Miss Universe Controversy 2025: JKN Creditors Allege Irregularities in Asset Sale, Request SEC Investigation

JKN creditors ask SEC to probe a 'backwards' Miss Universe contract, alleging a 7 billion baht debt escape plot.

Allegations of potential financial misconduct and improper asset transfers have prompted a group of JKN Global Group creditors to formally request an investigation by the Securities and Exchange Commission (SEC).

Representatives for the creditor group met with the SEC on Wednesday, 5 November 2025, to submit new evidence concerning JKN's management of the Miss Universe copyright, its most valuable asset, MGROnline.com reported.

The creditors expressed significant concern that the company may be attempting to avoid liabilities totaling 7 billion baht. These concerns are reportedly fueled by rumors that the remaining 50% of the Miss Universe shares may have been transferred to a Mexican entity.

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Public sentiment surrounding the issue reflects an urgent desire for the rumors to be untrue, with the belief that any such sale should be legally invalid and that the copyright must remain a Thai asset.

The creditor representatives, Worathep Charoenpornpanich and Pojet Maneerat, arrived at the SEC offices to submit documentation related to three main issues: the outcome of a recent creditors' meeting, a formal complaint regarding allegedly improper transactions, and a confirmation of their status as creditors.

Creditors Allege 'Backwards' Contract Date

Worathep explained to the media that the meeting was a follow-up to a previous filing. He stated the group was seeking an update on the SEC's progress, noting that a previously announced audit of JKN's accounts by Dr. Wirat and Associates had reportedly been canceled. He expressed frustration at the perceived lack of progress over a significant period.

He further stated the group's intention to inquire specifically about the trading of the Miss Universe copyright, which he described as the company's only valuable asset and the creditors' primary hope for repayment.

Mr. Worathep detailed the discrepancy that prompted the group's suspicion. He stated that a document appearing on 23 March 2024, confirmed a trade agreement with a Mexican company. However, this document was reportedly dated 20 October 2023.

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He highlighted that this transaction date is 'backwards' and suspiciously precedes the company's submission of its recovery plan on 9 May 2025. This timing, he noted, raises questions among creditors about the transaction's correctness and transparency.

The representative also formally asked the SEC to investigate separate rumors that the other 50% of the shares, held by a JKN Singapore subsidiary, have also been traded. He questioned if this was true and posited that if such a trade occurred without court permission, it could potentially be revoked. He requested the SEC's assistance in checking, suggesting that any retroactive contract might be considered void at the court's discretion.

Worathep also clarified the position of Anne Jakapong Jakrajutatip, stating that while she is no longer a manager, she remains a major shareholder. He alleged that the transaction in question occurred under previous executives and that Ms. Jakrajutatip was also a former board director of the subsidiary that holds the Miss Universe copyright.

Creditors Vote to Appoint New Plan Manager

Worathep revealed a significant development from a 29 October 2025 creditors' meeting, where a 93.5% majority voted to reject JKN's proposed rehabilitation plan. Following this, he explained, the creditors nominated Grant Thornton (GT) to be the new plan maker.

He asserted that the planner (GT) is now the entity with the power to manage JKN, pending an expected formal appointment by the court around 20 May 2025. Mr. Worathep concluded that the creditors are not partial to any specific individual, only to their ability to successfully revive the company.

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Finally, Pojet addressed the role of Nawat Isarakraisil, stating his understanding that Mr. Nawat is the Vice President of MU and organizer of the 74th MU, and as such, holds a copyright license from JKN. The report also noted that Raul Rocha Cantu, the businessman implicated in the share transfer rumors, is himself listed as one of JKN's creditors.