Thai government gives King full control over royal assets

(Baonghean.vn)- On July 17, a new law came into effect, allowing the King of Thailand to have full control over royal assets worth billions of dollars. This is the latest move to consolidate the King's power.

King Maha Vajiralongkorn inherited one of the world's largest fortunes when he ascended the throne last October after the death of his father, King Bhumibol Adulyadej, who reigned for seven decades at the age of 88.

Thailand's King Maha Vajiralongkorn at the King Rama I memorial on April 6. Photo: Reuters

Thailand’s monarchy has been criticised for its harsh lese majeste (blasphemy) laws and its failure to disclose the monarch’s wealth. However, analysts say the Chakri dynasty is one of the world’s richest, with assets estimated at $30-60 billion.

Over the weekend, the Royal Gazette published a new set of laws to govern the Crown Property Bureau (CPB), the body that controls most of the royal family's assets.

King Bhumibol Adulyadej died at the age of 88, the world's longest-reigning monarch. Photo: AP

The major change in the new law is to give King Vajiralongkorn the power to appoint all members of the CPB oversight committee. Under the old law, the committee was chaired by the finance minister, a move that implied the government had the right to interfere with the monarchy. However, this condition has been removed in the new law, instead giving King Vajiralongkorn full power to appoint the head of the committee. This is the first time the law has been changed in the past 69 years.

Since the death of King Bhumibol, a series of legal changes have been introduced, which analysts say are aimed at strengthening King Vajiralongkorn's power./.

Lan Ha

(According to AFP)