$500M transferred on Thai king’s behalf

BANGKOK: The financial arm of Thailand’s ultra- rich monarchy has transferred bank shares worth more than $500 million on behalf of King Maha Vajiralongkorn, according to the Securities and Exchange Commission (SEC).

Property Bureau, which manages the multi-billion dollar assets of the royal family, had reduced its shares in Siam Commercial Bank by 3.33 percent on October 2.

That stake is worth 16.9 billion baht ($505 million) based on Friday’s closing share price of 151 baht.

carried out on the King’s behalf,

The CPB, who now has a 18.14 percent stake in the bank, did not immediately respond to requests for comment.

The opaque agency does not declare its wealth but analysts estimate it manages between $30-60 billion in assets, making Thai royals among the richest in the world.

The CPB’s financial portfolio - - panies, such as Siam Commercial Bank and Siam Cement Company.

Like all things regarding Thailand’s secrecy-shrouded monarchy, scrutiny of the CPB is curbed by a draconian defamation law that shields the royal family from criticism.

The transfers come after legal Maha Vajiralongkorn, who took the throne one year ago after the death of -

committee’s chairman was the -

series of steps by the new monarch palace bureaucracy.

All media based in Thailand must self-censor when reporting - ing the lese majeste law.