There’s a cruel phrase in Thai: กะเทยหลอก—“tricked by a trans woman”. It’s typically whispered in the backstreets of Patpong, but, in late 2023, it found its way into boardrooms after JKN Global Group—the media empire of Jakkaphong “Anne” Jakrajutatip—filed for bankruptcy.

JKN’s rise and fall is one of Thailand’s most fascinating restructuring cases. At its peak in 2018, the company had a market capitalisation of 10 billion Thai baht (US$300 million). In October 2022, JKN bought the Miss Universe, Miss USA and Miss Teen USA beauty pageants for US$20 million. “It’s about glory, victory, desire… being an iconic woman of the world,” an exhilarated Anne said at the time. The transaction was heralded as a triumph and made Anne the first trans woman to own these organisations. But it also turned out to be the company’s undoing. Today, JKN is worth a fraction of its former value and has been suspended from the Thai stock market. As of June 2025, the Securities and Exchange Commission (SEC) of Thailand has filed criminal complaints against Anne and her sister, Pimauma—who was the Deputy Managing Director of Content)—for allegedly falsifying financial statements. Both women have resigned from JKN.

• Tags: Issue 40, Mali Wongwiwat, Thailand