Leicester City vice-chairman Aiyawatt Shrivaddhanaprabha has "categorically denied" allegations that King Power International, which owns the club, failed to pay £322 million in taxes.
The case centres on the monopoly on duty free airport shops in Thailand that was granted to King Power in 2006.
A lawsuit brought against the company alleges that it paid only a three percent slice of duty-free revenues to the government when the amount required was 15 percent.
Reuters reported that the Central Criminal Court for Corruption and Misconduct, in Bangkok, confirmed that a judge had ruled that the case should go ahead and is due to start in February.
The ruling said the court "sees the case is within the authority of the Central Criminal Court for Corruption and Misconduct, and the lawsuit is in accordance with the procedures for corruption and malfeasance case act."
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.
He said: "The allegations in question have yet to be accepted by the court and are categorically denied.
"King Power has always followed and been absolutely committed to the highest standards in proper and ethical business practice. We are proud of our company's good name and honest reputation and will fight rigorously any attempts to discredit them."
Neither Vichai nor Aiyawatt Srivaddhanaprabha are personally named as defendants in the case.