On December 25, 2025, Thailand’s Securities and Exchange Commission (SEC) issued a sweeping 180-day asset freeze against JKN Global Group Public Company Limited, a once-prominent media and content licensing firm now mired in scandal. The move, announced in an official statement and widely reported by Thai financial media, comes after a court rejected JKN’s petition for business rehabilitation, stripping the company of legal protections under bankruptcy law and opening the door to aggressive regulatory action. For JKN, its executives, and shareholders, the stakes could hardly be higher.
The SEC’s order, grounded in Section 267 of Thailand’s Securities and Exchange Act, targets not only JKN’s corporate assets but also the personal assets of four key individuals: Jakapong Jakrajutatip, Pimuma Jakrajutatip, Pismai Hangthaisong, and Kamonrat Mongkolkrut. Each has been previously implicated in related asset freezes, but the latest order, as reported by local news outlets, extends the freeze to encompass all company assets for the next six months. The SEC’s rationale? Evidence of “false disclosure of material information” and “manipulation of financial statements,” with the investigation stretching back as far as 2023.
This dramatic escalation follows the Special Appeal Court’s decision to deny JKN’s request for a court-supervised rehabilitation plan. According to the court, there was “no reasonable cause and no viable path for rehabilitation under the law.” That ruling, delivered on December 25, 2025, effectively ended JKN’s shield from creditor action and regulatory scrutiny, setting the stage for the SEC’s intervention. The regulator wasted no time, leveraging its statutory authority to freeze assets and halt potentially damaging transactions.
But what exactly prompted such decisive action? According to the SEC’s detailed findings, JKN and its executives are accused of a litany of financial misdeeds. The investigation, which has been ongoing since 2023 and now involves Thailand’s Department of Special Investigation (DSI), centers on the alleged falsification and concealment of critical information in JKN’s financial statements and annual reports for the years 2022 through 2024. The SEC alleges that these reports, including the so-called “56-1 One Report” filings, contained fabricated figures and omitted material facts that should have been disclosed to investors and the public.
One of the most damning revelations involves a series of content licensing transactions that, on paper, appeared legitimate but, in reality, never took place. The SEC contends that JKN, with the complicity of its executives, orchestrated the sale of non-existent content rights to entities registered in Thailand. The proceeds from these phantom transactions—over 557 million baht, according to the SEC—were then funneled to individuals believed to be nominees for Jakapong Jakrajutatip. These funds were allegedly used to purchase JKN shares and bonds on behalf of Jakapong, with both Jakapong and Pimuma Jakrajutatip personally benefiting from the scheme through direct transfers into their accounts.
“The actions of these four individuals constitute a breach of fiduciary duty and have caused significant harm to JKN,” the SEC stated in its official release. The agency further alleges that the company’s annual and quarterly financial statements for 2025 and 2026 were deliberately falsified to deceive stakeholders, a violation that carries severe penalties under the country’s securities laws.
The fallout has been swift and severe. In addition to the asset freeze, the SEC has referred a total of 12 individuals—including former directors, executives, and other related parties—to the DSI for potential criminal prosecution. The allegations range from submitting false financial statements to insider trading and facilitating the misuse of trading accounts to conceal the true beneficiaries of share sales.
According to the SEC’s investigation, nine individuals were found to have engaged in insider trading, using confidential information about JKN’s default on a bond issue (specifically, JKN239A) to avoid losses by selling shares ahead of public disclosure. The agency also uncovered evidence that several individuals allowed Jakapong to use their trading and bank accounts to obscure his involvement, a practice that violates multiple sections of the Securities and Exchange Act.
The scale of the alleged fraud is staggering. The SEC estimates that the content licensing scam alone resulted in losses of approximately 557.63 million baht. Additionally, the company’s use of falsified financial statements in connection with a bond offering on August 10, 2026, netted JKN another 156.6 million baht from investors. In total, the damage is believed to exceed 714 million baht—a figure that has sent shockwaves through Thailand’s financial markets and raised serious questions about corporate governance standards in the country’s publicly listed firms.
As part of its ongoing enforcement efforts, the SEC has also imposed a temporary travel ban on the four principal executives—Jakapong, Pimuma, Pismai, and Kamonrat—preventing them from leaving the country for at least 15 days. The SEC has indicated it will seek a formal court order to extend this ban, citing concerns that the individuals may attempt to move or dispose of assets beyond the reach of Thai authorities.
The implications for JKN’s leadership are profound. Under Thai law, individuals facing such serious allegations are deemed unfit to serve as directors or executives of listed companies for the duration of the legal proceedings. The SEC has made it clear that it will cooperate fully with the DSI and other relevant agencies, including the Anti-Money Laundering Office, to ensure that all violations are thoroughly investigated and prosecuted.
“The process now moves to criminal investigation, indictment by prosecutors, and trial in the courts,” the SEC emphasized. The regulator has pledged to monitor the progress of these cases closely and to provide all necessary support to law enforcement agencies as they pursue justice under the Securities and Exchange Act.
For investors, employees, and the broader Thai business community, the JKN scandal serves as a sobering reminder of the risks posed by weak internal controls and the critical importance of transparency in financial reporting. As the investigation continues to unfold, all eyes will be on the courts—and on the SEC—to see whether this high-profile case will mark a turning point in the enforcement of corporate accountability in Thailand.
With the asset freeze in place and legal proceedings advancing, JKN’s future hangs in the balance, a cautionary tale for companies and regulators alike.
