This action follows the SEC’s previous complaints on 5 June 2025, against three parties: (1) JKN, (2) Mr. Jakkaphong Jakrajutatip, and (3) Ms. Pimauma Jakrajutatip, to the DSI for jointly committing or consenting to making false entries and/or maintaining incomplete, incorrect or untrue accounts in JKN’s 2023 annual financial statements as well as Q1/2024 interim accounts with intent to deceive any person, and for submitting or disclosing the 2023 annual financial statements and Form 56-1 One Report, which contained such false financial statements. 

The SEC’s further investigation revealed that content licensing/purchasing transactions between JKN and certain domestic legal entities involved then JKN directors and executives: (1) Mr. Jakkaphong Jakrajutatip (CEO), (2) Ms. Pimauma Jakrajutatip (Executive Director and Deputy Managing Director – Content), (3) Ms. Pitsamai Hangthaisong (Executive Director and Acting Deputy Managing Director – Finance and Accounting), and (4) Ms. Kamolrat Mongkolkrut (Executive Director and Deputy Managing Director – Sales). These individuals were found to have participated in fictitious content licensing transactions by JKN. Funds claimed as payments for these licenses, approximately 557.63 million baht, were traced from JKN to persons believed to be nominees for Mr. Jakrapong for purchasing JKN shares and bonds on his behalf. Furthermore, Mr. Jakrapong and Ms. Pimauma personally benefited from these funds through transfers into their own accounts, causing damage to JKN.

Such actions by these four individuals constitute collusion to engage in breaches of fiduciary duty through dishonest conduct, misappropriating company assets for themselves or third parties unlawfully, consequently causing damage to JKN. Moreover, they were involved in recording incomplete, incorrect or false entries with intent to deceive others, liable to offenses under Section 281/2, Paragraph 2, in conjunction with Section 89/7, Section 307, Section 308, Section 311, Section 312, and Section 313 of the Securities and Exchange Act B.E. 2535 (1992) (“SEA”), in conjunction with Section 83 of the Criminal Code.

Moreover, in connection to the above cases, JKN submitted annual financial statements for the year 2022 and 2023 containing false records regarding creditors and debtors related to domestic juristic entities. The company also submitted false annual registration statement, annual reports for 2022 and 2023 to the SEC, as well as disclosing or disseminating such false financial statements publicly via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink) under certification by Mr. Jakrapong as authorized signatory. Such offenses are in violation of Section 281/10 in conjunction with Section 300 of the SEA, as the case may be.

Additionally, following the SET’s referral and the SEC’s further investigation, facts and evidence indicated reasonable grounds to believe that nine individuals engaged in insider trading in JKN shares and consented to the use of securities trading accounts by other persons. Specifically, (1) Mr. Jakrapong (Director and Executive of JKN) used the securities trading accounts of (2) Mr. Achira Suteesathaporn (Mr. Jakrapong’s father), (3) Ms. Parichat Niamhom, and (4) Mrs. Ariyaporn Thaijinda, to sell JKN shares in order to avoid losses, based on material non-public information concerning the default on payment of JNK239A bond series. Such information was disclosed through SETLink on 31 August 2023, which had not yet been made available to the public and was material to changes in the price or value of JKN shares. In this regard, (5) Mr. Kittiphat Sritepeaim (Director of JKN Legal Department) provided assistance or facilitation to Mr. Jakrapong in submitting sell orders of JKN shares through the trading accounts of (2) Mr. Achira, (3) Ms. Parichat, and (4) Mrs. Ariyaporn.

These acts of Mr. Jakrapong constitute a violation under Section 242(1), in conjunction with Section 243(1) of the SEA, while Mr. Achira’s and Mr. Kittiphat’s assistance or facilitation for Mr. Jakrapong’s use of inside information to sell JKN shares constitutes a violation under Section 242, in conjunction with Section 315 of the SEA. In addition, Ms. Parichat’s and Mrs. Ariyaporn’s allowing the use of their trading accounts and bank accounts as nominees of Mr. Jakrapong constitutes a violation under Section 297, Paragraph 1, of the SEA.  

In the case of (6) Mr. Pornchai Mongkolkruit, brother of (7) Ms. Kamolrat (Director and Executive of JKN), he sold JKN shares in a manner inconsistent with his usual behavior during the time when Ms. Kamolrat had received inside information regarding the default of JKN239A bond series; thus, it is credible that he received such information from her, an act liable to be an offense under Section 242(1), in conjunction with Section 244(4) of the SEA. In this regard, Ms. Kamolrat’s disclosure of inside information constitutes an offense under Section 242(2) in conjunction with Section 243(1) of the SEA.

Moreover, further investigation identified two more persons – (8) Ms. Monrudee Aiamoran and (9) Mr. Chettha Jitmanee – who allowed their securities and bank accounts to be used by Mr. Jakrapong to conceal his identity, which constitutes an offense under Section 297, Paragraph 1, of the SEA. 

As a result of these criminal complaints, Mr. Jakrapong, Ms. Pimauma, Ms. Pitsamai and Ms. Kamolrat are deemed to have untrustworthy characteristics, and are thus barred from serving as directors and executives of securities issuing companies and listed companies throughout ongoing legal proceedings, effective upon SEC’s filing of the criminal complaints with the DSI.

As a result of the aforementioned accusations, the SEC, with the approval of the SEC Board and pursuant to Section 267 of the SEA, issued an order to freeze the assets of four offenders in connection with fraud and fabrication of JKN financial statements – (1) Mr. Jakrapong, (2) Ms. Pimauma, (3) Ms. Pitsamai, and (4) Ms. Kamolrat – for a period of 180 days. This action was taken due to their conduct that caused widespread damage to the public interest. The total damage amounted to approximately 557.63 million baht from JKN’s funds that were misappropriated to purchase fictitious licensing rights, and an additional 156.60 million baht obtained from the disclosure of the financial statements and Form 56-1 One Report, which contained false information, to support the offering of JKN255A bond series on 10 August 2023. The combined damage totaled 714.23 million baht. Furthermore, there were reasonable grounds to believe that the offenders might attempt to transfer or dispose of their assets.

Furthermore, the SEC Board has resolved to impose a temporary ban from leaving Thailand on (1) Mr. Jakrapong, (2) Ms. Pimauma, (3) Ms. Pitsamai and (4) Ms. Kamolrat for 15 days pending court petition for extension.

Following the criminal complaints filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, a prosecution of the public prosecutor, and an adjudication of the court of justice, respectively. In this regard, the SEC will monitor progresses in the legal proceedings and will cooperate fully with relevant agencies to support law enforcement under the Securities and Exchange Act in the process following the SEC’s criminal complaints.  

Note: 

* As at present, the individuals under (1), (2) and (4) have resigned from JKN.