The Givers Refute Allegations of Negligence in FIFTY FIFTY Earnings Distribution; Accuse CEO Jeon Hong-joon of Spreading False Information

The Givers, a major player in the South Korean music industry, released an official statement dispelling misunderstandings concerning the misallocation of revenues from the popular girl group FIFTY FIFTY.

On the 14th, The Givers commented, "Recently, CEO Jeon Hong-joon alleged during the contract suspension hearing on July 5 that FIFTY FIFTY's revenue details were overlooked due to The Givers' mistake. However, this is not true."

According to The Givers, one of the main points of contention in the ongoing lawsuit between Attract Entertainment and its artists is the accuracy and transparency of the earnings distribution. They accuse Attract of neglecting to include revenue details and now avoiding responsibility, thus falsely incriminating The Givers.

The Givers explained, "Star Crew Entertainment signed an advance investment distribution agreement with Interpark in August 2020, initiating a project for a new girl group's debut. Subsequently, Attract Corporation was established in June 2021. To cover insufficient production costs, Attract submitted the finished track 'Tell Me' from FIFTY FIFTY's debut album to Interpark in July 2022. Interpark paid an advance to Star Crew Entertainment under the pretext of girl group production costs."

Continuing, The Givers stated, "As a service provider, we don't necessarily need to concern ourselves with why the advance payment was not directly received by Attract but deposited into Star Crew Entertainment. However, when Interpark declared through the media on July 10 that 'the investment agreement is not intended for FIFTY FIFTY and the members do not have an obligation to pay back', it raised questions about the true relationship between the advance and FIFTY FIFTY's music production."

The Givers expressed their exasperation at the absurdity of being falsely accused of mistakes made in Attract's revenue calculations. They elaborated, "There were instances when we delayed in delivering the earnings statement to the artists, for which we have apologized to CEO Jeon Hong-joon and the artists. However, there has never been an omission in the statement. There was no detail about 'FIFTY FIFTY's album sales and music revenue' that Interpark should pay to Attract in the statement. Based on Attract's data, we accurately reflected '0 won income from music/album' in the statement, and we bear no responsibility for any omission in FIFTY FIFTY's earnings statement."

In conclusion, The Givers pointedly said, "Rather, the people who orchestrated this, Attract's CEO Jeon Hong-joon and the former Star Crew Entertainment's CEO Jeon Young-jun, who are brothers, are malignantly evading responsibility and spreading false information by attributing this false accusation to The Givers."

Below is the full official position of The Givers:

The Truth Behind the FIFTY FIFTY Controversy (2)

Recently, President Jun Hong-joon claimed on July 5th during the suspension of exclusive contract enforcement hearing that FIFTY FIFTY's earnings were omitted due to The Givers' mistake. However, this is not true.

Currently, one of the major litigation issues between Attract Entertainment and its artists is the accuracy and transparency of the settlement report. Attract Entertainment is evading responsibility and falsely accusing The Givers of omitting the earnings settlement. We explain the truth of the matter with a sense of injustice.

In August 2020, STAR CREW ENT made a pre-payment investment distribution contract with Interpark. This led to the initiation of a project for the debut of a new girl group, and in June 2021, Attract Corporation was established. In July 2022, due to a lack of production costs at that time, Attract provided Interpark with the finished sound source of 'Tell Me', a track from FIFTY FIFTY's first album. Interpark paid STAR CREW ENT an advance under the name of girl group production costs. In fact, from the standpoint of The Givers, a service provider, it is not our place to be concerned about why Attract did not receive the prepayment directly and why it was deposited into STAR CREW ENT.

However, on July 10th, Interpark announced through the media that "The investment contract is not an investment amount for FIFTY FIFTY, and the members do not have an obligation to repay it." Interpark clarified that its advance had nothing to do with Attract. However, it is true that we wondered whether there really was no relationship regarding the part where the advance was invested with FIFTY FIFTY's sound source and future production as collateral.

The most absurd and unfair part for The Givers is the part where 'Attract's settlement mistake is falsely attributed to us'. We have been late in delivering the settlement report to the artist, but we have never omitted the details. At that time, we admitted that we were late in delivering the artist's settlement report, and we asked for understanding from President Jun Hong-joon and the artists. However, at the time of writing the settlement report, there was no record anywhere of the 'FIFTY FIFTY album sales and music revenue' that the distributor (Interpark) should pay to Attract. The Givers reflected 'Music/Album Revenue 0 Won' exactly in the settlement report based on Attract's data, and The Givers have no responsibility for the omission of income in FIFTY FIFTY's 'settlement report'.

Rather, Jun Hong-joon, the representative of Attract, and Jun Young-joon, who was the representative of STAR CREW ENT, are brothers, and their framing The Givers with such false accusations is a malicious evasion of responsibility and spread of false facts.

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