Thai Prime Minister declares millions of watches and bags among $400 million in assets

Thai Prime Minister Paetongtarn Shinawatra declared assets of more than $400 million on Friday, his party said, including more than 200 designer handbags worth more than $2 million and at least 75 luxury watches worth nearly $5 million.

Paetongtarn, the youngest daughter of telecommunications billionaire and former prime minister Thaksin Shinawatra, took office in September as the fourth member of the family to lead Thailand’s government in 20 years.

Paetongtarn was forced to declare his assets and liabilities to the National Anti-Corruption Commission (NACC).

He identified 13.8 billion baht ($400 million) in assets, said a transcript posted on news websites.

His investments were worth 11 billion baht and he had another billion in deposits and cash, his announcement said.

His other assets included 75 watches worth 162 million baht and 39 other watch accessories, as well as 217 bags worth 76 million baht, and goods in London and Japan among other things.

He also declared debts of nearly five billion baht, according to a NACC document sent to local media, giving him a net worth of 8.9 billion baht ($258 million).

A Pheu Thai Party representative confirmed to AFP that the figures reported by Thai media are accurate.

His father and predecessor Thaksin — who once owned Manchester City soccer club — is worth an estimated $2.1 billion, according to Forbes, making him the tenth-richest person in Thailand.

Thaksin used the wealth of his Shin Corp media empire to propel him into politics, and his family remained powerful even during his years in exile following his coup.

Analysts say there is a long-standing connection between wealth and power in the kingdom.

“In a country without a fully functioning democracy, money plays an important role in politics,” Yuttaporn Issarachai of Sukhothai Thammathirat University told AFP.

“This is often the reason for military intervention, and allegations of lack of transparency.”

Paetongtarn’s predecessor as prime minister, Srettha Thavisin, declared assets of 985 million baht when he was dismissed by Thailand’s constitutional court in August — down from 1.02 billion baht at the start of his tenure.

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