THAI KING TAKES POSSESSION OF MULTIBILLION-DOLLAR INHERITANCE
BANGKOK— King Maha Vajiralongkorn formally took possession of his multibillion-dollar inheritance following the October 2016 death of his father who ruled for seven decades.
Assets previously held by Thailand’s Crown Property Bureau (CPB) will nowbe listed under the king’s name, the bureau said on its official website on Saturday.
The secretive CPB did not reveal the value of the assets, but Forbes magazine valued the holdings of the deceased King Bhumibol Adulyadej at more than $30 billion in 2012 and may already amount to more than $60 billion.
Rama X
The 65-year-old Vajiralongkorn, also styled Rama X, has overseen a number of changes in royal affairs since taking the throne.
The CPB said the king’s assets would now be “subject to the same duties and taxation as would assets belonging to any other citizen.”
“The removal of exempted status was accomplished in line with His Majesty’s wishes,” the statement said.
A royal property law was amended in July last year to formally give the king full control of the CPB, which manages the multi-billion dollar holdings of the monarchy and controls huge swathes of land in Bangkok.
Holdings
In March, stock exchange data showed the king acquired a nearly $150-million stake in the country’s biggest industrial conglomerate, Siam Cement Group Pcl.
In October, shares worth over $500 million in Siam Commercial Bank (SCB) were transferred to the king, making him the seventh- largest shareholder.
Also in March, Vajiralongkorn appointed Air Chief Marshal Satitpong Sukvimol as directorgeneral of the CPB.
Although the Thai government declared Vajiralongkorn’s reign to have begun upon his father’s death on Oct. 13, 2016, he only accepted the throne on Dec. 1, 2016, and has not been officially crowned.
Chakri dynasty
He is the tenth monarch of the Chakri dynasty and, at 64, was the oldest Thai monarch to ascend to the throne.
After completing his primary education at Thailand’s royal Dusit Palace, Vajiralongkorn continued his secondary education in England and later at the Royal Military College in Canberra, Australia.
The king also has a second bachelor’s degree in law from the Sukhothai Thammathirat Open University.—