Latest news with #Prayudh
Forbes
04-05-2025
- Business
- Forbes
Thai Billionaire Gets 24-Year Jail Term Over Alleged Illegal Golf Land Development
The Mountain Creek Golf Resort & Residences in Thailand. Coffee and steel magnate Prayudh Mahagitsiri was sentenced to 24 years in jail by a Thai Court after his golf resort development company was alleged to have illegally amassed land in areas designated as national reserved forest and agricultural land reform zones in northeastern Thailand. According to a regulatory filing made by POSCO Thainox Public Co. Ltd., a joint venture between the Korean steel maker and Prayudh's company, the Criminal Court for Corruption and Misconduct Cases, Region 3, on Thursday delivered a verdict to jail nine individuals, including government officials and Prayudh's daughter Ausana, who received a jail term of 12 years. The case stemmed from the expansion of the Mountain Creek Golf & Resort & Residence project in Nakhon Ratchasima province, northeast of Bangkok. Following land surveys and consolidation of plots within the area, the government alleged that the 27-hole golf resort's land area increased by 30 hectares, beyond its original size of 369 hectares. The project, which includes a five-star hotel and a residential estate, was developed by a company linked to Prayudh's PM Group. On Friday, a court granted Prayudh and Ausana bails at 1 million baht (US$30,175) each. They are not allowed to leave the country. Prayudh has yet to respond to Forbes Asia's requests for comment. With a real-time net worth of $2.6 billion, Prayudh, 79, is among Thailand's wealthiest. He derives his fortune mainly from interests in Quality Coffee Products, a long-standing joint venture with Swiss multinational food and drink processing conglomerate Nestle that was licensed to produce Nescafé in Thailand. Quality Coffee is in a legal dispute with Nestle after the Swiss food and beverage giant terminated its 34-year partnership with Prayudh's company in 2024, disrupting Nescafe's production and distribution in Thailand. Nestlé is preparing to resume Nescafé production in Thailand after receiving the affirmation from the Central Intellectual Property and International Trade Court that it has the exclusive right to use the Nescafé trademark in the country. Besides his interests in Quality Coffee and POSCO Thainox, Prayudh's family also has various restaurant franchises in Thailand including Pizza Hut, Taco Bell and Krispy Kreme.
IOL News
02-05-2025
- Business
- IOL News
In the rough: Thai tycoon jailed for golf course land fraud
A picture of a jail cell. He was sentenced to 24 years alongside 10 other defendants including his daughter, who was handed a 12-year jail term. A Thai court has jailed a billionaire businessman for 24 years after expanding his luxury golf resort into a nature reserve, local media said. Anti-graft prosecutors filed a case in 2021 accusing metal magnate Prayudh Mahagitsiri of colluding with officials to obtain land deeds to extend his Mountain Creek Golf Resort and Residences. The 900-acre (360-hectare) 27-hole resort in Nakhon Ratchasima province, northeast of Bangkok, bills itself as "a sensory multiplex for those with lofty desires". But authorities said 74 acres added to the development fell within areas protected by conservation laws. The Central Criminal Court for Corruption and Misconduct on Thursday found 79-year-old Prayudh guilty of multiple charges including bribery and land encroachment, local media outlets said. He was sentenced to 24 years alongside 10 other defendants including his daughter, who was handed a 12-year jail term. Prayudh is filing for an appeal, reports said. He has an estimated net worth of $2.6 billion, according to Forbes, with business interests in steel and coffee. Forbes ranked him Thailand's 10th richest individual in 2024. Golf is a major Thai tourism draw, particularly among enthusiasts from Europe, Japan and South Korea. However the sport is often criticised by environmental campaigners because it converts tracts of wilderness into pruned grass greens requiring intensive watering. AFP
The Sun
02-05-2025
- Business
- The Sun
In the rough: Thai tycoon jailed for golf course land fraud
BANGKOK:. Anti-graft prosecutors filed a case in 2021 accusing metal magnate Prayudh Mahagitsiri of colluding with officials to obtain land deeds to extend his Mountain Creek Golf Resort and Residences. The 900-acre (360-hectare) 27-hole resort in Nakhon Ratchasima province, northeast of Bangkok, bills itself as 'a sensory multiplex for those with lofty desires'. But authorities said 74 acres added to the development fell within areas protected by conservation laws. The Central Criminal Court for Corruption and Misconduct on Thursday found 79-year-old Prayudh guilty of multiple charges including bribery and land encroachment, local media outlets said. He was sentenced to 24 years alongside 10 other defendants including his daughter, who was handed a 12-year jail term. Prayudh is filing for an appeal, reports said. He has an estimated net worth of $2.6 billion, according to Forbes, with business interests in steel and coffee. Forbes ranked him Thailand's 10th richest individual in 2024. Golf is a major Thai tourism draw, particularly among enthusiasts from Europe, Japan and South Korea. However the sport is often criticised by environmental campaigners because it converts tracts of wilderness into pruned grass greens requiring intensive watering.
Straits Times
02-05-2025
- Business
- Straits Times
In the rough: Thai tycoon jailed for golf course land fraud
Metal magnate Prayudh Mahagitsiri was sentenced to 24 years alongside 10 other defendants including his daughter. PHOTO: THE NATION/ASIA NEWS NETWORK In the rough: Thai tycoon jailed for golf course land fraud Bangkok - A Thai court has jailed a billionaire businessman for 24 years after expanding his luxury golf resort into a nature reserve, local media said. Anti-graft prosecutors filed a case in 2021 accusing metal magnate Prayudh Mahagitsiri of colluding with officials to obtain land deeds to extend his Mountain Creek Golf Resort and Residences. The 900 acre (360ha), 27-hole resort in Nakhon Ratchasima province, northeast of Bangkok, bills itself as 'a sensory multiplex for those with lofty desires'. But authorities said 74 acres added to the development fell within areas protected by conservation laws. The Central Criminal Court for Corruption and Misconduct on May 1 found 79-year-old Prayudh guilty of multiple charges including bribery and land encroachment, local media outlets said. He was sentenced to 24 years alongside 10 other defendants including his daughter, who was handed a 12-year jail term. Prayudh is filing for an appeal, reports said. He has an estimated net worth of US$2.6 billion (S$3.4 billion), according to Forbes, with business interests in steel and coffee. Forbes ranked him Thailand's 10th richest individual in 2024. Golf is a major Thai tourism draw, particularly among enthusiasts from Europe, Japan and South Korea. However the sport is often criticised by environmental campaigners because it converts tracts of wilderness into pruned grass greens requiring intensive watering. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Malay Mail
02-05-2025
- Business
- Malay Mail
Thailand's 10th richest man jailed 24 years over illegal golf resort expansion into protected land
BANGKOK, May 2 — A Thai court has jailed a billionaire businessman for 24 years after expanding his luxury golf resort into a nature reserve, local media said. Anti-graft prosecutors filed a case in 2021 accusing metal magnate Prayudh Mahagitsiri of colluding with officials to obtain land deeds to extend his Mountain Creek Golf Resort and Residences. The 900-acre (360-hectare) 27-hole resort in Nakhon Ratchasima province, north-east of Bangkok, bills itself as "a sensory multiplex for those with lofty desires". But authorities said 74 acres added to the development fell within areas protected by conservation laws. The Central Criminal Court for Corruption and Misconduct yesterday found 79-year-old Prayudh guilty of multiple charges including bribery and land encroachment, local media outlets said. He was sentenced to 24 years alongside 10 other defendants including his daughter, who was handed a 12-year jail term. Prayudh is filing for an appeal, reports said. He has an estimated net worth of US$2.6 billion (RM11.1 billion), according to Forbes, with business interests in steel and coffee. Forbes ranked him Thailand's 10th richest individual in 2024. Golf is a major Thai tourism draw, particularly among enthusiasts from Europe, Japan and South Korea. However, the sport is often criticised by environmental campaigners because it converts tracts of wilderness into pruned grass greens requiring intensive watering. — AFP
