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Home » News from Thailand » Investigate corruption at duty-free concern King Power in Thailand
Investigate corruption at duty-free concern King Power in Thailand
Posted in News from Thailand
Tags: Corruption, King Power Duty Free, Vichai Srivaddhanaprabha
The Thai OM will investigate the King Power Group. Vichai Srivaddhanaprabha's company is said to have harmed the Thai state for fourteen billion baht (363 million euros) by withholding income. Vichai has also owned Leicester City football club since 2010.
Central to the investigation is the agreement that King Power Group has concluded with Suvarnabhumi, the international airport of Bangkok. According to the agreement, King Power must hand over 15 percent of its duty-free revenue to state-owned company AoT (the owner of the airport), but only 3 percent would have been paid. In addition to King Power, AoT executives have also been charged with alleged corruption.
The family empire of the wealthy Vichai also includes the Belgian football club Oud-Heverlee Leuven, Accor's Pullman hotels in Thailand and has a majority share in budget airline Thai AirAsia.
Source: Bangkok Post
What do we get, a multinational trying to avoid the tax, it shouldn't get much crazier.