by Nate Wooley | September 26, 2012 10:37 am
Red Bull has more to worry about these days than just the competition from Monster Energy (NASDAQ:MNST).
The family of Vorayuth Yoovidhya, heir to the Red Bull energy drink fortune, has reached a settlement with the family of a Bangkok police officer who Yoovidha hit with his car. The London Evening Standard is reporting that Yoovidha’s family offered the police officer’s family approximately 3 million baht ($97,000) to avoid a civil suit.
According to ABC News, Yoovidha is charged with driving his $1 million Ferrari drunk and striking the officer then dragging his body through the streets. He’s still facing criminal charges of causing a death through reckless driving and fleeing to avoid arrest. He faces up to 10 years in jail and a fine of just over $650.
According to the Associated Press, prosecutors are waiting on forensic tests to decide whether more charges should be added to the complaint.
Source URL: http://investorplace.com/2012/09/red-bull-heir-avoids-civil-suit-with-100k-payoff/
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