SEC accuses JKN’s Anne Jakkaphong, 11 others; DSI complaint filed

Securities and Exchange Commission (SEC) has filed a criminal complaint with the Department of Special Investigation (DSI) against JKN Global Group Public Company Limited (JKN), former directors and executives, current management and other related individuals—12 in total—over alleged accounting fraud and the disclosure of false financial information, as well as alleged insider trading in JKN shares. 

The SEC said the case concerns the submission and public disclosure of financial statements and annual disclosures (Form 56-1 One Report) containing materially false statements or omissions, linked to alleged falsification of JKN’s accounts during 2022–2023, and alleged insider trading in 2023.

Alleged sham content-licensing transactions (2022–2023)

According to the SEC’s findings, JKN’s content-licensing trades with a Thailand-registered entity were allegedly used to create transactions that did not exist. The SEC said four key individuals at the time—identified as:

1. Ms Anne Jakkaphong Jakrajutatip (then CEO),
2. Ms Pim-uma Jakrajutatip (executive director and deputy managing director for content),
3. Ms Pissamai Hangthaisong (executive director and acting deputy managing director for finance and accounting), and
4. Ms Kamonrat Mongkolkruth (executive director and deputy managing director for sales),

were involved in the alleged fictitious content-licensing deals.

The SEC said money presented as payment for content-licensing—about 557.63 million baht—was traced onward to individuals believed to be acting as nominees, and allegedly used to purchase JKN shares and JKN debentures on behalf of Ms Anne Jakkaphong. It also alleged that Ms Anne Jakkaphong and Ms Pim-uma benefitted from transfers into their own accounts, causing damage to the company.

The SEC said the conduct may constitute dishonest breach of duty, misappropriation of company assets, and false or incomplete accounting intended to mislead others under the Securities and Exchange Act and related provisions.

Alleged false financial statements and filings (2022–2023)

The SEC said JKN submitted financial statements for FY2022 and FY2023 that allegedly recorded false domestic creditor and debtor entries, and filed annual information/annual reports (56-1 One Report) for 2022 and 2023 containing false information.

It added that the allegedly false financial statements were also disclosed publicly through the Stock Exchange of Thailand’s company disclosure system (SETLink), with Ms Anne Jakkaphong, as an authorised signatory, certifying the filings.

Alleged insider trading and use of nominee trading accounts (2023)

The SEC said it obtained information from the Stock Exchange of Thailand and, after further checks, found grounds to believe that nine individuals were involved in selling JKN shares using inside information and/or allowing others to use their securities trading accounts.

It said the alleged inside information related to JKN’s default on debentures JKN239A, which was disclosed to the market on August 31, 2023—information the SEC described as material to the share price before it became public.

The SEC said Ms Anne Jakkaphong allegedly used trading accounts in the names of:

• Mr Achira Suthisathaporn (identified as her father),
• Ms Parichat Niamhom, and
• Ms Ariyaporn Thaijinda,

to sell JKN shares to avoid losses, and that Mr Krittiphat Sritepeiam, identified as JKN’s legal director, allegedly helped facilitate the placement of sell orders.

It also said Mr Phonchai Mongkolkruth—described as the younger brother of Ms Kamonrat—showed unusual selling behaviour after Ms Kamonrat had allegedly received the inside information, suggesting it may have been passed on. Two additional individuals—Ms Monrudee Iam-olan and Mr Chettha Jitramanee—were also cited as allegedly allowing accounts to be used to conceal the true trader’s identity.

Asset freeze, travel restrictions and referral to AMLO

Following the complaint, the SEC said the four individuals linked to the alleged accounting fraud—Ms Anne Jakkaphong, Ms Pim-uma, Ms Pissamai and Ms Kamonrat—may be deemed untrustworthy and unable to serve as directors or executives of issuers and listed companies during legal proceedings.

With SEC board approval, the regulator said it ordered a 180-day asset freeze against those four individuals. It cited potential widespread public harm and alleged losses of about 714.23 million baht—comprising roughly 557.63 million baht linked to the alleged fictitious content purchases, and 156.60 million baht raised from the offering of debentures JKN255A on August 10, 2023, which it said used disclosures containing false financial statements.

The SEC also said it imposed a temporary 15-day travel ban on the same four individuals and would seek a court order to extend the restriction. It added that the matter was forwarded to the Anti-Money Laundering Office (AMLO) for further review. 

The SEC noted that after it files a criminal complaint, the process proceeds through police/DSI investigation, prosecutorial review and court proceedings, and said it would monitor progress and cooperate fully with relevant agencies.

Note: The SEC said the individuals listed as (1), (2) and (4) have since resigned from JKN.