THAI KING GAINS CONTROL OF CROWN ASSETS
Legal change last year affected billions of dollars of holdings
THAILAND’S Crown Property Bureau said its assets are now held in the name of King Maha Vajiralongkorn, clarifying how a legal change last year affected billions of dollars of holdings.
The law enacted last year meant that “‘Crown Property Assets’ are to be transferred and reverted to the ownership” of the king and that the bureau’s investments “will now be held in the name of His Majesty”, said the bureau.
All shareholdings would now be held in the king’s name and crown property assets would be subject to tax, a change from the bureau’s exempt status, according to the statement.
The full value of the bureau’s real estate and other holdings wasn’t clear. Its stakes in Siam Commercial Bank Pcl and Siam Cement Pcl, two major listed Thai firms, were worth more than US$7 billion (RM27.93 billion) combined, according to data compiled by Bloomberg.
The registration of the king’s name as a shareholder in Siam Commercial Bank and Siam Cement showed that the monarch intended to “contribute to the administration of the enterprises to ensure that they will continue to thrive and prosper for the future benefits of Thailand”, according to the statement.
Vajiralongkorn increased his control over the eight-decadeold bureau in July last year, when he was given discretion over the crown’s assets.