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| Southeast Asia |
| Thai king signs Crown's $30bn assets over to himself |
| 2018-06-18 |
| [Al Jazeera] Thailand's royal family has formally turned over its multi-billion dollar fortune to King Maha Vajiralongkorn, who assumed the throne after the death of his father in 2016. An undated announcement seen on Saturday on the website of the Crown Property Bureau (CPB), the financial arm of the monarchy, said that full ownership of the palace's multi-billion dollar assets were handed over to King Vajiralongkorn under a law passed last year. "All 'Crown Property Assets' are to be transferred and revert to the ownership of His Majesty, so that they may be administered and managed at His Majesty's discretion," said the note which featured prominently on the front page of the CPB's website. The announcement also said that while CPB had been exempt from taxes and duties, the personal assets of the king and the holdings previously belonging to CPB to be treated together as 'Crown Property Assets' would "be subject to the same duties and taxation as would assets belonging to any other citizen". King Vajiralongkorn inherited one of the world's great fortunes, which according to analysts varies between $30bn to $60bn, although the monarchy does not publicly declare its wealth and is shielded from scrutiny by a draconian lese majeste law. Most of the money is controlled by the opaque CPB, a vast portfolio that includes massive property ownership and investments in major companies. |
| Posted by:Fred |
| #5 full ownership of the palace's multi-billion dollar assets were handed over to King Vajiralongkorn under a law passed last year. So that's how it's done legally--with the stroke of a pen. A reflection of the times? Monopoly for cheaters. |
| Posted by: JohnQC 2018-06-18 10:52 |
| #4 Any attempt to comingle the position (king etc) and the person will basically end the position. It's basically pre-announcing malfeasance. |
| Posted by: Bright Pebbles 2018-06-18 10:37 |
| #3 "and I've hired the esteemed Lois Lerner to do my taxes" |
| Posted by: Frank G 2018-06-18 09:09 |
| #2 It's good to be the King! |
| Posted by: AlmostAnonymous5839 2018-06-18 06:13 |
| #1 ...the personal assets of the king and the holdings previously belonging to CPB to be treated together as 'Crown Property Assets' would "be subject to the same duties and taxation as would assets belonging to any other citizen". Seems totally legit! |
| Posted by: Raj 2018-06-18 00:16 |