Investor Exposes FIFTY FIFTY’s Alleged Lies In Legal Case
One of FIFTY FIFTY‘s main legal argument has fallen apart.
On July 10, Interpark, which is embroiled in the group’s label feud, revealed that the money given to ATTRAKT had nothing to do with FIFTY FIFTY and that the group wasn’t bound to pay back the money.
The investment we made was not for FIFTY FIFTY, and the members do not need to pay back the money.
— Interpark representative
Previously, FIFTY FIFTY had claimed that ATTRAKT CEO Jeon Hong Joon‘s contract with Interpark, which was made under a different entity (Star Crew Ent), violated their trust. It’s been reported that Interpark had given ATTRAKT ₩9.00 billion KRW (about $6.93 million USD) as part of a distribution deal.
FIFTY FIFTY’s lawyers claimed that they were bound to the deal, and had to pay off the money despite never signing with Star Crew Ent.
A normal contract would be between Interpark and ATTRAKT, but why didn’t they do that? The entity who received the money is Star Crew Ent, but FIFTY FIFTY has to pay it off.
— FIFTY FIFTY lawyer
On July 9, an Interpark representative revealed to Sports Seoul that the investment was also made before FIFTY FIFTY was created.
At the time, we made the investment due to Star Crew Ent’s artist Ha Sung Woon’s (Sungwoon) success as well as Jeon Hong Joon’s abilities. Interpark was aware that Star Crew Ent was planning on producing a girl group. At the time, FIFTY FIFTY’s team name hadn’t been established, and The Givers’ Ahn Sung Il had not joined the production.
— Interpark representative
The representative explained that instead, the money was given as an investment for Star Crew Ent/ATTRAKT artists’ promotions as Jeon Hong Joon saw fit.
We understand that some of the money we invested into Star Crew Ent was used for FIFTY FIFTY. As the group’s debut date came closer, Jeon Hong Joon made launched a new entity called ATTRAKT. We were considering transferring the investment to ATTRAKT, but we didn’t since the money wasn’t exclusively for FIFTY FIFTY. It was also for other artists, including Sungwoon.
— Interpark representative
Meanwhile, the first hearing of FIFTY FIFTY’s label dispute took place last week. Check out the article below to read more.
FIFTY FIFTY Accuses ATTRAKT Of Incompetence In Court — Label’s Lawyer Responds
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