JKN Global Group Public Company Limited (SET: JKN) published its clarification document regarding the Miss Universe Coin Project via the Stock Exchange of Thailand (SET).
As reported, TCG Social Media Group Limited has filed a lawsuit against JKN Global Group Limited and its Managing Director for defamation related to the Miss Universe Coin (MU Coin) project.
JKN Global Group Public Company Limited stated in the clarification document as follows:
- The company owns the Miss Universe Organization and holds the exclusive rights to Miss Universe worldwide.
- The company has not entered into any agreements with TCG Social Media Group Limited regarding the MU Coin project.
- There is only a preliminary memorandum of understanding to explore the feasibility of the project between the two companies as of June 30, 2023. This memorandum is non-binding and non-legally enforceable regarding the use of the name ‘MU’ by TCG Social Media Group Limited
- Subsequently, a group of individuals introduced MU Coin in the Philippines, claiming it to be the Miss Universe Coin without our prior written consent.
- The company and Miss Universe Organization announced through the media that they have no affiliation with Miss Universe. Hence, it is inappropriate to use the name ‘MU’ to coin a currency as ‘MU Coin,’ as reported in online media.
- TCG Social Media Group Limited filed a lawsuit against the company and its Managing Director on September 25, 2023. As of now, the court has not received the lawsuit, and an inquiry is scheduled for December 18, 2023.
- On November 24, 2023, TCG Social Media Group held a press conference alleging a breach of contract. However, no contracts had been made except for the preliminary memorandum of understanding, which is not legally binding.
JKN Global Group Public Company Limited stated that it is currently in the process of pursuing legal action to the fullest extent. The company will further address any developments through the Stock Exchange of Thailand.