All eyes on succession plan for Thai mogul

The 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, one of Thailand’s most lucrative businesses.

Vichai was Thailand’s fifthrichest man when he died in a helicopter crash after watching his beloved Leicester City play on Saturday.

Over three decades he chiselled out 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, which 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 his family and fortune largely out off Thailand’s courts and free from the clench of its bear pit politics.

“He was neutral. He never messed with anybody’s business,” Thai political heavyweight and long-time friend Anutin Charnvirakul told AFP.

Vichai leaves behind a wife and four children. His two sons and two daughters are in their 30s and are all on the executive board of King Power. They have so far avoided the scandals and legal woes that have dogged scions of other powerful SinoThai families.

With Vichai’s passing, it is likely his children will step up to lead an empire that spans hotels, Leicester City football club and a stable of thoroughbred horses.

“I believe Vichai has already groomed his children [for leadership],” said Somchai Phagaphasvivat, a political scientist.

The youngest son, Aiyawatt, has the highest profile as vicechair of Leicester City, also fronting up the rare interviews granted by the family.