Leicester City Thai court accepts $420m lawsuit against club owner

The case is a rare attack on an ultra-rich firm run by one of the kingdom's best-connected billionaires.

  • Published:
Leicester City chairman, Vichai - his Thai firm faces a $420 mn lawsuit play

Leicester City chairman, Vichai - his Thai firm faces a $420 mn lawsuit

(AFP)
24/7 Live - Subscribe to the Pulse Newsletter!

A Thai anti-corruption court on Monday accepted a lawsuit accusing duty-free giant King Power, the company that owns Leicester City Football Club, of owing the state $420 million in unpaid taxes.

The case is a rare attack on an ultra-rich firm run by one of the kingdom's best-connected billionaires.

The suit, filed by an anti-graft official, accuses King Power executives of colluding with airport authorities to pay only three percent of the company's annual revenue instead of the contracted 15 percent.

The plaintiff, Charnchai Issarasenanark, said the graft caused the state 14 billion baht ($420 million) in damages.

"The court agreed to hear the case," an official from Bangkok's Corruption court told reporters.

King Power, whose lawyer declined to comment, has previously denied any wrongdoing and filed a number of defamation lawsuits against Charnchai.

The progress of the case is a rare setback for the company's founder Vichai Srivaddhanaprabha.

Starting with a single shop in Bangkok in 1989, Vichai has built an estimated fortune of $2.9 billion through his duty-free empire.

The firm now has a near-monopoly on duty-free sales in Thailand's main airports, plus a satellite mall in Bangkok favoured by Chinese tourists.

Vichai's reputation for canny decision-making surged after the 2016 English Premier League championship win by minnows Leicester City, which his family bought for an estimated $58 million in 2010.

The 60-year-old has also carefully navigated Thailand's treacherous political waters of recent years, frequently rubbing shoulders with the elite.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Black Stars GFA denies Black Stars friendlies against Ivory Coast and...bullet
2 Cute Pair Sulley Muntari’s wife and son were the best combo at a Black...bullet
3 CAF Confederation Cup Kotoko bus attacked in Congobullet
4 Boxing Ayittey Powers assaults Comedian Baba Spirit on TV (Video)bullet
5 Bayern Munich Defender Jerome Boateng to visit Ghana for the...bullet
6 Father's Footsteps Didier Drogba is a proud father as son...bullet
7 Dele Alli Sex-tape of Tottenham and England midfielder leakedbullet
8 Sad News Nigerian player dies in gory road accidentbullet
9 Ghana Premier League Hearts demand US$ 56,000 from Frank...bullet
10 In Brazil Football game abandoned after ten red cardsbullet

Top Videos

1 Video ‘My baby girl is gone’- Songo shed tears over Ebony’s deathbullet
2 Video This is what made Andre Ayew Swansea City legendbullet
3 Video Akufo-Addo displays dancing skills at George Weah’s inaugurationbullet
4 Video Meet the sculptor who designed Michael Essien's bizarre statuebullet
5 Video Watch top 10 Neymar goals of all-timebullet
6 Video Sculptor of Michael Essien's statue says critics have...bullet
7 E.K Afranie Don Bortey accuses ex-Black Stars coach of briberybullet
8 Gianni Infantino Don't Enrich Yourselves With Football...bullet
9 Video Meet the most expensive signing of Manchester Citybullet
10 CHAN Final Morocco demolish Nigeria to emerge championsbullet

Football