Jeon Hongjoon (The Man that created the sob story that he sold his car to fund Fifty Fifty) the Co-CEO of ATTRAKT is also known as Oscar Chun. He was CEO of StarCrew/Ardor&Able/KO Sound (i.e. the label that completely mismanaged HOTSHOT & wasted all of Sungwoon and Taehyun’s post-P101/W1 potential) He has history at being incompetent and with his track record I am frankly suprised that it took this long for shit to hit the fan.
Jeon Hongjoon (Car Guy) started ATTRAKT but had no idea how to do anything about running a successful label so he asked Siahn to join him as Co-CEO and Co-Founder of ATTRAKT. Jeon asked CEO Siahn for help and Siahn produced all their songs, did their concepts, the entire branding and gave both the label and Fifty Fifty connections to his other Labels and Companies.
Siahn has connections to 6 different companies Givers, Interpark, JTBC, Warner Music Korea, Vezt and Zany Bros before FiftyFifty even debuted. Siahn is the COO of the largest investment firm in korea called “Beyond Music”, he is the Executive Advisor at Warner Music Korea, he owns a company that specializes in IP Asset Management and Operations that has grounds in multiple countries like the US.
After establishing ATTRAKT, Fifty Fifty and producing their biggest song that gained them worldwide success Cupid, Siahn tried to purchase the copyright for Cupid. Siahn is the producer behind Fifty Fifty’s debut projects, and is considered one of the main forces behind the push of/and success of “Cupid” on Billboard and since he produced it hewanted to make money off the song that brought enormous amounts of success to Fifty Fifty but Jeon didn’t want Siahn to copyright the song because he wanted all the money to himself. So Jeon and Attrakt filed a case against Siahn and is now suing him for fraud and breach of contract.
Attrakt pushed claims that says that they learned that a third party approached Warner Korea and offered to sell Fifty Fifty to Warner Warner Music Korea (Where Siahn is the Executive Adviser) So it seems like Siahn was convincing the girls to break apart from Attrakt and come with him to a better company since he basically funded, planned and managed their whole career while Jeon has a track record of failed idol management.
Now all four Fifty Fifty members have filed a lawsuit against ATTRAKT to suspend their contracts due to ATTRAKT violating the terms of their contract and breaking any form of trust between the two parties.
The four members decided after fully consulting with their parents, to raise the issue that ATTRAKT has not been listening to the members’ opinions, instead saying how ‘external forces are attempting to poach the members’ and they have not been able to clarify the accusations of their side violating the contract. The members were also very frustrated and disappointed with the fact that Aran’s surgery was disclosed without consulting all involved parties. The members also takes about various situations where ATTRAKT did not faithfully fulfill their contract obligations, such as how there was no transparency in financial documents and unilaterally trying to have the group promote despite the members having health issues.