Leicester's Owner, King Power, Accused Of £327 Million Corruption Case In Thailand

King Power the owners of the 2016 premier League champions Leicester City have been accused of a multi-million pound corruption case over operations of their business in Thailand.

They stand accused of short-changing the Thai government of its share of profits from the company’s profitable duty free shops and Bangkok’s Survarnabhumi International Airport.

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Leicester's Owner, King Power, Accused Of £327 Million Corruption Case In Thailand

King Power has been accused of criminally failing to pay the Thai government a whopping 14 billion baht (£327m) since opening their franchise in the airport in 2006.

When the duty frees opened their original grant required them to pay the state 15% of their income.

A lawsuit has been filed by Charnchai Issarasenarak, deputy chairman of a government anti-corruption subcommittee which alleges King Power conspired with airport employees to only pay the government 3% of the duty free takings.

Leicester's Owner, King Power, Accused Of £327 Million Corruption Case In Thailand

King Power established in 1989 in Bangkok was granted the exclusive duty free franchise at Suvarnabhumi airport in 2006 and the airport is the 12 busiest in the world.

The lawsuit says that King Power is required to pay the 15% of the revenue to the government as stated in a contract that was signed in 2006.

A decision on if a court will accept the lawsuit is expected to happen on July 25th.

Aiyawatt Srivaddhanaprabha, Leicester vice-chairman and chief executive of the King Power group denied any breach in any laws during the last 11 years that they have operated the duty free shops at the airport.

What affect this could have on the Premier League club if the allegations prove to be true is unclear. The rules on ownership of a Premier League club prohibit people from being a director or more than a 30% owner if they have been convicted of a criminal offense.

Source : Theguardian

Content : LovePattayaThailand

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