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| From left, Evergreen CEO David Yong and Attrakt CEO Jeon Hong-jun / Courtesy of Evergreen Group Holdings |
By Yoo Su-kyung
Singaporean investor David Yong has become the newest backer of independent record label Attrakt, just weeks after his guest appearance on the KBS Joy talk show "Unpredictable Fortune Tellers" where he expressed his desire to invest in Korea's entertainment industry.
The Hankook Ilbo learned on Thursday that Evergreen Group Holdings CEO David Yong had recently met Attrakt CEO Jeon Hong-jun to sign an investment deal and had completed transferring the funds. This follows an earlier MOU they signed last Friday for investment and fundraising, where Evergreen pledged to be a direct investor of Attrakt and a partner to bring in further investments from other Singaporean fund operators.
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| From left, David Yong and Jeon Hong-jun sign an MOU / Courtesy of Evergreen Group Holdings |
David Yong expressed a clear interest in being an investor in Korea's entertainment industry during his conversation with Seo Jang-hoon and Lee Soon-geun, on the Aug. 7 KBS episode. He also asked for help in finding the right connections in the K-pop industry to avoid any possible scams.
Evergreen Group Holdings is a Singapore-based investment firm with 560 employees operating in seven countries. As for David Yong's personal net worth, he admitted to owning 15 properties across Asia and holding $90 million in cash.
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| David Yong's guest appearance on KBS Joy's "Unpredictable Fortune Tellers" / Captured from KBS Joy |
The episode was uploaded on YouTube, with many users in the comments section suggesting that he collaborate with Attrakt CEO Jeon Hong-jun. After a discussion with his board, David Yong decided to invest in Attrakt and both parties are now fully committed to working together for the future growth of K-pop.
David Yong has long been an admirer of Korea's entertainment industry and its celebrities. He is also a singer himself, having released the digital single "Maybe We" featuring Mamamoo's Moonbyul and the EDM track "Dripping" which combines musical elements from both Korea and Southeast Asia.
Attrakt, led by CEO Jeong Hong-jun, is best known as the agency of K-pop girl group Fifty Fifty. The independent record label enjoyed a meteoric rise to the top thanks to the success of the girl group in the United States, but it's currently plagued by a bitter legal dispute between the agency and Fifty Fifty. On Monday however, the Seoul Central District Court denied an injunction filed by Fifty Fifty to terminate their contract with Attrakt, citing a lack of sufficient grounds.
Yoo Su-kyung (uu84@hankookilbo.com) is a reporter at The Hankook Ilbo, a sister publication of The Korea Times. This article, previously published in The Hankook Ilbo, has been translated as part of a news-sharing program.
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