Tuesday, 21 November, 2017

Leicester City owners being sued for £323m by Thai government

Hannah Rogers | 14 November, 2017, 13:00

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 370 million euros ($420 million) in unpaid taxes.

The case accuses owners of the Premier League side, King Power, of failing to pay the Thai governemnt £323m from the operation of a duty-free franchise it was awarded in 2006.

Aiyawatt Srivaddhanaprabha, King Power CEO and Leicester City vice chairman, said: "The allegations in question have yet to be accepted by the court and are categorically denied".

King Power was founded in 1989 awarded its Thai duty-free monopoly in 2006.

Worth an estimated £3.7 billion, Vichai bought Leicester, whose fairy-tale Premier League title win past year is widely regarded as one of the great sporting triumphs, in 2010.

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

Srivaddhanaprabha serves as Leicester chairman, with son Aiyawatt as vice-chairman.

'King Power has always followed and been absolutely committed to the highest standards in proper and ethical business practice.

King Power International, the company that owns the Foxes, could be forced to pay around 14 BILLION baht in local currency in the lawsuit.

The BBC has also contacted Airports of Thailand for a comment, but it is yet to respond.

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