BANGKOK — Business turmoil has been mounting for Jakapong “Anne” Jakrajutatip, the transgender celebrity businesswoman and former co-owner of Miss Universe Organization.
She has now been forced to resign from all company positions after being charged by the Securities and Exchange Commission (SEC). She is expected to step down from the Miss Universe Organization.
On June 6, JKN Global Group Public Company Limited filed a notification acknowledging the SEC’s charges and the resignation of directors. The company stated that the Office of the Securities and Exchange Commission had filed charges against three individuals with the Department of Special Investigation (DSI): JKN itself, Mr. Jakapong Jakrajutatip (Managing Director and Chief Executive Officer), and Ms. Pimpuma Jakrajutatip (Director and Deputy Managing Director of Content Division).
The charges relate to jointly committing or consenting to false statements and/or maintaining incomplete, incorrect, and inaccurate accounting records in the company’s 2023 annual financial statements and Q1 2024 accounting documents.
“The Company would like to inform you that Jakkaphong Jakrajutatip and
Pimauma Jakrajutatip have submitted their resignation letters to the Company, resigning from their positions as directors, subcommittee members, and executives of the Company, effective from June 5, 2025, onwards,” the notification stated.
SEC Findings Reveal Suspicious Transactions
Beyond the formal charges, the SEC also notified the audit committee of several observations regarding unreasonable content licensing transactions:
- Duplicate licensing purchases: JKN purchased licenses in 2024 that duplicated existing, unexpired rights, despite the company’s liquidity problems
- Questionable orders: Some purchase orders may not have been genuine, with incomplete accounting records and licensing documentation inconsistent with auditor verification data
- Financial discrepancies: From 2020-2023, JKN’s licensing assets increased substantially but were inconsistent with licensing revenue and trade receivables, suggesting the company collected little to no payment from trade debtors
- The SEC found that Jakapong and Pimpuma allegedly created fake creditor and debtor accounts recorded in the 2023 financial statements and Q1 2024 documents. This resulted in JKN’s financial statements showing inflated revenue and liabilities.
- The manipulation also involved incorrectly recording licensing payables across different periods, making 2023 financial statements understate actual liabilities and assets, while shifting trade payables to 2024 records. These fake creditors were then allegedly used to vote for selecting JKN’s business rehabilitation plan administrator.
Strengthening Efforts Before Downfall
Anne Jakrajutatip once became the first trans woman to own the Miss Universe Organization. She had purchased the pageant organization for $20 million in October 2022. However, the company subsequently faced chaotic financial problems.
She has been struggling to deal with the financial crisis at JKN Global since September 2023, when it faced a crisis for failing to repay a stock loan. She and her sister were forced to sell their shares multiple times.
In January 2024, JKN Global informed the Stock Exchange of Thailand that it had sold ordinary shares in JKN Legacy Inc, an entity operating the Miss Universe Organization (MUO) and owning the copyright to the Miss Universe Brand, to Mexico’s Legacy Holding Group USA Inc (LHG) to become co-owners in a 50:50 split of the MUO.
Prior to the SEC charges, Anne had been working to strengthen the company’s business alliance. In April, JKN announced key appointments including experienced businessman Songpol Chanmatkit to the board, beauty pageant organizer Nawat Itsaragrisil as Executive Director of Miss Universe Organization, and international business expert Indra Suharjono as Executive Advisor.
Additionally, Miss Grand International Public Company Limited (MGI), led by Nawat, announced it would be allotted 100 million newly issued JKN shares worth 50 million baht.
The case now moves to criminal enforcement procedures involving police investigation, prosecution decisions, and court proceedings. Police Colonel Yutthana Praedam, Director-General of DSI, said on June 6 that the DSI has criteria for consideration under securities and capital market law in cases with damages valued at 100 million baht or more.
The complaint documents from the SEC may enter the process of the Special Case Administration Division, Department of Special Investigation, within the next week.
The DSI will assign the Financial, Banking and Money Laundering Crime Division to be responsible for the investigation. After collecting evidence, analyzing financial and accounting transactions, and examining the behavior of related individuals, summons will be issued for witnesses and suspects to acknowledge the charges according to procedure.
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