TCG Social Media Group, a gold-backed cryptocurrency platform, has filed a lawsuit against JKN Global Group, the owner of the Miss Universe Organization, seeking 1 billion baht in damages for alleged defamation and asset embezzlement.
The dispute centers around the Miss Universe Coin (MU Coin), a joint venture between TCG and JKN. TCG accuses JKN and its CEO, Jakkaphong Jakrajutatip, of posting defamatory messages online, claiming they were not involved in the MU Coin project and labeling it a scam, which TCG says damaged their reputation.
TCG also alleges that JKN unilaterally shut down a joint beverage production venture, transferring assets and laying off employees without proper notification. TCG has reported these actions to the Securities and Exchange Commission and the Stock Exchange of Thailand for investigation into corporate governance issues.
JKN, in response, has defended its actions as honest and in the public interest, viewing the lawsuit as baseless. A preliminary court hearing is scheduled for December 18. The case highlights the complex legal and reputational challenges emerging in the cryptocurrency and joint venture business sectors. (NNT)
