The Nation was quickly off the blocks with a eulogy for Vichai Raksriaksorn-cum-Srivaddhanaprabha. It lauds him as a “master of the big deal.” What, exactly, does this mean?
The articles observes that Vichai was “the key figure behind the huge success of King Power International, Thailand’s duty-free shopping giant,” adding that he “bagged many big deals … including their latest acquisition – the MahaNakorn development project, Thailand’s tallest mixed-use tower – at Bt14 billion.”
The Nation says that Vichai was “a son of Wiwat and Prapasorn Raksriaksorn. He graduated high school from Woodlawn High School, US, and did his bachelor’s from the Faculty of Liberal Arts, Ramkamhaeng University, and got a degree from Northrop University’s Business Administration Faculty in the US.”
There’s a couple of Woodlawn schools in the US. However, Northrop University is known for having been de-registered in early 1992 for an array of corrupt activities, poor administration and low standards.
The report claims “Vichai became a vastly experienced businessman, both from his own and jointly-managed companies,” but the companies pale into minuscule insignificance when compared with King Power, which was founded in 1989. He had some experience with Downtown DFS (Thailand), but King Power eclipsed and pushed aside Downtown/DFS and all other competitors for concessions at the airports.
Vichai’s move into duty free began with “the country’s first downtown duty-free shop as a joint venture with the Tourism Authority of Thailand, before expanding the business to Cambodia, Macau and China, as well as Thailand’s international airports.” The company’s own history is brief but worth a look while wondering how it all happened. It states that it received the airport monopoly concessions in 2006, whereas an AP report states: “The granting of King Power’s monopoly status at Thailand’s airports — set in motion in 2004 by the government of since-ousted Prime Minister Thaksin Shinawatra — caused some controversy.” PPT looked through standard references and at our newspaper clippings, but could not confirm the AP account. (Readers can let us know.)
Exactly how King Power achieved its monopoly remains opaque for us. What we do know is that duty free shopping creates all kinds of advantages, one of which is huge cash flow, which has grown by leaps and bounds as tourism has expanded to enormous growth. The report states that “Vichai controls and chairs $3.3 billion (revenues)” from King Power in a private company with a board studded with children and other relatives.
The report notes Vichai’s close link with Newin Chidchob and also mentions a close connection to the Deputy Dictator Gen Prawit Wongsuwan. It doesn’t mention his links with Bhum Jai Thai Party leader Anutin Charnvirakul.
His “passion for sport, especially polo and football” is also listed.
Exactly how Vichai came to be “ranked by Forbes as the fifth richest person in Thailand in 2018 with US$4.9 billion” remains something of a mystery. His wealth is huge but he also pays 2 billion baht a year for the Suvarnabhumi airport concession.
But then there’s the fact that in 2012 “the family was bestowed the new family surname Srivaddhanaprabha by … the late King Bhumibol – the name means ‘light of progressive glory’.”
Like many Sino-Thai tycoons, Vichai was an extraordinary royalist and supported many royal causes. He has credits for the yellow wristband for the king.
Political backstopping, royalism, and opaque deals and bureaucratic linking seem to be a pattern for fabulous wealth for a well-connected few.
Political Prisoners in Thailand 