All eyes on succession plan for Thai mogul
A handover to Vichai’s offspring is fraught with uncertainty
Bangkok — The sudden death of billionaire Vichai Srivaddhanaprabha strips his King Power duty-free brand of its streetwise and connected frontman, challenging his heirs to secure the future of a monopoly that has become one of Thailand’s most lucrative businesses. Vichai was Thailand’s fifth richest man when he died in a helicopter crash after watching his beloved Leicester City play on Saturday. Over three decades he created a shopping empire now worth about $4.9bn, according to Forbes, with success owing less to family wealth than a knack for winning — and then keeping — the favour of the Thai elite, gatekeepers to the kingdom’s wealth. That included the monarchy, in honour of whom he named his company and whose former king rewarded him with his lengthy royally bestowed surname that translates as “auspicious and prosperous light”. The 60-year-old devout Buddhist led a family business defined by discretion and deft in diplomacy in a kingdom cut by bitter clan rivalries. That kept h...
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