JKN Execs resign after SEC files case with DSI

The SEC has filed a criminal complaint with the DSI against JKN Global and two key executives for allegedly falsifying financial statements. Both executives resigned effective 5 June. A special audit is ongoing.

JKN Global Group Public Company Limited (JKN) has notified the Stock Exchange of Thailand (SET) that, according to News Release No. 139/2025 issued by the Securities and Exchange Commission of Thailand (SEC) on June 5, 2025, the SEC has filed a complaint with the Department of Special Investigation (DSI) against three parties:


JKN Global Group Public Company Limited
Jakkaphong Jakrajutatip (Anne Jakrajutatip)
Pimauma Jakrajutatip


The allegations concern the joint act or consent to record false information and/or incomplete and inaccurate accounting records in JKN’s 2023 annual financial statements and Q1 2024 financial documents.

JKN has acknowledged the SEC’s filing and is currently reviewing the relevant details in order to determine an appropriate course of action in accordance with legal procedures.

The company also clarified that it is undergoing a special audit conducted by Virach & Associates Co., Ltd., an independent auditor. The audit focuses on verifying the existence of content licensing rights and related payables, a process that has been previously disclosed to stakeholders. JKN expects the audit to be completed as soon as possible.

In addition, the company announced that Jakkaphong and Pimauma have submitted formal resignation letters, stepping down from all roles, including Board directorships, subcommittee memberships, and executive positions, effective June 5, 2025. The Board of Directors will convene to consider the resulting matters accordingly.

JKN is a media and content distribution company known for acquiring, producing, and distributing a wide range of content, including television programs, documentaries, and series, both domestic and international. 

JKN entered the public spotlight internationally when it acquired the Miss Universe Organisation (MUO) in 2022, making headlines as the first Thai company to own one of the most prestigious global beauty pageants. This acquisition was part of the company's push to become a global lifestyle and entertainment brand.

However, in recent years, JKN has faced financial challenges, particularly in managing debts following its high-profile acquisitions. The company underwent debt restructuring and faced increased regulatory scrutiny, especially regarding the accuracy of financial reporting.

On June 5, 2025, the SEC filed a formal complaint with DSI against JKN. The SEC alleges that the three parties jointly committed or allowed the inclusion of false information and/or failed to properly and accurately maintain the company’s financial records.The complaint stems from red flags raised by JKN’s independent auditor, who, under Section 89/25 of the Securities and Exchange Act, alerted the company’s audit committee to several irregularities in its content licensing transactions.

These included duplicate license purchases for content that JKN had already secured and for which rights had not yet expired, unusually large new licensing acquisitions despite the company’s ongoing liquidity problems, and even signs that some transactions may not have existed at all. 

The auditor further noted incomplete accounting documentation and discrepancies between purchase records and information obtained during the audit. 

As a result, the auditor was unable to issue an opinion on JKN’s consolidated or standalone financial statements for 2023.

The SEC’s own review of JKN’s financial reports from 2020 through 2023 revealed a consistent and significant increase in licensing assets, which did not correspond with the company’s actual revenue from content sales.

In many cases, the value of outstanding receivables was equal to or even higher than the reported revenue, suggesting that JKN may have struggled to collect payment or had failed to do so entirely. 

These discrepancies raised further doubts regarding the legitimacy of the licenses, the existence of commercial debtors, and the actual sale of content to those debtors.

The SEC determined that Jakkaphong and Phimuma had directed the creation of fictitious creditors and debtors. These fabricated accounts were included in the 2023 and Q1 2024 financial statements to inflate the company’s reported income and liabilities. 

Additionally, the company delayed recording some payables until 2024 to falsely suggest an increase in commercial debt during that year. This false data was then used in an attempt to influence voting rights during JKN’s rehabilitation plan under Thailand’s bankruptcy law. 

The SEC considers this a clear violation of Section 312 of the Securities and Exchange Act.

Furthermore, Jakkaphong submitted and disclosed the falsified 2023 financial statements and annual report to the SEC, which the agency views as a violation of Section 281/10.

The collective actions of the three accused individuals are deemed to fall under Section 312 and Section 281/10, in conjunction with Section 300 of the Securities and Exchange Act of 1992.

As a result, the SEC has formally filed the complaint with the DSI for further legal proceedings.

(2025/06/06-00:00)