Police have decided not to file charges against ATTRAKT CEO Jeon Hong-joon for alleged embezzlement filed by three former members of the group FIFTY FIFTY.
ATTRAKT released a statement on Mar. 11, announcing that they had received notification that the investigation had been dismissed and no further charges were filed.
The agency also announced it will “continue to hold tampering (pre-termination contact) forces accountable for their actions in misleading members who do not understand the accounting principles of corporate funds.”
FIFTY FIFTY had a very successful year with their release of ‘CUPID’ in Feb. 2023. The song ranked 17th and charted for 25 weeks on Billboard’s main singles chart, ‘Hot 100′.
However, being enjoyed with success, the group experienced issues with its agency ATTRAKT, including unclear settlements and other reasons. In June of last year, they applied for a preliminary injunction to suspend the effectiveness of their contract, but the court dismissed their application. The group has been appealing the court’s decision and kept engaging in legal disputes since then.
During the dispute over the exclusive contract with ATTRAKT, former members Saena, Sio, and Aran filed a complaint against CEO Jun with the Seoul Gangnam Police Station in August for violating the Act of Aggravated Punishment for Specific Economic Crimes (embezzlement).
They alleged that Jun improperly used the group’s music and record revenue to pay off the advance debt of StarCrew Entertainment, a management company that he actually owned. However, about five months after the complaint, the police determined that there was no criminal suspicion.
After the dispute over the exclusive contract with the agency, Saena, Sio, and Aran received notice of contract termination from the agency in Oct. 2023. Keena, a member who returned to the agency, is expected to make a comeback as FIFTY FIFTY with new members around June or July this year.
