Taxpayer-funded royalism

30 06 2017

The effort to “regularize” the junta’s irregular approval of to push through that tower mega-project (worth about half of a Chinese submarine, depending on the price quoted by the Treasury Department), have quickly deteriorated to claims about monarchy, as we predicted.

Prachatai reports that the earlier claims about income and tourism have quickly been ditched. The Treasury Department “has clarified that the controversial 4.62 billion baht Bangkok Observation Tower project is a public-private partnership project to honour the late King Bhumibol.”

That should stop all criticism.

Even if Finance Minister Col Apisak Tantivorawong has said that the Treasury Department will only get 70 million baht from a 30-year lease from the Bangkok Observation Tower Foundation, “which is much lower than the market rate for land in the area,” that’s okay, because this project will “honour the late King Bhumibol.”

Even if the minister “clarifies” that there’s no open bidding because “[i]f it was open for bidding for private developers, no one might be interested because the value of the project is quite high. Also [we] don’t know whether it will be worth the investment,” that’s okay because “[t]he top [of the tower] is for an exhibition about the scientific work of the [late] King.”

(We will leave aside the claims of “science” associated with the dead king.)

Even if the Treasury Department “clarifies” that “the project is social not commercial,” that’s okay because the “land for a project to honour the late King Bhumibol.”

Then there’s the “Bangkok Observation Tower Foundation” which is now said to comprise 50 private companies and financial institutions who share a similar vision on how the land should be developed…”. No mention now of Charoen Pokphand or the royal-linked and owned Siam Piwat or of the royal-linked Magnolia Quality Development Corporation

But, as we know, they head the “Foundation.” They also develop the neighboring “Icon Siam, a mega-riverside shopping complex…”. An observation tower will obviously “enhance” traffic through their new mall.

Profits will roll in and part of them will be due to the taxpayer’s investment in a the “social project.” And the profits can be huge.

Military-dominated governments have long supported, with public funds, royal “projects” that are money-making. Think of the whole area around Princess Sirindhorn’s palace, the multiple malls there, with hotels and offices. It makes billions of baht a year. Icon Siam and its associated, taxpayer-funded tower will potentially make even more.

The taxpayer’s return on the tower will be about 2.3 million baht a year. What a deal! No wonder the military junta needs to protect this project.


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