BANGKOK – The JKN Global Group Public Company Limited, under the management of Ann Chakkraphong Jakrajutatip, the owner of the Miss Universe organization, faces more troubles after filing a petition for business rehabilitation and proceeding to the Thai Bankruptcy Court.
On November 24, Jakraphan Punyapapha, the CEO of TCJ Social Media Group, together with Khajornsak Jariyama and Mongkol Sriwiratch, a lawyer, announced the filing of a lawsuit against JKN Global Group at a press conference at The Emerald Hotel Ratchada.
The lawsuit claims damages of one billion baht for the dissemination of false information about the MU COIN project. The misinformation led to the closure of a joint venture, which resulted in the dismissal of employees.
Jakraphan explained that TCJ Social Media Group started out as an influencer agency before venturing into product manufacturing. They invested in MN Beverage, a beverage manufacturing company, and later entered the digital currency business with JKN Global Group. TCJ Social Media Group registered the company in UAE and used gold as collateral. They then launched the MU Universe Coin (MU COIN) project, a digital currency collaboration with the JKN Global Group, with the aim of issuing 3 billion coins worth 50 billion baht.
However, the JKN Global Group later issued a false public statement denying any involvement in the MU COIN project. The statement claimed that MU COIN was a fake and urged the public not to participate although there were no previous problems and the product was ready to launch since last month.
Jakraphan stated that TCJ Social Media Group filed a lawsuit on September 25 against JKN Global Group and Jakkaphong Jakrajutatip for one billion baht in damages, with the court hearing scheduled for December 18.
In addition, TCJ Social Media Group is preparing further lawsuits against Pim-Uma, Jakkaphong’s sister, and the owner of the Facebook pages “Miss Universe Thailand, Hello Universe” for defamation by advertising. The allegations relate to the dissemination of false information.
Jakraphan added that he reported further allegations to the Kabinburi Provincial Police Station, Prachinburi. The allegations include misappropriation of assets after he found out that the beverage manufacturing plant of MN Beverage, a company jointly owned by JKN Global Group, was closed and its assets partially relocated without informing shareholders, resulting in employee layoffs.
As a result, they plan to file a complaint with the Securities and Exchange Commission (SEC) to investigate JKN Global Group, particularly with regard to the current status of the company’s rehabilitation. They want to find out whether JKN Global Group had the authority to shut down the company and whether the board of directors approved the past digital currency projects.
Later, the JKN sent a letter to the Stock Exchange of Thailand (SET) to clarify the additional information in the notes to the financial statements of quarter 3/2023 regarding the petitions inquired about by the SET.
It mentioned that TCG Social Media Group Company Limited filed a lawsuit accusing the JKN, and the managing director, Jakkapong, posted defamatory messages to the plaintiff via online media regarding the plaintiff’s issue of a false Miss Universe Coin, causing the plaintiff to suffer damages.
When the court schedules a preliminary hearing for December 18, 2023, the company is confident in preparing the information to be provided to the court and believes that it will handle the matter satisfactorily.
Following that, the SET recommends the investors study JKN’s financial statements and monitor the company’s clarification. It also requires JKN to clarify the information on the financial statements for the third quarter of 2023, which the auditor does not express a conclusion due to the material uncertainty in continuing operations of the company and may affect the significant value of assets and liabilities, as follows:
(1) Assessment of impairment of investment assets in subsidiaries, trademarks, copyright, and goodwill, totaling 10,789 million baht, which is in the process of being evaluated. It may have an impact on the asset value. While the company has shareholders’ equity of 4,813 million baht,
(2) Lack of financial liquidity
(3) The default of debt repayment resulted in an event of default requiring repayment of other liabilities totaling 4,558 million baht.
“The company has not yet set an estimate for the damages and interest on default payments. In this regard, the information must be clarified through the information dissemination system of SET by December 8, 2023, and investors are requested to study the JKN financial statements and monitor the company’s clarification,” SET stated.
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