Thai listed JKN Global Group has appointed Baker Tilly Corporate Advisory Services (Thailand) to prepare a financial plan ahead of a critical bankruptcy court hearing to decide who will lead the company’s business rehabilitation process.

The hearing is scheduled for 29 August.  

The tug-of-war over control of the media company, which also owns the Miss Universe Organisation, is between high-profile JKN boss, Anne Jakrajutatip, and a large group of creditors, led by EY Corporate Advisory Services, representing North Haven Thai Private Equity and Gemini Company (Hong Kong) Limited/Morgan Stanley. 

At the end of June, JKN appeared to have won its bid to lead its own business rehabilitation process… but the ink hadn’t dried on the vote before irate creditors – said to represent a total debt of US$98.2 million –demanded the court double-check the numbers. JKN issued bonds totalling THB 3,603.6 million/US$102.4 million.

JKN told Thailand’s Stock Exchange on 8 August that its contract with previous financial advisor, Ploenchit Advisory and Planner, had been terminated by mutual agreement. 

Baker Tilly steps into a roller-coaster environment of accusations and counter-accusations over JKN’s business dealings and financial structure. 

JKN, which hasn’t filed financial statements for Q1 this year, confirmed on Friday (9 August) that it has ordered a special independent audit into “certain operational activities” of the company. Details of these activities have not been disclosed. 

Reasons given for the special audit include “to ensure that the Company’s transactions and operations are free from doubts and to avoid further objections/oppositions in the Company’s business rehabilitation process,” JKN said, adding that the audit would “resolve any concerns”.

In what turned out to be a busy Friday last week, JKN also issued an update on lawsuits filed against its management in March this year by would-be partner, the Bangkok-based TCG Social Media Group. 

The TCG row goes back to late 2023, when TCG accused JKN of giving the public false information regarding a deal for a Miss Universe Coin (MUCoin) cryptocurrency project.

TCG, which counts brands like Dyson, Central Village and Maybelline among its clients, said the MUCoin cryptocurrency project had been agreed between the two companies on 30 June 2023. 

In September 2023, TGC introduced the coin during the Philippine Blockchain Week in Manila. 

Miss Universe Organisation promptly denied all links with the Miss Universe Coin. 

“There is currently no Miss Universe cryptocurrency or blockchain offering,” the company said in a social media post, warning fans to please use caution and not to join in the coin scam.

In November 2023, TCG filed a criminal case for defamation through advertising and offenses under the Computer-Related Crime Act. 

JKN says TCG’s case, which claimed damaged of THB1 billion/ US$28.3 million, was dismissed on 23 May 2024 as “baseless”. 

JKN’s counter suit against TCG, which it says “has maliciously exercised its right to sue the Company and its managements, damaging the Company’s image and reputation”, will be heard at a preliminary examination on 19 August 2024. 

JKN also plans to pursue a trademark infringement case against TCG, which it alleges used the Miss Universe Organisation’s trademark without consent during the Philippine Blockchain Week (PBW).

JKN’s stock price is down 93% over three years. Trading remains suspended.