20-2-2024 (BANGKOK) Bondholders of JKN Global Group (JKN) are urging the Securities and Exchange Commission (SEC) to initiate a thorough investigation and expedite the seizure of JKN’s assets following the company’s announcement of an indefinite postponement of a bondholders’ meeting.
On February 15, JKN disclosed the postponement of the bondholders’ meeting originally scheduled for February 22, along with the cancellation of the closure of the bondholders’ register via the Stock Exchange of Thailand (SET).
JKN’s Chief Executive and Managing Director, Jakkaphong Jakrajutatip, stated that the company and its financial advisors are currently gathering information and consulting with all relevant parties in preparation for the bondholders’ meeting. Consequently, the postponement was deemed necessary. However, a new date for the meeting was not provided.
Earlier this month, bondholders sent a letter to the SEC, urging an investigation into transactions involving the sale of JKN Legacy shares to JKN Global Content (Singapore) and the subsequent agreement to sell 50% of JKN Legacy shares to a strategic Mexican investor.
The SET had previously instructed the owner of the Miss Universe Organization to clarify the reasoning and necessity behind restructuring the shareholding in JKN Legacy Inc, the progress of payments, the purpose of the proceeds, and the inconsistencies between the company’s information disclosure and reports in various media.
“In relation to this matter, the bondholders question whether the powers and duties of the company’s directors have complied with the SEC’s regulations, which stipulate that investments must be approved by the company’s board of directors,” stated the bondholders in a statement.
Given the lack of clarity on multiple issues raised by the SET, the bondholders have concluded that there is a lack of reliability and trustworthiness. Consequently, they have requested the SEC to initiate a thorough examination of JKN’s financial information and conduct a special audit of the case.
The bondholders have also urged the SEC to expedite the seizure of the company’s assets, as well as those of the directors and related individuals, and to prevent any potential improper transfer of assets by prohibiting them from leaving the country.
If these matters remain unresolved, the bondholders have indicated their intention to escalate their actions to the next level.
“The bondholders implore the SEC to recognize the urgent need to protect the interests of bondholders and maintain confidence in the Thai equity and bond markets,” added the statement.
