Taxpayers squeezed

13 07 2017

The royals and the military are in cahoots in ripping off the Thai taxpayer.

The military is the biggest spender at present. The most recent bit of kit added to the ever-expanding list of big-ticket item for the military is a flight of Korean jets. That follows submarines, tanks, helicopters and armored personal carriers. In total, the bill under the current military dictatorship is is tens of billions of dollars.

The royals aren’t spending that much, but it is the wealthiest royal family in the world, according to Forbes. It is also dragging in hundreds of millions of baht each year from state coffers. Think of the two jets the king uses, dozens of expensive cars, his many residences, his jail, pets, girlfriends, antiques, security, and far more. It is far more than a gravy train.

Then there’s the other members of the family, each sucking at the taxpayer’s teat. One of the king’s daughters has been bathed in money for all of her foibles and fancies. The latest report on her gives a brief view into the lifestyle of this selfish royal:

If there were a prize for most enthusiastic fashionista on this list, the Princess Sirivannavari Nariratana of Thailand would undoubtedly get the title. As it is, she’s been crowned Most Stylish Princess In The World instead. A regular on the front row at couture, a designer in her own right (she showed in Paris a few seasons ago) and with a wardrobe that boasts pieces by Chanel, Balmain and Hermes, shrinking violet and modest style maven she is not. Unafraid to experiment with more out there, non-princessy looks – including exaggerated shoulders, leather and tuxedos – she’s definitely changing the face of modern royal fashion.

Taxpayers screwed again.





Corrected: The tycoons and the junta

3 06 2017

This is a corrected post. We became aware that the search function we used at Forbes to list Thailand’s tycoons returned something other than a full list. We have now located a more reliable list at Forbes and have rewritten the post based on the correct data. Thanks to a reader for questioning us about the data, causing us to go back to the source.

At the same time, we remain cautious about the data given that the totals in the global list do not exactly match those in the Thailand list.

There’s been a lot of talk about the military dictatorship having done little for the economy. One group is benefiting. That’s the junta and its allies in state enterprises, those on the take, those raking in commissions and the various puppet appointments. But their takings, while huge by the standards of the average Thai, are not the measure of how the tycoons are doing.

That group are the richest Thais, mostly the Sino-Thai tycoons and a couple of foreigners who have made their fortune in Thailand.When we had the wrong data, we indicated that the wealth of the top 10 had decreased. This is corrected in the table below, showing a very large increase in wealth.

We know this from the listing in Forbes of the world’s US dollar billionaires and, now, from the list of Thailand’s billionaires. Over the years, we have listed the top 10, so we are sticking with that so that a comparison can be made.

The table compares 2014 wealth (Forbes 2015) and the year of the coup and the 2016 figures (Forbes 2017).

The totals for the top 10 show that their combined wealth has increased by almost $16 billion. The top two families have increased by more than $9billion.

When we had the data wrong we asked: How long will these economic whales put up with a military dictatorship that delivers economic decline? Now that the data has reversed the position, we can only imagine that the tycoons are loving the junta.





Still getting the monarchy wrong

17 02 2017

Ralph Jennings, a Contributor at Forbes says he “cover[s] under-reported stories from Taiwan and Asia” but seems to specialize on China and Taiwan. Thus, venturing into things royal and Thailand is thus a stretch and a test of knowledge.

He’s right to observe that the monarchy in Thailand has “massive influence.”

But the picture he paints of the last king is pure palace propaganda when he states:

He had stopped coups, spearheaded rural infrastructure projects and met commoners in rough or squalid conditions. His actions helped strengthen people’s confidence in their country with an otherwise wobbly government.

Let’s correct a bit. He also initiated coups, as in 1957, and he supported coups, as in 2006, when it suited him. And that’s just two examples. He also supported right-wing extremists and acted as a prompt to massive blood-letting, as in 1976. The palace hand was always meddling in politics. The “infrastructure projects” are presumably the royal projects, many of them grand failures and, since the General Prem Tinsulanonda era, at great taxpayer expense.

And, “wobbly government” hardly seems to fit much of the reign, when the monarchy collaborated with ruthless military regimes, just as it does now.

The author is correct to observe that King Vajiralongkorn “is not expected to advocate changes in Thailand that reflect mass concerns or even go around meeting people.”

Recall that the dead king also essentially gave up “going to the people” for most of the last two decades of his reign. For one thing, he was too ill. For another, the “going to meet the people” was a political strategy for winning hearts and minds in his campaign to remake the monarchy. By the 1990s, this was largely achieved.

That King Vajiralongkorn is claimed to have “signaled little interest so far in shifting Thailand from quasi-military rule toward more democracy after a junta took power in 2014” seems an odd observation. And, in this quite natural political position for a monarchy such as Thailand’s, the new king follows the dead one.

That the new king wants more power for the throne is clear to all. That’s why the military’s “constitution” has been changed. But to say that the new version – we still don’t know the exact nature of the changes – allows the king “more freedom to travel overseas, where he has spent much of his life, and can appoint a regent to rule when he’s not around” is a misunderstanding of what The Dictator has let be known. The point of the changes was to allow him to not have a regent during his jaunts.

And, Mr Jennings must be the only one who thinks “[e]lections are due this year.”

He is right, however, to add that “[o]bservers believe that with King Vajiralongkorn, Thailand will continue to retain its strict lese-majeste laws, which ban any criticism of the monarchy.” That is a requirement of continued domination by a royalist elite.





The rich get a bit richer still

8 06 2016

Forbes has released its annual rankings of the rich in 2016. There are a number of stories and a listing of the 50 wealthiest in Thailand (sans the royal family and its Crown Property Bureau).

The Forbes list is compiled, they say, “using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies.” Forbes also states that “[u]nlike our billionaire rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations. Public fortunes were calculated based on stock prices and exchange rates as of May 20. Private companies were valued based on comparisons with similar companies that are publicly traded.”

PPT has put together the list of the top 10 and compared this with the list for 2015:

Wealth 2016If our calculator and fingers have worked well, the richest 10 are worth $72.7 billion ($67.85 billion a year ago) and the wealthiest 50 are collectively worth $106.445 billion.





Rich still doing very well

6 06 2015

Forbes has published its latest Thailand Rich List. There are no real surprises for the mega-rich in Thailand continue to do well through political instability and military coup. The ranking of Thailand’s 50 richest is available from Forbes.

CP’s agribusiness tycoon, the aging Dhanin Chearavanont, is the country’s richest man with a net worth of US$14.4 billion. Next is beverages and land tycoon, Charoen Sirivadhanabhakdi,with a net worth of $13 billion. moneybags

The list does not include the monarchy, which is covered in another Forbes listing. The monarchy’s combined wealth, which is mostly managed by the Crown Property Bureau, is variously estimated at $40-50 billion. This is equivalent to the total combined wealth of the top 3-4 tycoons in this Forbes list.

Most of those on the list have close connections to the palace, although they are big enough to split their bets when there is political agitation. As we noted last year, since 2011, the assets of the mega-rich have increased very substantially, and this has continued in this listing.

Thaksin Shinawatra and his family ranked 10th, as they were in the last listing, with the same combined assets:

Dhanin Chearavanont; US$14.4 billion
Charoen Sirivadhanabhakdi; $13 billion
Chirathivat family; $12.3 billion
Chalerm Yoovidhya; $9.6 billion
Krit Ratanarak; $4.7 billion
Vanich Chaiyawan; $3.95 billion
Santi Bhirombhakdi; $2.9 billion
Prasert Prasarttong-Osoth; $2.8 billion
Vichai Srivaddhanaprabha; $2.5 billion
Thaksin Shinawatra; $1.7 billion

Forbes states: “This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies.” It is not clear whether it includes land holdings.





Prince’s purge widens

2 12 2014

The family-based purge of persons associated with Prince Vajiralongkorn’s estranged wife continues to widen.

The Bangkok Post reports that the “Bangkok Military Court has Tuesday issued an arrest warrant for Nopporn Suppipat, one of Thailand’s 50 wealthiest people this year, for allegedly hiring two criminal suspects connected to former Central Investigation Bureau chief Pongpat Chayapan to ‘negotiate’ down his debts.”

Forbes lists Nopporn as an early 40s new rich lister, worth US$800 million. His rise has been startling after several unsuccessful enterprises in the past. He is boss of Wind Energy Holding Co., and is “wanted on charges of defaming the monarchy by using royal influence to hire others to physically assault and threaten others…”.

He “allegedly hired Natthanan Thanawech and Chalach Phothirach to kidnap a businessman he owned money to.” The businessman is reportedly Bandit Chotwitthayakul, said to be owed 120 million baht.

Interesting to speculate why someone said to be worth 2.4 billion would engage in wheeling and dealing over a debt of 120 million baht.

At least eight persons have now been accused of lese majeste in this and other cases related to Prince Vajiralongkorn’s purge.





Updated: Political crisis and the rich

7 06 2014

The 14 June 2014 issue of Forbes lists the 50 richest Thais/Thai families. With all of the political turmoil in Thailand in recent years, most of it claimed or asserted to be in support of the wealthy elite – recall the remarkable Vice clip of rich dipsticks in Ferraris – it might be thought that the wealthiest might have seen a decline in their fortunes. After all, the economy has struggled, several of the richest families kicked in loot to back the anti-democrats, and things just haven’t seemed conducive for the rich to add hugely to their fortunes. So what has happened?

Most years PPT has posted a list of the wealthiest, always noting that the list leaves off the wealthiest family. That’s the “Mahidols,” also known as the royal family. In 2011, the Forbes list was:

  1. Dhanin Chearavanont,  $7.4 billionmoneybags
  2. Yoovidhya family, $5b
  3. Charoen Sirivadhanabhakdi,  $4.8b
  4. Chirathivat family, $4.3b
  5. Ratanarak family,  $2.5b
  6. Aloke Lohia,  $2.1b
  7. Bhirombhakdi family,  $2b
  8. Vichai Maleenont,  $1.5b
  9. Isara Vongkusolkit & family,  $1.4b
  10. Praneetsilpa Vacharaphol & family,  $1.05b

The combined wealth of this top 10 was $32.05 billion, still quite a lot less than the royal family’s Crown Property Bureau.

What does the list look like in 2014? With a little adding together of the same families listed twice and lengthening to show changes, it is:

  1. Sirivadhanabhakdi family, $12.9bmoney
  2. Chirathivat family, $12.1b
  3. Dhanin Chearavanont, $11.5b
  4. Yoovidhya family, $9.9b
  5. Ratanarak family, $5.1b
  6. Chaiyawan family, $3.9b
  7. Bhirombhakdi family, $2.8b
  8. Prasert Prasarttong-Osoth, $2.3b
  9. Vichai Maleenont, $1.7b
  10. Shinawatra family, $1.7b
  11. Chatri Sophonpanich, $1.6b
  12. Thirakomen family, $1.5b
  13. Thongma Vijitpongpun, $1.4b
  14. Prayudh Mahagitsiri & family, $1.4b
  15. Keeree Kanjanapas, $1.4b
  16. Bencharongkul & family, $1.3b
  17. Aloke Lohia, $1.2b
  18. Osathanugrah family, $1.2b
  19. Wichai Thongtang, $1.1b
  20. Isara Vongkusolkit & family, $1.1b

Praneetsilpa Vacharaphol & family dropped to No. 25 on the list but increased its wealth to $1.1b. Of the top 10 families in 2011, all but the Vongkusolkit family had increased their wealth, most of them very substantially.

By 2014, the combined wealth of the top 10 on the list had rocketed to $63.9 billion. We have no way of knowing what the current assets of the royals and CPB are at present – they don’t have to provide such trivial details to the public. All we can note is that the wealth of the top 10 is now about double the 2011 assets of the CPB.

The wealth of the Shinawatra family increased 4.25 times between 2011 and 2014, outstripping the growth of the top 10. However, others did well to. The Chirathivat family wealth increase by about 3 times and the Chaiyawan family at about the same rate as the Shinawatra family.

Update: Our writer yesterday has been admonished and, in the spirit of “good order,” was made to stand outside her condo displaying a dangerous 3-fingered salute for neglecting to link this post about the richest with those who were thought to have funded the anti-democrat movement. He is truly sorry.