Thai assets handed over to new king

THAILAND’S king has been granted full ownership of the palace’s multibilliondollar assets under a law passed last year, according to a rare “explanatory note” published by the financial arm of the powerful but secretive monarchy.

King Maha Vajiralongkorn inherited one of the world’s great fortunes when he ascended the Thai throne following the October 2016 death of his father, who ruled for seven decades.

Analysts say the Chakris are one of the world’s richest royal dynasties, with estimates varying between $30-60 billion, although the monarchy does not publicly declare its wealth and is shielded from scrutiny by a draconian lèse majesté law.

Most of the money is controlled by the opaque Crown Property Bureau (CPB), a vast portfolio that includes massive property ownership and investments in major companies.

But last July the Thai junta amended a royal property law for the first time in 69 years to give Vajiralongkorn full control over the CPB.

It is one of several steps taken by Vajiralongkorn to increase his personal control over the palace bureaucracy and its wealth since taking the throne.

The amendment means “all ‘Crown Property Assets’ are to be transferred and revert to the ownership of His Majesty, so that they may be administered and managed at His Majesty’s discretion”, according to a note featured prominently on the front page of the CPB’s website.