Addendum
King Power faces unknown future after founder’s death
November 1st 2018
Pundits in Thailand are speculating the adult children of recently deceased King Power billionaire, Vichai Srivaddhanaprabha, might not have the diplomatic chutzpah to negotiate renewal of the exclusive licences of the duty free chain that are the backbone of the family empire. Read More »
Vichai died alongside his pilot and three other passengers when his helicopter crashed after take-off on October 28. Vichai and his fellow passengers had just left the Leicester City football stadium after watching his local team play its weekend fixture.
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Vichai is survived by his wife, two sons and two daughters. Younger son, Aiyawatt (Top), 32, is the vice chairman of the Leicester City Football Club with the added dash of being an accomplished polo player. His father’s equine interests extended to 60 racehorses stabled at the family estate outside London.
Two of King Power’s airport duty free monopoly licences are up for renewal at the country’s two biggest airports, Survarnabhumi and Don Meaung, in the next two years.
Airports of Thailand granted King Power exclusive rights to duty free shopping in Thailand when prime minister Thaksin Shinawatra was in power. The two men became close, but Vichai is reported to have distanced himself from the exiled politician in recent years.
“King Power’s most important business is based on a monopolistic concessionary right granted by the government,” said Thammasat Business School academic, Pavida Pananond, the AFP news agency reported last month.”That suggests the political nature of the business and Khun Vichai’s political and business clout.”
The King Power tycoon opened his first duty free shop in Bangkok in 1989. Later on he befriended then prime minister Thaksin and subsequently was granted monopoly duty free retail rights when the Suvarnabhumi airport opened in Bangkok. His estate is reported to be worth US$5 billion.
In a 2014 interview with Thai media, Vichai said: “No business person sits around and waits for others to give them concessions.” It is yet to be seen whether the Vichai heirs have learnt that lesson at their father’s knee.
