Thai protesters target King's wealth in latest Bangkok rally
King Vajiralongkorn's wealth has become a key focus for protesters.
REUTERS
BANGKOK (BLOOMBERG) - Thousands of pro-democracy protesters on Wednesday (Nov 25) in Thailand gathered outside the main office of the nation’s most valuable lender, in which King Maha Vajiralongkorn is the biggest shareholder, as they push for more transparency and accountability from the monarchy.
The demonstration outside Siam Commercial Bank Pcl was organised to “reclaim the assets that should belong to the people and the nation”, Free Youth, one of the protest groups, said on Twitter. The bank closed its headquarters as protesters shifted the venue last-minute following a police ban on gatherings within 150m of the Crown Property Bureau office, the original site of the rally.
King Vajiralongkorn’s wealth has become a key focus for protesters following legal changes after he ascended the throne in 2016 gave him the power to put his name on the assets of the Crown Property Bureau, which included holdings of prime properties in Bangkok and shares in major listed companies, including Siam Commercial Bank. They also consolidated management of the assets and eliminated the finance minister’s role as the agency’s ex-officio chairman.
The protesters have demanded those changes be revoked to make a clear division between the king’s personal assets and other palace property they want under the control of the Finance Ministry. They also want the national budget allocated to the monarchy be reduced in line with growth in Thailand’s tourism-reliant economy, which has been hard hit by the pandemic.
BANGKOK (BLOOMBERG) - Thousands of pro-democracy protesters on Wednesday (Nov 25) in Thailand gathered outside the main office of the nation’s most valuable lender, in which King Maha Vajiralongkorn is the biggest shareholder, as they push for more transparency and accountability from the monarchy.
The demonstration outside Siam Commercial Bank Pcl was organised to “reclaim the assets that should belong to the people and the nation”, Free Youth, one of the protest groups, said on Twitter. The bank closed its headquarters as protesters shifted the venue last-minute following a police ban on gatherings within 150m of the Crown Property Bureau office, the original site of the rally.
King Vajiralongkorn’s wealth has become a key focus for protesters following legal changes after he ascended the throne in 2016 gave him the power to put his name on the assets of the Crown Property Bureau, which included holdings of prime properties in Bangkok and shares in major listed companies, including Siam Commercial Bank. They also consolidated management of the assets and eliminated the finance minister’s role as the agency’s ex-officio chairman.
The protesters have demanded those changes be revoked to make a clear division between the king’s personal assets and other palace property they want under the control of the Finance Ministry. They also want the national budget allocated to the monarchy be reduced in line with growth in Thailand’s tourism-reliant economy, which has been hard hit by the pandemic.
Royal Defamation
The Bureau of the Royal Household declined to comment, and the Crown Property Bureau didn’t answer calls seeking comment on Wednesday. Hundreds of pro-royalist supporters have also gathered on Wednesday in another part of the capital.
Prime Minister Prayut Chan-o-cha, who has repeatedly rejected calls to quit, toughened his stance on demonstrators last week. The government and security agencies “will now enforce all laws available to deal with protesters who break the law and ignore other people’s rights and freedom”, he said last week.
At least 12 protest leaders received summonses from police on charges of royal defamation, according to the Thai Lawyers for Human Rights. It’s the first time police are using the lese majeste law, which can lead to lengthy jail sentences, against protesters since the movement began in July.
The youth-led protest movement is calling for a more equal and democratic society with a more accountable monarchy and an end to military coups. They’re also seeking the resignation of Mr Prayut, a former army chief who led a 2014 coup, and a rewriting of the constitution that helped Mr Prayut retain his power after elections.
The protesters earlier chose to hold a rally in front of the Crown Property Bureau because they “want to strike a blow to the financial basis for the king’s power and wealth,” said Prof Tamara Loos who specialises in history and Thai studies at Cornell University in Ithaca, New York.
“These young protesters have permanently transformed public culture regarding the monarchy, which will be subject to continued critique,” she said. “Cracking down on protesters now only delays a future conflict between those who want genuine change in Thailand’s political institutions and the military.”
Last week, the king appointed one his close aides, former army chief Apirat Kongsompong, as deputy head of the Crown Property Bureau. During his time as army chief, Mr Apirat was vocal in his attacks on the opposition and pledged to defend the monarchy.
Lawmakers last week voted on a pathway to set up a charter rewriting committee but rejected any amendments to the monarchy-related section of constitution.
Thai king greets supporters while protesters rally at royal-linked bank
Accompanied by Queen Suthida, King Maha Vajiralongkorn mingled with royalists at Lumpini Park.PHOTO: EPA-EFE
Tan Hui Yee
Indochina Bureau Chief
BANGKOK- Thailand's beleaguered king greeted adoring crowds in central Bangkok on Wednesday (Nov 25) as protesters massed outside a palace-linked bank demanding monarchy reform.
Accompanied by Queen Suthida, King Maha Vajiralongkorn mingled with royalists at Lumpini Park after paying respects at a monument dedicated to his late granduncle, King Vajiravudh.
Many had waited for hours, waving small Thai flags and bearing pictures of the monarch, whose wealth and spending has come under increasing scrutiny amid the pandemic-induced downturn.
"The monarchy issue can be discussed, but with respect, not hate," royalist leader Warong Dechgitvigrom told The Straits Times at the park. "If you are disappointed with the government, blame the government, not the monarchy."
The royalists see the monarchy as central to Thai identity and have condemned the insolent language used by protesters on the institution they revere.
Some 7km away, protesters rallied outside the headquarters of Siam Commercial Bank, 23 per cent of which is owned directly by King Vajiralongkorn.
Although the protest ended peacefully, local media reports say one protester was shot in the abdomen afterwards. The suspect has reportedly been apprehended.
The monarch became a major landowner and shareholder of several Thai corporate giants in 2018, after he took personal ownership of the estimated US$40 billion (S$53.7 billion) worth of assets managed by the Crown Property Bureau, which controls property that belongs to the institution of the Thai monarchy. This fiscal year, almost 9 billion baht (S$398 million) in the national budget has also been set aside for direct royal expenses.
Thailand is officially a constitutional monarchy. But protesters allege that the monarch - who commands two army units - exercises powers beyond the charter, and want his personal wealth to be separated from that of the Crown.
In June, Prime Minister Prayut Chan-o-cha revealed that the king had asked the government not to use the lese majeste law on civilians. The moratorium appears to have been lifted this week, with at least seven protest leaders summoned to acknowledge the charge of insulting or defaming the monarchy, which could result them being jailed for up to 15 years.
In a defiant statement released early Wednesday, Free Youth, one of the key organisations driving the protests, said: "Under this state, having the king above the constitution not only disgraces the people but also buttresses inequality."
The rally was moved to the bank at the last minute after the vicinity of the Crown Property Bureau, the original venue, was tightly barricaded by police.
Lawmakers last week voted to begin the process of amending the Constitution - a core demand of protesters - but rejected any move which would touch on the powers of the monarchy. Protesters meanwhile have rejected Lower House speaker Chuan Leekpai's attempts to convene a "reconciliation committee", arguing it will go nowhere.
Aided by stimulus measures, Thailand's tourism-reliant economy shrank a smaller-than-expected 6.4 per cent in the third quarter compared to a year ago. But the economic uncertainty means that majority of the some 500,000 new graduates next year are likely to be unemployed.
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After police turned chemical-laced water cannons and tear gas on protesters outside parliament last week, Mr Prayut vowed to exercise all available laws, saying: "This situation has not shown signs of de-escalating, even though the government has been straightforward and earnest in trying to find a solution."
Amid the unrest, King Vajiralongkorn, who usually spends a major part of the year in Germany, has been touring Thailand and greeting supporters with looser protocols.
As excited royalists crowded close to him to snap photographs with their cellphones on Wednesday night, he penned in a book presented to him: "Love your nation. Love your fellowmen. Act for the collective happiness and benefit."
MORE ON THIS TOPIC
Thai police to deploy thousands for royal protest
Rude language against Thai monarchy? People are just venting, says young key protest leader
Tan Hui Yee
Indochina Bureau Chief
BANGKOK- Thailand's beleaguered king greeted adoring crowds in central Bangkok on Wednesday (Nov 25) as protesters massed outside a palace-linked bank demanding monarchy reform.
Accompanied by Queen Suthida, King Maha Vajiralongkorn mingled with royalists at Lumpini Park after paying respects at a monument dedicated to his late granduncle, King Vajiravudh.
Many had waited for hours, waving small Thai flags and bearing pictures of the monarch, whose wealth and spending has come under increasing scrutiny amid the pandemic-induced downturn.
"The monarchy issue can be discussed, but with respect, not hate," royalist leader Warong Dechgitvigrom told The Straits Times at the park. "If you are disappointed with the government, blame the government, not the monarchy."
The royalists see the monarchy as central to Thai identity and have condemned the insolent language used by protesters on the institution they revere.
Some 7km away, protesters rallied outside the headquarters of Siam Commercial Bank, 23 per cent of which is owned directly by King Vajiralongkorn.
Although the protest ended peacefully, local media reports say one protester was shot in the abdomen afterwards. The suspect has reportedly been apprehended.
The monarch became a major landowner and shareholder of several Thai corporate giants in 2018, after he took personal ownership of the estimated US$40 billion (S$53.7 billion) worth of assets managed by the Crown Property Bureau, which controls property that belongs to the institution of the Thai monarchy. This fiscal year, almost 9 billion baht (S$398 million) in the national budget has also been set aside for direct royal expenses.
Thailand is officially a constitutional monarchy. But protesters allege that the monarch - who commands two army units - exercises powers beyond the charter, and want his personal wealth to be separated from that of the Crown.
In June, Prime Minister Prayut Chan-o-cha revealed that the king had asked the government not to use the lese majeste law on civilians. The moratorium appears to have been lifted this week, with at least seven protest leaders summoned to acknowledge the charge of insulting or defaming the monarchy, which could result them being jailed for up to 15 years.
In a defiant statement released early Wednesday, Free Youth, one of the key organisations driving the protests, said: "Under this state, having the king above the constitution not only disgraces the people but also buttresses inequality."
The rally was moved to the bank at the last minute after the vicinity of the Crown Property Bureau, the original venue, was tightly barricaded by police.
Lawmakers last week voted to begin the process of amending the Constitution - a core demand of protesters - but rejected any move which would touch on the powers of the monarchy. Protesters meanwhile have rejected Lower House speaker Chuan Leekpai's attempts to convene a "reconciliation committee", arguing it will go nowhere.
Aided by stimulus measures, Thailand's tourism-reliant economy shrank a smaller-than-expected 6.4 per cent in the third quarter compared to a year ago. But the economic uncertainty means that majority of the some 500,000 new graduates next year are likely to be unemployed.
Thai protesters target King's wealth in latest Bangkok rally
Thai protest leaders to face royal insult charges: Police source
After police turned chemical-laced water cannons and tear gas on protesters outside parliament last week, Mr Prayut vowed to exercise all available laws, saying: "This situation has not shown signs of de-escalating, even though the government has been straightforward and earnest in trying to find a solution."
Amid the unrest, King Vajiralongkorn, who usually spends a major part of the year in Germany, has been touring Thailand and greeting supporters with looser protocols.
As excited royalists crowded close to him to snap photographs with their cellphones on Wednesday night, he penned in a book presented to him: "Love your nation. Love your fellowmen. Act for the collective happiness and benefit."
Thai police to deploy thousands for royal protest
Rude language against Thai monarchy? People are just venting, says young key protest leader
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