Policemen examine a damaged Ferrari at the home of the late Red Bull founder Chaleo Yoovidhaya in Bangkok, Thailand on September 3, 2012. His grandson Worayuth Yoovidhya allegedly drove the car and killed a policeman, leaving a trail of debris all the way to the family home. Reuters
Policemen examine a damaged Ferrari at the home of the late Red Bull founder Chaleo Yoovidhaya in Bangkok, Thailand on September 3, 2012. His grandson Worayuth Yoovidhya allegedly drove the car and kiShow more

Thai Red Bull heir snubs hit-and-run case again



BANGKOK // The heir to the Red Bull billions on Thursday again snubbed Thai prosecutors over a five-year-old hit-and-run incident that killed a policeman, the latest delay to a case that has become a byword for impunity enjoyed by the country’s rich.

Worayuth Yoovidhya, whose nickname is “Boss”, was 27 when he allegedly smashed his Ferrari into a police officer in 2012 and sped away, dragging the body along a downtown Bangkok road for about 100 metres.

A trail of debris from the accident led officers to the mansion of his super-rich clan, who own half of the Red Bull energy drink empire.

The local police station, which covers Bangkok’s most exclusive district, initially accepted the family’s claim that the housekeeper was driving the car.

But the story fell apart and Mr Worayuth was eventually hit with a string of charges.

He has repeatedly failed to show up for formal indictment and has never been re-arrested, allowing some of the charges to expire and delaying legal action.

The allegations have not deterred him from appearing on Bangkok’s high society party circuit and he continues to freely dip in and out of the country.

On Thursday, a spokesman for Thailand’s attorney-general said Mr Worayuth’s lawyer had requested to postpone the latest summons, claiming his client was on a business trip in Britain.

“We cannot indict him because the suspect is not present,” said spokesman Prayut Bejiraguna, adding that the appointment was rescheduled for April 27.

As with many high-profile criminal cases involving Bangkok’s elite, public anger over the lack of progress tends to bubble up periodically, putting brief pressure on police before slipping back off the radar.

This week the Thai media was awash with photos of the Red Bull princeling, including shots of a black Porsche with the licence plate “B055 RBR” (Red Bull Racing).

Interest in Mr Worayuth’s case was revived last year after the son of another wealthy businessman killed two students when he allegedly slammed his Mercedes Benz into their car.

The Mercedes driver was hospitalised after the accident and later charged.

“Society might criticise the attorney-general for using laws in different ways towards poor and rich people,” Chuwit Kamolvisit, a former massage-parlour tycoon turned anti-graft crusader, told prosecutors.

Mr Worayuth’s father is Thailand’s fourth richest billionaire, according to Forbes.

“The speeding charge is not complicated, so why has it taken five years?” he added, referring to one of the charges whose statute of limitations has already passed.

The most serious charge – reckless driving that resulted in death – carries up to 10 years in prison and will not expire until 2027.

Mr Worayuth’s grandfather Chaleo Yoovidhya co-founded the Red Bull brand with Austrian Dietrich Mateschitz in the 1980s.

Chaleo died in March 2012 at the age of 89.

* Agence France-Presse

Europe's top EV producers
  1. Norway (63% of cars registered in 2021)
  2. Iceland (33%)
  3. Netherlands (20%)
  4. Sweden (19%)
  5. Austria (14%)
  6. Germany (14%)
  7. Denmark (13%)
  8. Switzerland (13%)
  9. United Kingdom (12%)
  10. Luxembourg (10%)

Source: VCOe 

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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6.20pm: West Acre
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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

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  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
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  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

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Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

ENGLAND SQUAD

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A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The Saudi Cup race card

1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000

2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000

3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000

4 The Saudi Derby (TB) 1600m (D) $800,000

5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000

6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000

7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000

8 The Saudi Cup (TB) 1,800m (D) $20,000,000

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”