Thai Media Giant JKN Hit with ฿1 Billion Lawsuit Over Illegitimate Crypto Project
In Brief
TCG Social Media Group formally files a lawsuit against JKN Global Group PCL (JKN) demanding 1,000 million baht in damages.
Tensions escalate in the business world as TCG Social Media Group formally files a lawsuit against JKN Global Group PCL (JKN) demanding 1,000 million baht (the official currency of Thailand) in damages.
According to the lawsuit, JKN disseminated false information about the Miss Universe Coin (MU Coin) project, giving false information to the public that it was a Cryptocurrency project that JKN Company, which owns the rights to Miss Universe, was not involved.
Allegations of embezzlement stem from the abrupt closure of the company by JKN, a move executed without informing partners and resulting in the subsequent layoffs of employees.
There is also a message informing the public that the MU coin is a scam coin using a fake name, which damages the company’s reputation. The misinformation led to the closure of a joint venture, which resulted in the dismissal of employees.
This move comes amidst a series of controversies surrounding JKN Global Group, including its recent petition for business rehabilitation and proceedings in the Thai Bankruptcy Court.
In a press release issued today, TCG Social Media Group reveals the legal action is aimed at protecting its reputation and seeking compensation for damages incurred. The lawsuit further extends its scope by including charges of embezzlement against JKN Global Group.
Jakkraphan Punyapapha, the executive of TCG Social Media Group, accompanied by Khajonyot Chariyama and Mongkol Sriwirat, the lawyer in charge, will provide a detailed presentation of documents and evidence at a press conference scheduled for 11:00 a.m. tomorrow.
This transparency initiative aims to shed light on the intricacies of the case and bolster TCG Social Media Group’s position.
JKN in The Midst of a Multifaceted Crisis
The lawsuit signifies a significant legal battle in the business landscape, with TCG Social Media Group planning to pursue its claims rigorously. The company has shown commitment to transparency with its decision to report the allegations and evidence to the Securities and Exchange Commission (SEC), urging a fair and thorough investigation.
This legal development adds a new layer of complexity to the challenges faced by JKN Global Group, already grappling with the fallout from its recent business rehabilitation petition. The company’s CEO, Ann Chakkraphong Jakrajutatip, who also owns the Miss Universe organization, finds the conglomerate in the midst of a multifaceted crisis.
As the court hearing for TCG Social Media Group’s lawsuit against JKN Global Group is scheduled for December 18, the business community watches closely, anticipating the outcomes and repercussions that may unfold in the wake of this legal clash.
Recently, the company has officially filed for bankruptcy, as communicated by CEO Jakkaphong Jakrajutatip in a letter addressed to shareholders on November 9.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
