TCG Social Media files lawsuit against JKN Global

TCG Social Media files lawsuit against JKN Global

TCG Social Media Group, a gold-backed cryptocurrency platform, has filed a lawsuit against JKN Global Group demanding the owner of the Miss Universe Organization pay 1 billion baht in damages, as well as additional charges for 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, posting: "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 a victim of this fraud", Mr Jakkraphan told a media briefing yesterday.

"In fact, the MU Coin is a venture TCG and JKN formed together, with a legal document signed on June 30, 2023," he said.

Mr Jakkraphan said TCG also formed a joint venture company with JKN to produce beverages, with TGC holding a 40% stake. On Sept 30, JKN closed the venture without informing the partners, transferred some of the assets and laid off scores of employees.

"TCG also filed a complaint about asset embezzlement after staff informed us about the company's closure," he said.

"We are preparing documents to be presented to the Securities and Exchange Commission and the Stock Exchange of Thailand [SET] to investigate the company regarding corporate governance, especially layoffs without informing staff in advance."

In its filing to the SET yesterday, Ms Jakkaphong said the court has scheduled a preliminary hearing on Dec 18.

"Management views the company's and the second defendant's announcement message warning the public and investors as an honest action and in the public's interest," she said.

"This action is considered an exception according to applicable laws and we do not consider our actions an offence, as the plaintiff filed in the lawsuit."

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