Leicester City owner sued for tax evasion totaling $421 million in Thailand.

The conglomerate owned by billionaire Vichai Srivaddhanaprabha is facing trouble with local authorities over its business projects.

King Power International, the group that owns Leicester City Football Club, has been accused of committing a crime by evading $421 million in taxes to the Thai authorities.

The aforementioned amount arose from operating a franchise chain of duty-free shops in Thai airports, a fee that billionaire Vichai's conglomerate had been obligated to pay since 2006. In the lawsuit, King Power is accused of colluding with airport staff to pay the government only 3% of its revenue, instead of the stipulated 15%.

Vichai (in white shirt) amassed his fortune and acquired Leicester City thanks to the success of his King Power business empire. Photo: Reuters.

Billionaire Vichai, through King Power, acquired Leicester City in 2010 for what was then $50 million. The Thai billionaire invested heavily, helping Leicester City rise from the Championship to the Premier League in 2014. In the 2015-2016 season, Leicester City unexpectedly achieved resounding success, winning the Premier League for the first time in the club's history.

In the 2016-2017 season, the team nicknamed "The Foxes" also unexpectedly reached the knockout round of the Champions League. Leicester's success helped make the name of billionaire Vichai widely known.

Thai authorities have announced they will file four more lawsuits against King Power in the next two months.

Aiyawatt Srivaddhanaprabha, son of Vichai and Vice Chairman of Leicester, denies all corruption allegations.

It is unclear whether these lawsuits will affect Leicester City. The Premier League has a rule prohibiting a person from owning 30% of a club's shares if they have committed a criminal offense.

According to VNE