TCG Social Media Group, the gold-backed cryptocurrency platform, has filed a lawsuit against JKN Global Group (JKN), demanding the owner of the Miss Universe Organization pay 1 billion baht in damages, as well as additional charges of asset embezzlement.
Jakkraphan Punyapapha, an executive with TCG, said the company filed a lawsuit accusing JKN and its chief executive and managing director Jakkaphong Jakrajutatip of committing a criminal offence and defamation through advertising.
The company alleges the defendants posted defamatory messages to the plaintiff via online media regarding the plaintiff's issue of a false Miss Universe Coin (MU Coin), saying JKN had not taken part in the project, causing damage to TCG's reputation.
JKN published the information in English, saying: “To our fans, please use caution and do not join in the falsely–named coin scam! We are doing everything we can to shut this down publicly, so that our community is not victims of this fraud”, Mr Jakkraphan told an urgent media briefing yesterday.
“In fact, the MU Coin is the business TCG and JKN formed together with a legal document signed on June 30, 2023,” he said.
Mr Jakkraphan said his company also formed a joint venture company with JKN to produce beverages, with TGC holding a 40% stake. On Sept 30, JKN closed the joint venture company without informing the partners, transferred some of the assets and laid off scores of employees.
“TGC has also filed a complaint about asset embezzlement after staff informed us about the company’s closure. We are preparing documents to be presented to the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) to investigate the company regarding corporate governance, especially layoffs without informing staff in advance,” he added.
In its filing to the SET yesterday, JKN’s Ms Jakkaphong said the court has scheduled a preliminary hearing on Dec 18.
“Management views that the company and the second defendant’s announcement with the message warning the public and investors is an honest action and for the public's interest. Therefore, it is considered that this is an exception according to the applicable laws and does not consider the defendants’ actions as an offense as the plaintiff has filed a lawsuit with the court,” she said.