King Power
Encyclopedia
The King Power International Co., Ltd. is a Thai
travel
retail
company based in Bangkok
. Its current chairman and CEO is Vichai Raksriaksorn
.
The company is the leading travel retail in the country, with its own Duty Free shopping mall
covering over 10,000 square metres and at Suvarnabhumi Airport
and other places. 2010 it employed over 3,000 persons.
It received the royal warrant from the King of Thailand in December 2009. The garuda
statue in front of headquarters symbolizes that privilege.
In August 2010, following agreement on a three-year shirt sponsorship deal with King Power, Milan Mandarić
sold the English football club Leicester City F.C.
to a Thai-led
consortia named Asian Football Investments (AFI) that will be fronted by King Power Group's Vichai Raksriaksorn.
In 2009, King Power and its staff were accused of being involved in an elaborate scam involving extortion of tourists at its Suvarnabhumi Airport outlets. A foreign couple were arrested for shoplifting an expensive wallet then instead of being handed over to the police they were taken to a hotel where they were threatened with lengthy jail terms unless they paid cash to secure their freedom. The couple allege they were innocent, that King Power were implicit in the scam and that a foreign mediator, a Sri Lankan named Tony handled the negotiations. King Power issued cctv footage of the couple allegedly shoplifting and a denial they or their staff were involved. After this story broke several other similar cases came to light.
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
travel
Travel
Travel is the movement of people or objects between relatively distant geographical locations. 'Travel' can also include relatively short stays between successive movements.-Etymology:...
retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
company based in Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
. Its current chairman and CEO is Vichai Raksriaksorn
Vichai Raksriaksorn
- Biography :Raksriaksorn is ranked by Forbes Magazine as the 35th richest man in Thailand. He is the founder and CEO of King Power Duty Free, an operator of duty-free shops. In December 2009, King Power received the royal warrant from the King of Thailand in a ceremony attended by Raksriaksorn.In...
.
The company is the leading travel retail in the country, with its own Duty Free shopping mall
Shopping mall
A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version...
covering over 10,000 square metres and at Suvarnabhumi Airport
Suvarnabhumi Airport
Suvarnabhumi Airport , also known as Bangkok International Airport, is an international airport serving Bangkok, Thailand. It was officially opened for limited domestic flight service on 15 September 2006, and opened for most domestic and all international commercial flights on 28 September...
and other places. 2010 it employed over 3,000 persons.
It received the royal warrant from the King of Thailand in December 2009. The garuda
Garuda
The Garuda is a large mythical bird or bird-like creature that appears in both Hindu and Buddhist mythology.From an Indian perspective, Garuda is the Hindu name for the constellation Aquila and...
statue in front of headquarters symbolizes that privilege.
In August 2010, following agreement on a three-year shirt sponsorship deal with King Power, Milan Mandarić
Milan Mandaric
Milan Mandarić is a Serbian-American business tycoon who has owned a string of successful businesses and football clubs including Portsmouth, Leicester City and Sheffield Wednesday. He currently is the chairman of Sheffield Wednesday...
sold the English football club Leicester City F.C.
Leicester City F.C.
Leicester City Football Club , also known as The Foxes, is an English professional football club based at the King Power Stadium in Leicester...
to a Thai-led
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
consortia named Asian Football Investments (AFI) that will be fronted by King Power Group's Vichai Raksriaksorn.
Scandals
In 2007 the Airports Authority of Thailand (AOT) ordered King Power out of Suvarnabhumi Airport as it found that they had colluded with politicians, AOT board members and AOT officials to open at the airport without permission from the government. It was found that the contracts were void because they were designed to avoid the Public-Private Joint Venture Act that requires a lengthy selection process for any investment worth one billion baht or more by the private sector in a state project. King Power filed lawsuits against AOT in the civil courts for nullifying their contracts. To date, King Power remain at the airport and have recently applied for additional retail space.In 2009, King Power and its staff were accused of being involved in an elaborate scam involving extortion of tourists at its Suvarnabhumi Airport outlets. A foreign couple were arrested for shoplifting an expensive wallet then instead of being handed over to the police they were taken to a hotel where they were threatened with lengthy jail terms unless they paid cash to secure their freedom. The couple allege they were innocent, that King Power were implicit in the scam and that a foreign mediator, a Sri Lankan named Tony handled the negotiations. King Power issued cctv footage of the couple allegedly shoplifting and a denial they or their staff were involved. After this story broke several other similar cases came to light.