From Miss Universe Glory to Arrest Warrant: The Downfall of Anne Jakkaphong

 

Thai tycoon who made history as first transgender Miss Universe owner now faces fraud charges and arrest warrant after empire's collapse.

 

From the iconic figure who revived the Miss Universe pageant and proved her business prowess by building the JKN Global Media empire, Anne Jakkaphong Jakrajutatip has fallen from grace, now embroiled in fraud allegations, crushing debt, and an active arrest warrant.

 

What led the world's first transgender owner of the prestigious beauty pageant to become a wanted person?

 

The Nation examines Anne Jakkaphong's remarkable rise and her equally dramatic fall from power.

 

 

 

The Meteoric Rise

Born Jakrapong Sutheesathaporn into a Chinese-Thai family, Jakkaphong's journey was fuelled by determination to overcome adversity.

 

After studying political science in Australia—where she worked as a petrol station attendant to support herself—she returned to Thailand with ambitious plans.

 

Her breakthrough came from identifying a lucrative niche: Indian television series.

 

Successfully importing and distributing Indian content to Thai audiences, she earned a massive following and the nickname "Queen of Indian content."

 

This success propelled JKN's expansion into digital television (JKN18), dietary supplements, and eventually a public listing on the stock exchange.

 

The apex of her global ambition arrived in October 2022, when Jakkaphong made international headlines by acquiring the Miss Universe Organisation for $20 million (approximately 800 million baht).

 

The move was historic, making her the first woman—and the first transgender woman—to own the prestigious 70-year-old institution.

 

 

At its peak in 2022, JKN reported revenues of 2.4 billion baht with net profits of 318 million baht. The company's shares became a darling of speculative investors, surging from 8 baht to a high of 16 baht.

 

Warning Signs Ignored

However, beneath the surface of this global success, critical financial vulnerabilities were already taking root.

 

Financial analysts examining JKN's historical accounts have identified several red flags that appeared years before the public collapse.

 

In 2020, JKN made a crucial change to its accounting policy, extending the amortisation period for content licences from three years to six years.

 

This manoeuvre artificially lowered annual expenses, making profits appear significantly higher than they actually were, since most content generated the majority of its revenue within the first three years.

 

The company's balance sheet revealed alarming trends in trade receivables. In both 2021 and 2022, between 600 - 700 million baht in receivables were more than three months overdue, yet the company failed to set aside adequate provisions for potential defaults—a time bomb considering annual profits ranged between only 100 and 500 million baht.

Cash flow statements told another troubling story.

 

Whilst JKN's operating cash flow appeared positive, the company was spending between two and three billion baht annually on new content rights—recorded under investing cash flow rather than operating cash flow.

 

This meant the core business wasn't generating nearly enough cash to fund its aggressive expansion, forcing heavy reliance on borrowed money.

 

 

The Spectacular Collapse

The underlying weaknesses finally erupted into a full-blown crisis in 2023. On 6th January, JKN shocked the market by announcing a massive capital increase through a rights offering of over one billion new shares.

 

The unexpected move, signalling desperate need for cash, shattered investor confidence and sent share prices plummeting.

 

By September 2023, JKN officially defaulted on a bond payment worth over 609 million baht, triggering cross-default clauses that made an additional 2.3 billion baht in bonds immediately payable.

 

Share prices crashed to 0.80 baht by November, and trading was suspended—a suspension that continues two years later.

 

On 8th November 2023, unable to manage its spiralling debts, JKN filed for business rehabilitation with Thailand's Central Bankruptcy Court.

 

The company's 2023 financial results revealed a catastrophic net loss of 2.1 billion baht.

 

More damningly, the company's auditor declared an inability to express an opinion on the financial statements, citing fundamental uncertainties.

 

 

 

From Business Failure to Criminal Allegations

As JKN's financial state deteriorated, Thailand's Securities and Exchange Commission (SEC) launched investigations that shifted the narrative from business failure to alleged corporate fraud.

 

On 6th June 2025, the SEC filed a criminal complaint naming JKN Global Group, Anne Jakkaphong, and her sister Pimauma Jakrajutatip.

 

The allegations were severe: falsifying financial records for the full year 2023 and first quarter 2024, creating fictitious creditors and debtors to artificially inflate revenues and assets, and using these falsified records to manipulate creditors' voting rights in rehabilitation proceedings.

 

The consequences were immediate. Jakkaphong was forced to resign from all positions at JKN, with the SEC declaring her "unfit and untrustworthy" to hold executive or director positions in any publicly listed company.

 

Additionally, Jakkaphong faced civil penalties of 4.1 million baht for improperly disclosing that she had sold a 50% stake in the Miss Universe business to Mexican businessman Raúl Rocha Cantú's Legacy Holding Group for $16 million in October 2023, though she only revealed this transaction publicly in January 2024.

 

She was also fined two million baht for social media posts that improperly influenced JKN's share price and banned from serving as a director or executive for 56 months.

 

 

 

The Arrest Warrant

Whilst JKN faced large-scale regulatory investigations, a separate fraud case became the trigger for an arrest warrant.

 

Dr Raweewat Maschamadol filed a lawsuit against both JKN Global Group and Anne Jakkaphong personally, alleging that between 24th July and 8th August 2023, they solicited a 30 million baht investment in JKN corporate bonds whilst fully aware the company was in poor financial condition and unable to repay.

 

On 25th November 2025, the South Bangkok Criminal Court was scheduled to read the verdict. However, Jakkaphong failed to appear and provided no explanation for her absence.

 

Taking a dim view of her non-appearance, the court ruled her absence suggested an "intent to evade justice." It issued an arrest warrant, ordered full forfeiture of her bail bond, and rescheduled the verdict reading for 26th December 2025.

 

 

 

Flight or Fight?

In the immediate aftermath of the warrant, rumours intensified that Jakkaphong had fled Thailand.

 

Media reports claimed she had obtained Mexican citizenship with help from Raúl Rocha Cantú, converted 6 billion baht into cryptocurrency, and relocated to Mexico.

 

The closure of her Instagram account—which had over 6.6 million followers—further fuelled speculation.

 

JKN Global issued a formal statement denying these rumours, but confidence among investors and creditors has been severely damaged. Currently, Cohen Gilbert DeSilva serves as chairman of JKN, though rehabilitation proceedings remain stalled.

 

 

 

Grim Outlook

Financial analysts paint a bleak picture for JKN's future. Prakit Sirivattanaket of Merchant Partners Asset Management described the company's rehabilitation chances as "slim," citing depleted assets, an expiring digital television licence, and a failed business model.

 

More than 3,000 retail investors face potential losses, with bondholders alone owed approximately 4.2 billion baht. The situation is described as simply "sad," with little hope of recovery.

 

The court may determine that increased risk makes rehabilitation untenable, leading to formal bankruptcy proceedings. In that scenario, bondholders would have priority over shareholders in asset distribution, though prospects for meaningful recovery remain minimal.

 

 

 

A Cautionary Tale

Beyond the immediate financial devastation, the JKN saga represents another blow to Thailand's capital markets.

 

It highlights persistent governance failures and regulatory gaps that leave retail investors—many of whom are retirees—vulnerable to corporate malfeasance.

 

As one industry observer noted, the case serves as a definitive study in corporate collapse, where governance vacuum, accounting illusions, and unchecked ambition conspired to transform a celebrated global enterprise into a cautionary tale.

 

Whether Jakkaphong will appear for her rescheduled verdict hearing on 26th December remains uncertain. What is clear is that the empire she built—and the groundbreaking legacy she established as Miss Universe's first transgender owner—now lies in ruins, overshadowed by allegations of fraud and a warrant for her arrest.

 

The fall from grace is complete: from trailblazing icon to wanted fugitive, the Anne Jakkaphong story stands as a stark reminder that in business, as in beauty pageants, appearances can be deceiving.