The issue arrives from the monopoly held by King Power in 2006 over duty free shops in airports in Thailand - and is now a civil case being considered in criminal court; though that could easily change.
The case accuses owners of the Premier League side, King Power, of failing to pay the Thai governemnt £323m from the operation of a duty-free franchise it was awarded in 2006.
The suit accuses King Power executives of colluding with airport authorities to pay only three per cent of the company's annual revenue instead of the contracted 15 per cent.
A criminal court in Bangkok will now hear from witnesses next February, the news agency added.
The Central Criminal Court for Corruption and Misconduct Cases in Bangkok said it had accepted the case, and would hear witnesses on February 12 next year.
However, Shrivaddhanaprabha has refuted this, and claims that King Power have done nothing wrong.
'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".
However, in a statement Shrivaddhanaprabha, whose father Vichaj bought Leicester in 2010, denied that there was enough evidence against the company for a trial to begin.
Neither Vichai nor Aiyawatt Srivaddhanaprabha are personally named as defendants in the case.
The firm now has a near-monopoly on duty-free sales in Thailand's main airports, plus a satellite mall in Bangkok favoured by Chinese tourists.