King Maha Vajiralongkorn of Thailand has been granted full, personal ownership of royal assets thought to be worth at least $30 billion.
Following a change in the law last year, the Crown Property Bureau, which controlled the royal fortune on behalf of the monarchy, transferred ownership of the assets.
It means taxes are liable on royal assets for the first time.
The 65-year-old king succeeded his much-revered father King Bhumibol Adulyadej, who was the world’s longest-reigning monarch when he died in October 2016.
He became king in December 2016.
Thailand has strict lese majeste laws, which ban criticism of the monarchy. The laws have also shielded the royal family from public view and scrutiny.
In a statement, the Crown Property Bureau (CPB) said it was required “to return whatever asset of the Crown property previously under its charge to His Majesty so that His Majesty may take decisions on all matters pertaining to their charge and management at his discretion”.
The assets include shares in various companies.
The Crown Property Bureau’s statement went on to say: “His Majesty made the decision to make the ‘Crown Property Assets’ be subject to the same duties and taxation as would assets belonging to any other citizen.”
The CPB also pledged to ensure the management of assets would be “transparent and open to scrutiny”.
It has been managing royal assets since it was established in 1938 and, until now, has been run by at least four royally-appointed directors and included the minister of finance.
The extent of the CPB’s wealth is not known. In 2012, Forbes magazine estimated the CPB’s value in property and other investments came to more than $30 billion.
Stock exchange data in March showed King Vajiralongkorn acquired a nearly $150 million stake in Siam Cement Group Pcl and, in October, shares worth over $500 million in Siam Commercial Bank were transferred to the king, Reuters reports.
Thailand has begun the ceremony for the royal cremation for late King Bhumibol Adulyadej, who died one year ago.
Hundreds of thousands of Thais have lined the streets of Bangkok to pay their last respects to the late king.
A symbolic funeral urn was taken by chariot to the cremation site, in a procession marked by drums, flute music and an artillery salute, as the main part of a five-day funeral ceremony.
Many buildings are draped in yellow marigolds, while crowds of mourners are dressed in black as a mark of respect.
King Bhumibol Adulyadej died in October 2016 at the age of 88.
The funeral officially started on October 25 with a merit-making ceremony, a Buddhist rite, in the Grand Palace.
On October 26, a series of Buddhist rites began in the royal palace ahead of the procession.
King Bhumibol Adulyadej will be cremated later in a royal pyre to be lit by his son, King Maha Vajiralongkorn.
The chariot carrying the urn in the second part of the funeral procession has been used since the late 18th Century. Weighing just under 14 tonnes, it was pulled by more than 200 soldiers.
The urn was then carried for several rounds around the cremation site, for the last leg of the procession.
The elaborate ceremony is estimated to have drawn as many as 250,000 people from across Thailand.
Many of the mourners arrived in Bangkok days ago, and waited in the streets overnight for the procession, clutching portraits of King Bhumibol.
Thailand’s Crown Prince Maha Vajiralongkorn has been proclaimed the country’s new king, succeeding his much-revered late father King Bhumibol Adulyadej.
The prince accepted the throne in a TV broadcast following an invitation from parliament, formalizing his accession.
King Bhumibol, the world’s longest-reigning monarch, died on October 13.
The late king was widely seen as a pillar of stability during seven decades of political turmoil in Thailand.
Crown Prince Maha Vajiralongkorn had been expected to become the next king the day after his father’s death, but PM Prayuth Chan-ocha at the time said that he had asked to delay the official proclamation so he could mourn.
Instead, the prince was anointed in a special ceremony 50 days after the death of his father.
The crown prince becomes King Maha Vajiralongkorn Bodindradebayavarangkun, the 10th monarch of the Chakri dynasty, but will also be known as Rama X.
“I would like to accept in order to fulfill his majesty’s wishes and for the benefit of all Thais,” he said in a TV statement.
Image source Wikimedia
The broadcast showed one official shuffling on his knees to hand a microphone to the new king in the ceremony at the palace in Bangkok.
Prayuth Chan-ocha, who was among top government figures attending, said the new king would become the “heart and soul” of the nation.
Maha Vajiralongkorn was given the title of crown prince, making him the official heir, in 1972.
He is yet to enjoy the same level of popularity as his father, and spends much of his time abroad.
The prince’s accession to the throne ends a period of uncertainty during which Privy Council President Prem Tinsulanonda, a 96-year-old former prime minister, has been serving as regent.
Thailand’s monarchy is protected from criticism by tough lèse-majesté laws, which restrict media discussion about the royal family’s role, including in the international press.
Most ordinary Thais know only a few details about who the crown prince is and how he lives his life.
In recent years he has tried to improve his profile – important because the king is traditionally seen as a guiding force in Thai politics, which is highly polarized.
Maha Vajiralongkorn’s coronation will not happen until after King Bhumibol’s cremation, expected next year.
Bhumibol’s own coronation took place four years after his brother King Ananda Mahidol died of gunshot wounds in mysterious circumstances.
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