Thailand Securities and Exchange Commission has expanded its enforcement action against JKN Global Group Public Company Limited by filing criminal complaints with the Department of Special Investigation against JKN and 11 current and former directors, executives and related individuals (12 persons in total) for allegedly submitting and publicly disclosing annual financial statements and Form 56-1 One Report with false statements or concealed material facts, and for alleged insider trading in JKN shares in 2023. The move follows the SEC’s earlier complaints (5 June 2025) concerning alleged false entries in JKN’s 2023 annual financial statements and Q1/2024 interim accounts and related disclosures. The SEC’s further investigation focused on alleged fictitious content licensing/purchasing transactions involving then senior management, with approximately THB 557.63 million traced from JKN to persons believed to be nominees for Mr. Jakkaphong Jakrajutatip and used to purchase JKN shares and bonds on his behalf, alongside transfers said to have benefited Mr. Jakkaphong and Ms. Pimauma Jakrajutatip personally. The filing also covers alleged false records in JKN’s 2022 and 2023 annual financial statements regarding creditors and debtors linked to domestic juristic entities and the dissemination of these statements via the Stock Exchange of Thailand’s SETLink. Separately, the SEC identified alleged insider trading and nominee-account conduct involving nine individuals, including trades said to have been executed using other persons’ accounts based on material non-public information about a default on the JNK239A bond series before its disclosure on SETLink on 31 August 2023. With SEC Board approval, the SEC ordered a 180-day freeze of assets of four individuals (Mr. Jakkaphong, Ms. Pimauma, Ms. Pitsamai Hangthaisong and Ms. Kamolrat Mongkolkrut) and reported the matter to the Anti-Money Laundering Office, citing total alleged damage of THB 714.23 million, including THB 156.60 million linked to disclosures used to support the offering of the JKN255A bond series on 10 August 2023. The SEC Board also resolved to impose a 15-day temporary ban on the four individuals leaving Thailand pending a court petition for extension, and the four are deemed to have untrustworthy characteristics and are barred from serving as directors and executives of securities issuing companies and listed companies while legal proceedings are ongoing; the criminal process now proceeds through investigation, prosecution and court adjudication.

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