Central District Court, seeking a total of 1 billion won in damages. Furthermore, former CEO Mr. A, who appeared as an insider on SBS’s ‘I Want to Know That,’ is facing a defamation lawsuit.
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Money Today Reporter Mara | 2023.10.13 06:38
/Photo= Official Instagram of the group Fifty Fifty Four members of the group Fifty Fifty, who suspended their activities due to an exclusive contract dispute with the agency, said, “We will reveal the true identity of CEO Jeon Hong-jun.” On the 12th, Fifty Fifty posted a handwritten statement on their separate Instagram account as well as their official channel.
Through this statement, Fifty Fifty shared their current situation, saying, “I spend difficult days day by day, feeling indescribable despair amidst snowing misunderstandings and criticisms.”
He continued, “I believe there is a truth that must be revealed. I strongly believe that if it is revealed transparently, our fans will understand and support us more. then many people who worked hard for us and helped us. We are grateful. and grateful. “I have never forgotten its importance even for a moment. I will work more diligently in the future to repay your thanks,” he said, expressing his decision to resume activities.
Specifically, in another post, Fifty Fifty said, “Jeon Hong-jun, the CEO of the agency (Attract), conspired with the representative of the outsourcing company A to make up the story by saying that he invested 5 billion won in debt an advance owed by his other agency S to Fifty Fifty.” he demanded.
/Photo=Capture a newly opened Instagram account post 55 members The members avoid responding to Attract’s request for an explanation, and engage in unfounded interference (an act of previous contact by another agency during the period of the exclusive contract with the agency).) He complained that he was insulting the members with the frame. The members asked CEO Jeon Hong-jun for transparent settlement processing and details, but he did not respond, saying, “We charge the members 3 billion won in expenses on the settlement statement. However, in this October, they have not disclosed the details of the 3.3 billion won in management and operating costs and the 1.7 billion won in deposits.” “he claimed.
At the same time, Fifty Fifty said, “We will reveal everything we have done under surveillance and control while ruining our health. We will reveal the true identity of the CEO who pays debts from other companies with the income from Fifty Fifty’s music and albums. Why are we returning to the agency?” “We will reveal everything, including whether it is possible or not,” he added.
[서울=뉴시스] Attract logo. (Photo = Provided by Attract) Fifty Fifty previously suspended their activities due to an exclusive contract dispute with Attract after the worldwide success of their first song ‘Cupid’. The members filed a request for a temporary injunction against the agency to stop the exclusive contract, but the court rejected the request in August. Den suspects that outsourcing companies, including CEO Ahn Seong-il of music service company Dougi Bus, are behind the exclusive contract dispute. Attract filed a lawsuit against the outsourcing company at the Seoul Central District Court on the 27th of last month, claiming a total of 1 billion won in damages. In addition, former CEO Mr A, who was interviewed as an insider on SBS’s ‘I Want to Know That’, sued on charges of defamation.
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