The financial arm of Thailand\u2019s 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).<\/p>\n
The SEC filing said the Crown 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.<\/p>\n
That stake is worth 16.9 billion baht ($505 million) based on Friday\u2019s closing share price of 151 baht.<\/p>\n
The beneficiary of the shares was not specified but the move was carried out on the King\u2019s behalf, the filing said.<\/p>\n
The CPB, who now has a 18.14 percent stake in the bank, did not immediately respond to requests for comment.<\/p>\n
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.<\/p>\n
The CPB\u2019s financial portfolio ranges from massive property ownership to investments in major companies, such as Siam Commercial Bank and Siam Cement Company.<\/p>\n
Like all things regarding Thailand\u2019s secrecy-shrouded monarchy, scrutiny of the CPB is curbed by a draconian defamation law that shields the royal family from criticism.<\/p>\n
The transfers come after legal amendments passed in July gave King Maha Vajiralongkorn, who took the throne one year ago after the death of his father, direct control over a committee that oversees the CPB.<\/p>\n
Under the previous law, the committee\u2019s chairman was the finance minister, a move meant to ensure some semblance of government oversight.<\/p>\n
The move was the latest in a series of steps by the new monarch to consolidate his control over the palace bureaucracy.<\/p>\n
All media based in Thailand must self-censor when reporting on the monarchy to avoid violating the lese majeste law.<\/p>\n
–<\/p>\n
Source: AFP<\/p>\n","protected":false},"excerpt":{"rendered":"
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