A dramatic turn has unfolded in Bangkok as an arrest warrant has been issued for Jakkaphong Jakrajutatip, a prominent figure and co-owner of the Miss Universe Organization. The warrant stems from a fraud case, triggered by Jakrajutatip’s failure to appear in court this Tuesday.
The allegations center around a 2023 investment deal where Jakkaphong and her company, JKN Global Group, are accused of misrepresenting the company’s financial standing. Investor Raweewat Maschamadol claims he lost approximately $930,000 after purchasing corporate bonds based on these alleged misrepresentations.
Maschamadol asserts that JKN ceased making payments on the bonds in 2023, effectively rendering them worthless. This legal setback adds to JKN Global Group’s mounting financial difficulties, which culminated in a debt rehabilitation filing earlier this year, revealing obligations totaling around $93 million.
Jakkaphong’s absence from court, coupled with a lack of notification to officials, led the court to deem her a flight risk. A new hearing is scheduled for December 26th, while authorities attempt to locate her.
This legal drama follows Jakkaphong’s resignation from all company positions in June, prompted by accusations from Thailand’s Securities and Exchange Commission regarding falsified financial statements. Despite stepping down, she remains JKN’s largest shareholder.
Her whereabouts are currently unknown, and her absence was also noted at the recent 74th Miss Universe competition held in Bangkok. JKN Global Group has vehemently denied rumors of asset liquidation and a subsequent flight from the country.
The Miss Universe pageant itself has been plagued by controversy this year. A public reprimand of the eventual winner, Mexico’s Fátima Bosch Fernández, by a Thai organizer ignited public backlash, and two judges withdrew from the competition, one suggesting irregularities in the scoring process.
Adding to the turmoil, Thai authorities launched an investigation into potential illegal online gambling advertisements linked to the event’s promotional materials. A further incident saw Jamaica’s contestant, Gabrielle Henry, suffer a fall during the evening gown preliminary round.
The ownership history of the Miss Universe Organization is complex. Former President Donald Trump once controlled the pageant from 1996 to 2015, selling it to IMG Worldwide after NBC cut ties with him. Since then, the brand has undergone several ownership changes.
IMG Worldwide LLC sold the organization to Jakkaphong Jakrajutatip in 2022, who then sold a 50% stake the following year to Legacy Holding Group USA, owned by Raúl Rocha Cantú. The current situation casts a shadow over the future of the iconic pageant.
