businessupdate
All that glitters Anne Jakrajutatip, the high-profile Thai owner of JKN Global Group/Miss Universe Organisation, faces the fight of her life to keep her crown. Hi-glamour and hi-drama have walked side by side for this year’s Miss
At the time, response to the MUCoin launch was swift and unequivo-
Universe pageant and its owner, the Bangkok-based JKN Global Group.
cal. The Miss Universe Organisation/JKN Global Group denied any asso-
As pretty women from everywhere did whatever beauty queens do to
ciation with MUCoin. “There is currently no Miss Universe crypto currency
be crowned, a life-and-death business battle played out in Thailand.
or blockchain offering,” the company said, warning fans to use caution
At stake are the hopes, wishes and empire of the transgender woman
and not to join in the coin scam, and promising that it was doing “ev-
whose dreams came true when she bought the high-profile global pag-
erything we can to shut this down publicly, so that our community is not
eant for US$20 million in October 2022,
victims of this fraud”. Jakrajutatip said in a personal Facebook post that
The first signs of trouble broke into the open 10 months after the acquisition from IMG Worldwide was announced. At the end of August, a day
the company would “pursue all legal actions with regards to this infringement to protect our fans from any kind of fraud”.
before its debentures maturity date, the listed JKN Global Group said it
That’s not how TCG boss, Jakraphan Punyapapha, sees it. On 24
was negotiating with bond holders to reschedule repayments. The com-
November, with his 18 December preliminary court hearing looming,
pany offered about 26% of the amount immediately, with a re-payment
Punyapapha publicly accused JKN of giving the public false information.
schedule for the balance. The total amounted to a little under THB610
The MUCoin agreement, he said, was sealed on 30 June 2023. The suit
million/US$17.3 million.
also includes allegations of embezzlement related to the MNB JV, which
CEO/MD, Anne Jakrajutatip, made the announcement in a live broad-
JKN shuttered at the end of September, allegedly without informing
cast on digital terrestrial broadcast channel, JKN18, which the company
TCG, disposing of assets and laying off staff without notice. Punyapapha
acquired for US$34 million in 2021, and attempted to reassure investors.
showed the media images he said proved that JKN had removed assets
Some two months later, on 8 November, the company filed for business rehabilitation. If the move gave JKN some breathing room, what fol-
from MNB’s facility. Jakrajutatip denies TCG’s allegations, saying in a statement on the
lowed was far from calm. JKN Global was forced to file clarification after
same day that the public warning posted about MUCoin was “an honest
clarification to the Thai Stock Exchange, responding to everything from
action and for the public’s interests”.
not inviting board members to critical meetings to a THB 1 billion/US$28.3 million lawsuit over an alleged crypto deal.
The Thai Stock Exchange weighed in at the same time, advising investors to monitor company activities while it waits for clarification on JKN’s
Then came the resignation of long-time Miss Universe Organisation
Q3 financial statements. The requests include MNB, which JKN said it was
president, Paula Shugart, after 23 years. Watched by millions around the
trying to sell for THB56 million/US$1.6 million – 27% lower than the acquisi-
world, Shugart announced her decision live on stage from El Salvador at
tion price. SET has given JKN Global until 8 December to submit its replies.
the end of the national costume show two days before the 18 November grand finale. Shugart said her decision was “not in response to recent events”. Among other things, she talked about the strong Miss Universe brand, how it would remain resilient, about the meaning of transformational
As events started to unfold, Jakrajutatip was philosophical. “Don’t be afraid to start all over again. This time, you are not starting from scratch but from high-level experience,” said text laid over an image of her and her two children posted on 12 November. She refers obliquely to the protection/rehabilita-
leadership and putting the needs of the team above all else, about the
tion filing as events “in the recent global news”,
importance of empathy, not self-interest, about honesty and respect
and says this is “simply just another life chapter
integrity and living by your word. “One cannot just talk the talk. One must
of mine, in which I learned how to be extremely
walk the walk,” Shugart said. Many read thinly veiled criticism of Jakraju-
resilient and also how to turn pain into power.
tatip in her words. Shugart capped her shock announcement by alluding
I’m not afraid to face with it and address it to
to a book about her time at Miss Universe. “I have an unbelievable story
the world,” she said,
to tell and I look forward to telling it,” she said.
followers that she
Jakrajutatip didn’t get a minute’s rest once the pageant wrapped.
reminding her 6.7 million had “built everything
from scratch myself
and it’s time
Six days later, on 24 November, Thai company and joint-venture partner,
for me to trans-
form
crypto currency platform TCG, held a press conference in Bangkok with
everything back to
the top
a live stream for anyone who wanted to hear details of its argument.
again”. The comment
TCG’s suit involves the Miss Universe Coin (MUCoin), which it launched
has so far received
during Philippine Blockchain Week in the second half of September, and
15,000+ likes.
a co-investment in beverage company, MN Beverages (MNB).
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contentasia december 2023
contentasia december 2023