Criminal proceedings have been launched against the owners of Leicester City after they were accused of failing to pay £323 million to the Thai government.
Authorities allege duty free firm King Power owes the Thai government 14bn baht (£322m) from the operation of airport franchises it was granted in 2006.
Having bought Leicester City in August 2010, the team capped a remarkable turnaround in 2016 by winning English football's top competition. According to Reuters, at a hearing on Monday last week the Central Criminal Court accepted the case and witnesses will now be heard in February.
However, King Power International has now released a statement refuting that.
"[The allegations] are categorically denied", he said.
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"King Power has always followed and been absolutely committed to the highest standards in proper and ethical business practice".
They said they would "fight rigorously" any attempts to "discredit them".
Vichai started King Power with a single shop in Bangkok in 1989, and has since built an estimated fortune of £2.2bn through his duty-free empire.
The BBC has also contacted Airports of Thailand for a comment, but it is yet to respond.
He has carefully navigated Thailand's treacherous political waters of recent years, frequently rubbing shoulders with the elite, and taking Leicester on tours of the country.