Coffee and steel magnate Prayudh Mahagitsiri said he will file an appeal against a Thai court ruling that found him and his golf resort development company illegally amassing land in northeastern Thailand.
The billionaire issued the statement after the Criminal Court for Corruption and Misconduct Cases sentenced him to a 24-year jail sentence over the alleged land grabbing case. The court delivered a verdict last week to jail nine individuals, including government officials and Prayudh’s daughter Ausana, who received a jail term of 12 years.
“This is an unfortunate political court case,” Prayudh said in a statement emailed to Forbes Asia. “The accusations are from the National Anti-Corruption Commission (NACC) and happened approximately 20 years ago and it was dug up to accuse the government officials of wrongdoing in surveying the land to issue the land title deeds.”
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.
Prayudh, who has consistently denied any wrongdoing, said the NACC accused him of supporting some government officials without any evidence. “The circumstances provided the judge to declare a verdict of this ‘supposed’ wrongdoing and a sentence of 24 years in jail for me,” Prayudh said. “This sentence is even more severe than killing someone.”
A court granted Prayudh and Ausana bail at 1 million baht (US$30,175) each. They are not allowed to leave the country.
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, a joint venture between the Korean steel maker and Prayudh’s company, his family also has various restaurant franchises in Thailand including Pizza Hut, Taco Bell and Krispy Kreme.
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