The Thailand Securities and Exchange Commission imposed civil sanctions on JKN Global Group Public Company Limited and its chief executive, Mr. Jakkaphong Jakrajutatip, for publishing information that was false or may have been materially misleading about JKN via the Stock Exchange of Thailand’s disclosure channel. The measures require total payments of THB 4,124,078 and prohibit Mr. Jakkaphong from serving as a director or executive of securities issuing companies or securities companies for 56 months. The case followed a referral from the Stock Exchange of Thailand and the SEC’s investigation into a SETLink clarification published on 22 January 2024 responding to online media reports that JKN had sold the Miss Universe Organization business to Mexican businessman Mr. Raúl Rocha. While the clarification stated JKN was only studying investment proposals and had not reached a conclusion, the SEC found that JKN (through JKN Global Content Pte. Ltd.) had already signed an agreement on 20 October 2023 to sell 50 percent of the shares in JKN Legacy, Inc., which operated the business and held the Miss Universe License, to Legacy Holding Group USA Inc., whose chief executive was Mr. Raúl Rocha. The Civil Sanction Committee set civil penalties and investigative expense reimbursements of THB 2,062,039 for each offender. The civil sanctions take effect once the offenders sign a consent letter; otherwise, the SEC will refer the matter to the public prosecutor to seek civil sanctions in the Civil Court, with statutory penalties not lower than those specified by the Committee. Any civil penalties received are to be remitted to the Ministry of Finance as public revenue.

Original source View in tracker