Updated: Another royal moneymaker

13 03 2019

Both The Nation and the Bangkok Post has virtually identical “stories” about the property giant Siam Piwat.

The cause of of the “stories” was that the private company, “the operator of Iconsiam and Siam Paragon, will spend 70 billion baht during 2019-23 to develop two large-scale malls and acquire office towers and logistics centres…”.

Clipped from IBTimes

The “stories” point out that the firm is making money hand over fist and its monstrous Iconsiam center “alone is expected to boost revenue by 42 per cent this year.”

What neither story tells readers is that the opaque company is essentially a royal company, with Princess Sirindhorn scoring big bucks in investments that often involve personal and royal property.

So what you might say? And we’d say that readers may consider that such royal links give enormous advantages. We recently mentioned such advantages when posting on the Siam Cement Group. Then there’s the June 2017 decision by the junta to approve a plan for a 4.6-billion-baht observation tower in Bangkok without a call for bids. Why was that? Look at the partners.

For background on Siam Piwat, see this post from 2013.

How wealthy is the monarchy? We don’t know, but when estimates are made, they do not include such private companies and investments.

Update: Khaosod too has the Siam Piwat story and no mention of the royal connection.


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