K-Pop

Lee Jin Ho delivers updates on FIFTY FIFTY, “Parents registered trademark without members’ consent…”

Whereabouts of FIFTY FIFTY members, who recently filed an injunction to suspend exclusive contracts with their agency, have been revealed.

On July 7th, reporter-turned-Youtuber Lee Jin Ho hosted a live broadcast titled “Incompetent agency? Behind stories of FIFTY FIFTY controversy.”

During the live broadcast, Lee Jin Ho said, “During the first hearing, FIFTY FIFTY lawyer claimed that the agency was incompetent, but that’s an absurd statement. If they were incompetent, would the group have been able to enter the Billboard chart? Moreover, Attrakt invested over 6 billion won in one go. Other companies often spend such a big investment over 2-3 years. The agency did their best.”

fifty fifty

Revealing the current status of CEO Jeon, Lee Jin Ho continued, “Witnessing how BTS achieved success from the beginning, CEO Jeon wanted to create a girl group that is successful overseas, so he planned FIFTY FIFTY’s debut. That’s why the members received English lessons, nice accommodation in Gangnam, and special lectures. However, one day, the members began to trust CEO Ahn Sung Il more, so CEO Jeon felt a strong sense of disappointment. That’s when he applied for trademark registration. After the success of FIFTY FIFTY, CEO Jeon said, ‘I received a blessing for the first time throughout 60 years of my life’. Even in the current situation, he still wants to embrace the members until the end. He still hopes that they can come back. He’s angry at CEO Ahn Sung Il but also blames himself for trusting him so much.”

Lee Jin Ho

In addition, Lee Jin Ho revealed, “Since it was the family of FIFTY FIFTY members who applied for the trademark registration on June 19th, it seems like they had lost contact with CEO Jeon. However, CEO Ahn Sung Il did reach out to them. He also received updates about the current situation of the members. It’s known that the members are currently very depressed they keep crying. It is because the trademark issue is their own mistake.”

Regarding the members’ position, he continued, “The members claim that they didn’t know about their parents’ trademark application. It is said that the registration was done without the members’ consent. It’s a little hard to understand, but that’s what the members said. The members also argued, ‘Out of the 8 billion won, 6 billion won was directly or indirectly used, and we want to know how it was used properly.'”

Lee Jin Ho

Lastly, Lee Jin Ho said, “Although FIFTY FIFTY has a big hit, the agency hasn’t received any revenue from music sales yet. So, their financial state is currently negative. Despite that, the members could still label the agency as ‘incompetent’. I also know that CEO Jeon has more decisive evidence, but if he releases it, it could cause damage to the members. That’s why he is hesitant.”

Meanwhile, on July 5th, during the first hearing for the preliminary injunction of the exclusive contract filed by FIFTY FIFTY against their agency Attrakt at the Seoul Central District Court, FIFTY FIFTY’s side argued that Attrakt violated their obligation to provide settlement documents, failed to fulfill duties regarding physical and mental healthcare and lacked support for the group’s activities.

jeon hong joon

On the other hand, Attrakt CEO Jeon argued that they poured his entire assets into promoting FIFTY FIFTY and even used the funds of his mother. He refuted the claim of FIFTY FIFTY’s side, pointing out that 8 billion won is not a small amount of money and it such an investment cannot be considered ‘incompetent’.

On the 7th, Attrakt filed a criminal complaint against The Givers, “In the process of organizing the transfer of business data, they discovered The Givers’s embezzlement without prior consultation with Attrakt. After confirming with their service contract company, it was revealed that The Givers had forged false service contracts and embezzled money.”

Source: Wikitree

Back to top button

Discover more from KBIZoom

Subscribe now to keep reading and get access to the full archive.

Continue reading