BANGKOK 17 Jun (ANA) - 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.(ANA)

FA/ANA/17 June 2018-----