Leicester’s owner, King Power, accused of £327m corruption in Thailand

[webfact]

Leicester’s owner, King Power, accused of £327m corruption in Thailand

David Conn, and Oliver Holmes and Phakarat Ryn Jirenuwat in Bangkok

 

• Thai government allegedly short-changed over duty free takings at airport 
• Leicester vice-chairman reported to have denied any wrongdoing by company

 

The company that owns Leicester City and funded the club’s rise to become 2016 Premier League champions has been accused of multimillion-pound corruption in the operation of its business in Thailand. King Power, owned and run by the Leicester chairman, Vichai Srivaddhanaprabha, and his son Aiyawatt, is alleged to have corruptly short-changed the Thai government of its agreed share from the company’s lucrative duty free franchise at Bangkok’s Suvarnabhumi airport.

 

King Power International, which owns Leicester, is accused of criminally failing to pay the Thai state 14bn baht (£327m) from the operation of the airport franchise, whose original grant in 2006 required 15% of the income to be paid to the government. The lawsuit – a copy of which was seen by the Guardian – was filed by Charnchai Issarasenarak, deputy chairman of a government anti-corruption subcommittee. He alleges that King Power colluded with airport employees to pay the government only a 3% slice of the duty free takings.

 

King Power bought Leicester City for a reported £39m in 2010, when the club were in the Championship, and then loaned the club more than £100m on players, wages and bankrolling losses, which were written off after the club won promotion to the Premier League in 2014.

 

Full story: https://www.theguardian.com/football/2017/jul/12/leicester-owner-king-power-accused-corruption-thailand-duty-free

 

-- The Guardian 2017-07-13

[Orton Rd]

All a misunderstanding of course, why anybody buys anything off them is the real mystery

[smedly]

perhaps they are missing the point and should be looking at how King Power got exclusive rights to the airport and who allowed that to happen and why, what followed is mute, the whole thing should be investigated from start to finish - what a bucket of worms that would open up lol

[Jeremy50]

King Power  DUTY ADDED. Unfortunately most people are not very discerning about where they buy from, or knowledgeable about the lower prices  that shopping duty free should entail. Or customers would just ignore these stores and airports would be free of these vermin.

[Prbkk]

Not a single person on this forum will be surprised by this, let alone shocked. Not one...and what a sad indictment that is of Thai business ethics. I hope that the Thai govt becomes the de facto owner of Leicester ( and then it would really plummet through the divisions....in that regard, pity it's not Chelsea he owns).

[Thechook]

The most expensive store in Thailand.

[esprit]

Of course as Vichai Srivaddhanaprabha was a keen supporter of the Shiniwatra I wondered how long it would take the vindictive PM to attempt to nail this guy too !!!

 

Mind you Vichai,  just like the PM ( remember the offshore banking deposit as a result of a land deal by the PM supposedly between him and his Father before being instructed to arrange the coup ?) and of course all of the other Elites and HISOs who have similarly shifted their ill gotten gains out of Thailand.

 

They all deserve each other

[tonray]

They probably keep taking losses on their all you can eat Shrimp buffets for Chinese tourists.

[ChrisY1]

I doubt much will happen to Kings here in Thailand.....a few more lame mentions from the insipid media here....maybe a fine, but this issue will soon to be quietened......

The elite all drink at the same pub!

[Chang_paarp]

Interesting that it is in The Guardian and not a Thai paper. 

[metisdead]

A post which contained an errant link has been removed.  Perhaps the poster that posted should do a check on his device for malware or viral infection. 

[inThailand]

So over some ten years it took them to realize 14 billion baht was missing? Time for a new accountant!

[Deez]

1 hour ago, Prbkk said:

Not a single person on this forum will be surprised by this, let alone shocked. Not one...and what a sad indictment that is of Thai business ethics. I hope that the Thai govt becomes the de facto owner of Leicester ( and then it would really plummet through the divisions....in that regard, pity it's not Chelsea he owns).

LOL...Agree with all you said..Except the last line :)

[ben2talk]

1 hour ago, Prbkk said:

Not a single person on this forum will be surprised by this, let alone shocked. Not one...and what a sad indictment that is of Thai business ethics. I hope that the Thai govt becomes the de facto owner of Leicester ( and then it would really plummet through the divisions....in that regard, pity it's not Chelsea he owns).

We simply assume that the whole new Airport project was a great opportunity to skim from the original building money, and then start angling to control business entry and monopolise income.

 

The old airport is famous for it's mafia (most noticeable with the Taxis outside) and the new one has admittedly improved on this area (Thaksin put the boot in with the Taxi mafia around here) - but apart from that, sure, it's Thai business all the way.

[Eric Loh]

I do not discount a falling out of political favour as the reason for this probe. He has been protected for last 10 years and only now has been investigated. Prayut is a witness and has implication. 

[hobobo]

What is it with (allegedly) corrupt Thai individuals and English Premiership clubs? Didn't a corrupt Thai individual once own Man City?

[shaurene]

King Power duty free B/S. Their prices for spirits like J/W Black or Red is only a couple of hundred baht cheaper than you can buy at a 7/11 or supermarket. I have seen it 120 Baht more than King Power in a BigC super store.

i believe Thai tax is around 120% import duty on the import cost. How can they say duty free. Should be illegal. But the Gov high up guys must get nice  kick back.

i never ever buy from King Power. If i buy to take home i will buy from BigC or Tesco and pack it in my checkin bag or the duty free at my destination.

 

[YetAnother]

4 hours ago, Prbkk said:

Thai business ethics

you are a funny guy (HAHA funny)

[Rancid]

Saw many warnings on here and have never bought anything from them. There used to be a chain of go-go bars in Patpong that operated under the King name, surely no connection?

[kaiyaibob]

3 hours ago, hobobo said:

What is it with (allegedly) corrupt Thai individuals and English Premiership clubs? Didn't a corrupt Thai individual once own Man City?

555 and yes they both must have passed the League "Fit and proper person" test first laughable :-( :-(

[tukkytuktuk]

Thai's stealing from Thai's isn't going to improve the country's economy only the personal bank accounts of some. Foreign money is what Thailand needs. What is the PM up to?

He shan't get my vote in 2018.

[Retiredandhappyhere]

19 minutes ago, tukkytuktuk said:

Thai's stealing from Thai's isn't going to improve the country's economy only the personal bank accounts of some. Foreign money is what Thailand needs. What is the PM up to?

He shan't get my vote in 2018.

2018?  Wow, you are an optimist!

[whinginggit]

It's actually cheaper to purchase at The Emporium than 'Duty' Free at Swampy.


Sent from my iPhone using Thaivisa Connect

[Thingamabob]

Most have us have known about the way King Power does business for years. What's new ?

[beautifulthailand99]

Unmentionable sites are alleging a deeper conspiracy is afoot.

[Prbkk]

3 minutes ago, beautifulthailand99 said:

Unmentionable sites are alleging a deeper conspiracy is afoot.

To the extent that they actually say it's the AOT and name individual board members and staff? It was no coincidence, one might speculate in cynical mode, the announcement of all this was made at the same time King Power made public the major philanthropic football for kids projects ( perhaps the damage control spinmeisters were in his ear).

[beautifulthailand99]

11 minutes ago, Prbkk said:

To the extent that they actually say it's the AOT and name individual board members and staff? It was no coincidence, one might speculate in cynical mode, the announcement of all this was made at the same time King Power made public the major philanthropic football for kids projects ( perhaps the damage control spinmeisters were in his ear).

No - just "trouble at top" as they might say oop North (UK vernacular if you're not from round there) and not for discussion here.

[Krataiboy]

Leicester’s owner, King Power, accused of £327m corruption in Thailand

 

Is that all? Hardly enough to buy you a decent centre-forward these days.

[Jonmarleesco]

The company owns Leicester - owning British (or English) football clubs seems to be a foreign pastime - and its business is duty-free sales. Now it stands accused of corruption, in a land where corruption has an ISO rating.

 

The link with Leicester is supposed to imply what? 

[onthesoi]

3 hours ago, kaiyaibob said:

555 and yes they both must have passed the League "Fit and proper person" test first laughable :-( :-(

 

Lets not forget the Russian mafia oligarch who currently owns Chelsea.

 

Saddam and Gaddafi really missed a trick here with their exit strategy.