Thursday, 13 July 2017

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

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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.

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.

It is not clear what impact the case could have on Leicester City if it proceeds and succeeds and King Power become liable to pay huge amounts of money to the government.
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A.K.A. Kennyboi, A Internet Browsing Lover, The Busy Brains behind kennygist.com.ng and kennytechy.com, Knowledgeable in AutoCAD. A Graduate of Mechanical Engineering, Manufacturing Option. God Loves you all.

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