Cinema DHCelebrities DHDH Latest NewsDH NEWSEntertainment DHLatest NewsNEWS

The organisers of the Miss Universe pageant files for bankruptcy

The organisers of the Miss Universe pageant have encountered significant challenges. In October 2022, Thai billionaire Anne Jakrajutatip’s JKN Global Group assumed control of Miss Universe. However, various international media outlets have reported allegations of fraudulent activities against JKN Global Group. Within a year of acquiring Miss Universe, JKN Global Group has filed for bankruptcy. In November 2023, a lawsuit was initiated against JKN Group PCL (JKN), accusing the company of embezzlement. The lawsuit alleges that JKN provided false information about the Miss Universe Coin (MU Coin) project, falsely portraying it as a cryptocurrency initiative in which JKN, the company that owned the rights to Miss Universe, had no involvement.

Miss Universe ownership has changed hands several times since Donald Trump sold the business to IMG, which later sold it to the Endeavor Group. Finally, the Endeavor Group sold it to the JKN Group of Thailand.

The shift of Miss Universe’s management to Thailand was intended to position it as the crown jewel among JKN Group’s businesses. However, this transition encountered various challenges. The organization, traditionally an American business, faced issues with the geographical relocation of its management. A clash of management styles ensued, resulting in the departure of many experienced staff members who had effectively managed the organization for years.

In addition to internal team troubles, the JKN Group faced bankruptcy proceedings and a 1 Billion Thai Baht lawsuit filed by Thailand-based TCJ Social Media Group.

Amidst the bankruptcy and legal challenges, reports have surfaced indicating that JKN Group has sold 50% of Miss Universe ownership to Legacy Holdings Group of Mexico, owned by Raul Rocha Cantu. Rocha Cantu himself is embroiled in controversy, as he owns a casino where 52 people died in an arson attack by suspected members of the Los Zetas cartel, resulting in widespread public outcry and scrutiny.

shortlink

Post Your Comments


Back to top button