Bangkok Post – JKN founder, sister resign after SEC files charges

PUBLISHED : 7 Jun 2025 at 05:17

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Jakkaphong Jakrajutatip, chief executive and managing director JKN Global Group Plc (JKN). (File photo: Pornprom Satrabhaya)

Jakkaphong Jakrajutatip, chief executive of JKN Global Group, and her sister, Pimuma Jakrajutatip, have resigned from all executive and other positions at the SET-listed content and media buying company after the Securities and Exchange Commission (SEC) filed criminal complaints against the pair.

In a filing to the Stock Exchange of Thailand, JKN confirmed the resignations, effective as of June 5, as the SEC submitted the allegations to the Department of Special Investigation (DSI) concerning three parties, namely JKN, Ms Jakkaphong and Ms Pimuma.

The charges relate to falsification and/or omission of material information in the company’s financial statements for the full year 2023 and the first quarter of 2024.

The SEC accused the three parties of either committing or consenting to the inclusion of false information and incomplete or inaccurate financial disclosures that do not reflect the company’s actual financial position.

JKN stated it acknowledged the allegations and is reviewing all relevant information to determine the appropriate legal course of action.

The company said an ongoing special audit is being conducted by Dr Virach & Associates, an independent auditor, to verify the authenticity of its reported content rights and related liabilities. The audit is expected to be completed soon.

“The board will convene to formally acknowledge the resignations and determine further steps regarding the company’s governance and executives,” the filing noted.

The SEC noted JKN’s auditor raised serious concerns over the company’s content licensing transactions, citing multiple irregularities and triggering further scrutiny.

According to the regulator, the investigation uncovered evidence indicating Ms Jakkaphong, as managing director and chief executive, and Ms Pimuma, director and deputy managing director for content, conspired to fabricate creditor and debtor records. These fictitious entries were allegedly recorded in the company’s 2023 annual financial statements and the first-quarter 2024 statement, as well as related accounting documentation.

The fabricated entries resulted in JKN’s financial statements overstating both revenue and liabilities. The SEC also found royalty liabilities were misrecorded in incorrect accounting periods. As a consequence, JKN’s 2023 financial statements understated actual liabilities and assets.

The fabricated trade payables were then carried into the 2024 accounts, misleading stakeholders into believing the company’s trade liabilities had increased. These fabricated trade creditors were allegedly used to exercise voting rights to select a rehabilitation planner for JKN, a move deemed deceptive and in violation of Section 312 of the Securities and Exchange Act.

In addition, Ms Jakkaphong is accused of submitting and disclosing the false 2023 financial statements and annual report to the SEC. The regulator formally referred the case to the DSI for further legal proceedings.