Vichai Srivaddhanaprabha - Master of the big deal

[webfact]

Master of the big deal

By The Nation

 

(FILE) Vichai Srivaddhanaprabha, Chairman of Leicester City, ahead of the Chelsea Leicester English Premier League soccer match at Stamford Bridge in London, Britain, 15 May 2016 (reissued 27 October 2018). // EPA-EFE PHOTO

 

VICHAI Srivaddhanaprabha, 60, is the key figure behind the huge success of King Power International, Thailand’s duty-free shopping giant, and has bagged many big deals in Thailand’s business history, including their latest acquisition – the MahaNakorn development project, Thailand’s tallest mixed-use tower – at Bt14 billion.

 

Thai employee walks next to Leicester City soccer club souvenir shop inside King Power duty-free outlets at the King Power headquarters in Bangkok, Thailand, 28 October 2018. // EPA-EFE PHOTO

 

Founded in 1989, King Power International has become one of the global leaders in duty-free shopping. The group operates duty-free stores at Thailand’s international airports, an online shopping facility, and downtown shopping malls in Bangkok, Phuket and Pattaya.

 

Born in June 5, 1958, Vichai is a son of Wiwat and Prapasorn Raksriaksorn. He graduated high school from Woodlawn High School, US, and did his bachelor’s from the Faculty of Liberal Arts, Ramkamhaeng University, and got a degree from Northrop University’s Business Administration Faculty in the US.

 

Vichai is married to Aimon, with whom he has four children: Voramas, Apichet, Arunroong, and Aiyawatt.

In 2012 the family was bestowed the new family surname Srivaddhanaprabha by HM the late King Bhumibol – the name means “light of progressive glory”.

 

Vichai became a vastly experienced businessman, both from his own and jointly-managed companies, including Sriaksorn (1980), Thai Nishikawa International, Europa Prince (Thailand), and Downtown DFS (Thailand). 

 

A gardener works in front of the King Power headquarters in Bangkok on October 28, 2018. // AFP PHOTO

 

Vichai is a pioneer in the establishment of the duty-free business in Thailand and has become one of Thailand’s leading businessmen.

 

He began his travel retail career in Hong Kong, returning to his native Thailand to open the country’s first downtown duty-free shop as a joint venture with the Tourism Authority of Thailand, before expanding the business to Cambodia, Macau and China, as well as Thailand’s international airports. Vichai controls and chairs $3.3 billion (revenues) King Power, Thailand’s leading operator of duty-free stores.

 

He is widely known to be closely connected to veteran politician Newin Chidchob, now president of Thai football league’s Buriram United, and Deputy Prime Minister General Prawit Wongsuwan. 

 

In addition to his business interests, Vichai has a passion for sport, especially polo and football.

 

He established an outdoor polo field in Thailand, ranked as one of the top international facilities, and has served as the president of Thailand Polo Association.

 

In 2010, he acquired Leicester City Football Club and currently serves as the club’s chairman. In 2017, he bought his second football club, OH Leuven in Belgium.

 

Vichai is ranked by Forbes as the fifth richest person in Thailand in 2018 with US$4.9 billion in real time net worth as of yesterday.

 

A helicopter belonging to the billionaire, and reportedly carrying him, crashed and burst into flames in a car park close to his team’s King Power Stadium yesterday after taking off from the club’s pitch.

 

Source: http://www.nationmultimedia.com/detail/business/30357382

 

-- © Copyright The Nation 2018-10-29

 

[lujanit]

RIP

[Somtamnication]

Overpriced place, but for the family and employees, RIP.

[Chris Lawrence]

He knew everyone. Could get things done.

[namatjira]

Very sad news indeed , he was by all accounts a remarkable man

and one that will be missed.

Bad news indeed....

[Jeremy50]

Never bought anything at King Power, never will, it's terribly overpriced [why don't people realise?].  If you want great value duty free, i.e. untaxed goods at bargain prices, shop at Heathrow.

That said, it's a terrible family tragedy, and a blow for English football and horse racing. 

 

[BEngBKK]

Money talks....

What do Thaksin and King Power have in common? Legal problems in their own countries. King Power learned last week that corruption charges, which surfaced months ago, will likely go ahead, possibly threatening its ownership of Leicester City. The company is accused of having corruptly shortchanged the Thai government of Bt14 billion in connection with its duty-free business at Suvarnabhumi Airport.

http://www.nationmultimedia.com/detail/opinion/30332027

 

Edited October 29, 2018 by BEngBKK

[yasbkk]

Condolences to his family and his staff who loved him... 

[Eric Loh]

The man is dead yet he being vilified by allegation and hearsay. 

[colinneil]

Why is it after somebody dies the lowlife come out with unnecessary and damning comments?

Five people have died, please have some common decency, and stop condemning a man you never knew or met.

[CharlieH]

Posts removed and responses to same.

 

People have lost their lives in a tragic incident. It is not an opportunity to besmirch a man, ridicule, complain or practice your comic routines.

 

For once have a little respect for those that lost their life and if you have nothing of value to contribute, just read and move on to something else... please.

[manchega]

another important question was the helicopter pilot Thai?

 

I know my company hires foreign experts for the rigs, Thai pilots are a little bit underqualified in terms of the moving safely part of flying

certainly they can move aircraft and vehicles alike

[flipperphillips]

38 minutes ago, manchega said:

another important question was the helicopter pilot Thai?

 

I know my company hires foreign experts for the rigs, Thai pilots are a little bit underqualified in terms of the moving safely part of flying

certainly they can move aircraft and vehicles alike

The pilot and co pilot were husband and wife and both fully qualified & very experienced pilots and were not Thai. According to reports Mr Vichai was a very generous man in the UK as well as in Thailand who would like to keep his generosity private but amongst some of his donations was a very large donation to build a children's hospital in Leicester. RIP to him and the others on the helicopter.

[KhunBENQ]

55 minutes ago, manchega said:

another important question was the helicopter pilot Thai?

NO!

Eric Swaffer, RIP

 

 

And if this damned tail rotor fails no pilot can do any wonder.

 

Edited October 29, 2018 by KhunBENQ

[evadgib]

Update from AAIB:

https://www.gov.uk/government/news/update-on-leicester-helicopter-accident-g-vskp

Edited October 29, 2018 by evadgib

[AtoZ]

7 hours ago, flipperphillips said:

The pilot and co pilot were husband and wife and both fully qualified & very experienced pilots and were not Thai. According to reports Mr Vichai was a very generous man in the UK as well as in Thailand who would like to keep his generosity private but amongst some of his donations was a very large donation to build a children's hospital in Leicester. RIP to him and the others on the helicopter.

It is sad news, no doubt about it. Nobody deserves this.

 

But the "low life" comments come from people with brain refusing these "generous" statements. It is easy to be generous if you are still left with $5 billion net worth.

 

And the money were not earned by inventing amazing products or improving peoples' life. But solely by taking advantage of customers who are stuck at the airport where practice considered illegal in most of the world = monopoly, is in place.

Edited October 29, 2018 by AtoZ

[Gunna]

1 hour ago, AtoZ said:

It is sad news, no doubt about it. Nobody deserves this.

 

But the "low life" comments come from people with brain refusing these "generous" statements. It is easy to be generous if you are still left with $5 billion net worth.

 

And the money were not earned by inventing amazing products or improving peoples' life. But solely by taking advantage of customers who are stuck at the airport where practice considered illegal in most of the world = monopoly, is in place.

Just like the thief in the desert - couldn't make a business work until he obtained a monopoly. These aren't great business men, just common thieves in suits who through corruption make vast amounts of money 

[planemad]

Feel better now do you? Regardless of the nature of his earnings, he used his wealth to spread a little happiness to a lot of people. He did not have to, but he did anyway, how many billionaires are so quick to embrace the common man in the way that this man seems to have done. 
So sad that you seem intent on trying to destroy the good that this man has done in order to pursue your negative agenda.
One can only hope that in the days following your own passing that people refer to your memory in a more kindly and respectful fashion.

[AtoZ]

50 minutes ago, planemad said:

Feel better now do you? Regardless of the nature of his earnings, he used his wealth to spread a little happiness to a lot of people. He did not have to, but he did anyway, how many billionaires are so quick to embrace the common man in the way that this man seems to have done. 
So sad that you seem intent on trying to destroy the good that this man has done in order to pursue your negative agenda.
One can only hope that in the days following your own passing that people refer to your memory in a more kindly and respectful fashion.

Equivalent of stealing $5.5 billion and then returning $0.5 back.

 

Over 11,000 people died this year on Thai roads (well more, but they rig the stats) ... most of them earned their money without monopoly protection and were probably much more generous considering % in their income. Do you read news stories about them?

 

Same as the certain someones protected by laws drained billions out of one of the poorer countries to the extend of being richer than for example the Queen of England (one of the richest countries), but still praised for being soooooo generous. 

 

Edited October 29, 2018 by AtoZ

[Basil B]

18 hours ago, Jeremy50 said:

Never bought anything at King Power, never will, it's terribly overpriced [why don't people realise?].  If you want great value duty free, i.e. untaxed goods at bargain prices, shop at Heathrow.

That said, it's a terrible family tragedy, and a blow for English football and horse racing. 

 

Things must have changed at LHR recently...

Edited October 29, 2018 by Basil B

[Basil B]

1 hour ago, planemad said:

Feel better now do you? Regardless of the nature of his earnings, he used his wealth to spread a little happiness to a lot of people. He did not have to, but he did anyway, how many billionaires are so quick to embrace the common man in the way that this man seems to have done. 
So sad that you seem intent on trying to destroy the good that this man has done in order to pursue your negative agenda.
One can only hope that in the days following your own passing that people refer to your memory in a more kindly and respectful fashion.

Could have bought Man United, sold the best players and manger for millions then redeveloped the ground into a shopping mall and waiting for Jesus apartments...

[MRDave]

12 hours ago, manchega said:

another important question was the helicopter pilot Thai?

 

I know my company hires foreign experts for the rigs, Thai pilots are a little bit underqualified in terms of the moving safely part of flying

certainly they can move aircraft and vehicles alike 

Helicopters are supposed to be 85 times more dangerous than driving. And some helicopters are more dangerous than others. In the late 80s, I was on an army excercise on the North Yorksire moors, where we spent the day getting ferried about by RAF Pumas. We were also supposed to be getting picked up by Chinhooks, but they got cancelled due to the bad weather. We were all very happy about not having to climb aboad those death traps!

 

The accident is tragic, but if I ever got to be a billionaire/millionaire, a helicopter would not be on my shopping list. https://fullfact.org/news/how-dangerous-are-helicopters/

[rwdrwdrwd]

5 hours ago, AtoZ said:

It is sad news, no doubt about it. Nobody deserves this.

 

But the "low life" comments come from people with brain refusing these "generous" statements. It is easy to be generous if you are still left with $5 billion net worth.

 

And the money were not earned by inventing amazing products or improving peoples' life. But solely by taking advantage of customers who are stuck at the airport where practice considered illegal in most of the world = monopoly, is in place.

Yeah whenever I'm stranded at the airport due to a delayed flight, I just can't help but purchase bottles of spirits, Bose headphones and mid range watches.

Buyers have a choice whether to purchase overpriced electronic goods or not (duty free is a total farce, globally, in the age of the internet anyway beyond booze and cigarettes anyway), their essential needs of food, water, oxygen and shelter are met in the departure area beyond immigration without them being obliged to give King Power money - they have the duty free concession, not the monopoly on any sale.

Good on the guy for being shrewd, and RIP.

Edited October 29, 2018 by rwdrwdrwd

[manchega]

point taken on the dangers of helicopters, I would still like to play with one, no pilot has ever let me do so

 

the pilot was non Thai, 

 

was wrong on that account too.

[geriatrickid]

21 hours ago, Eric Loh said:

The man is dead yet he being vilified by allegation and hearsay. 

No. The allegations merit investigation. However, they are separate and distinct from this sad event, which took the lives of the 2 pilots, the pilot's guest and 2 employees of primary deceased.

[losworld]

Another Thailand "monopoly" success story however he had some business acument.  RIP.

[rwdrwdrwd]

13 hours ago, geriatrickid said:

No. The allegations merit investigation. However, they are separate and distinct from this sad event, which took the lives of the 2 pilots, the pilot's guest and 2 employees of primary deceased.

The case (which was a private action by an individual) against King Power was dismissed last month, https://www.bangkokpost.com/news/general/1542202/graft-case-against-airports-of-thailand-king-power-dismissed

Edited October 30, 2018 by rwdrwdrwd

[kannot]

On 10/30/2018 at 4:19 AM, rwdrwdrwd said:

Yeah whenever I'm stranded at the airport due to a delayed flight, I just can't help but purchase bottles of spirits, Bose headphones and mid range watches.

Buyers have a choice whether to purchase overpriced electronic goods or not (duty free is a total farce, globally, in the age of the internet anyway beyond booze and cigarettes anyway), their essential needs of food, water, oxygen and shelter are met in the departure area beyond immigration without them being obliged to give King Power money - they have the duty free concession, not the monopoly on any sale.

Good on the guy for being shrewd, and RIP.

How about  a bottle  of water?

[rwdrwdrwd]

5 hours ago, kannot said:

How about  a bottle  of water?

 

There are countless places selling food and drink for consumption that are not controlled by King Power - like I said, they have the duty free concession, not the monopoly on *any* sale. We're talking "electronics, cosmetics, alcohol, tobacco, luxury items" not "a bottle of water and a sandwich".

Edited October 31, 2018 by rwdrwdrwd