Thai Prime Minister Pethunthan Shinawatra on Friday declared assets of more than $400 million, including more than 200 designer handbags and 75 luxury watches. Her political party confirmed the declaration it submitted to the National Anti-Corruption Commission (NACC).
AFP reported that the declaration showed that Petonthan had assets totaling 13.8 billion baht (approximately $400 million). This includes investments worth 11 billion baht and a further 1 billion baht in cash and deposits. Her assets also include 75 watches worth 162 million baht, as well as 39 watches and 217 handbags worth 76 million baht. She also owns properties in London and Japan.
She also reported debts of nearly 5 billion baht, bringing her net worth to 8.9 billion baht ($258 million), according to NACC documents shared with local media.
Petonthan, the daughter of former Prime Minister Thaksin Shinawatra, took office in September. She is the fourth member of her family to lead the Thai government in the past 20 years.
Paetontarn’s father’s property
According to Forbes magazine, Mr. Petonthan’s father, Mr. Thaksin, has an estimated net worth of $2.1 billion, making him Thailand’s 10th richest person. Thaksin used to own the soccer club Manchester City.
Thaksin used the wealth of his Shin Corp communications empire to enter politics, and his family remained influential even after he was overthrown in a coup and exiled for several years.
Former prime minister’s assets
Mr Petonthan’s predecessor, Sureta Thabisin, declared assets of 985 million baht when she was sacked in August. This was a decrease from the 1.02 billion baht originally declared at the start of his term.
“Money plays an important role in political activities.”
Yuttaporn Isarachai, an analyst at Sukhothai Thammarathirath University, said there is an important relationship between wealth and politics in Thailand.
“In countries where democracies are not fully functioning, money plays an important role in political activities. This has often been a justification for military intervention and a lack of transparency,” Isarachai said. .
