The reigning monarch of Thailand’s duty free empire will stay in power at the nation’s largest airport another decade, according to media reports.
Airports of Thailand awarded another 10-year contract to King Power following an ostensibly competitive bid between several organizations seeking the right to be the sole provider at Suvarnabhumi International Airport, according to The Standard.
King Power was first granted the exclusive deal in 2006 and will now retain it through March 2031.
The airport management agency’s decision will be forwarded to the Revenue Department next month for certification.
King Power was founded in 1989 by Vichai Srivaddhanaprabha, who was killed last year when his helicopter went down over the stadium of the British football club he owned, Leicester City. , His son Aiyawatt Srivaddhanaprabha has since taken the reins.
Two years ago the privately held company was accused by an anti-corruption commissioner of colluding with airport employees to bilk the state of taxes it is supposed to pay under its contract to the tune of THB14 billion (US$440.6 million). The Criminal Court late last year dismissed the case on a matter of procedure.
Its revenues are believed to have exceeded THB68 billion (US$2.1 billion) last year.
