Thousands of protesters gathered in Bangkok on Wednesday to demand that King Maha Vajiralongkorn relinquish control of royal funds worth tens of billions of dollars, as Thai authorities escalated their crackdown by reviving the kingdom's strict lese-majesty law. Police summoned 15 prominent activists to face charges under the law, which carries penalties of up to 15 years in prison for each offence.
The protest, which was peaceful, took place outside the head office of Siam Commercial Bank, in which the king owns a stake of more than 23%. Demonstrators called for greater oversight of royal assets, arguing that the monarchy should be accountable and transparent. They also demanded wider democratic reforms, including a new constitution.
Parit Chiwarak, known as Penguin, who is among those facing lese-majesty charges, told the crowd: “We will not lower the ceiling,” referring to the taboo that has long prevented open discussion of the royal family. He urged protesters to refrain from violence, saying: “We will not give [the authorities] an excuse to use aggression.”
After ascending the throne, King Vajiralongkorn took direct control of the crown property bureau, which manages assets including prime real estate in Bangkok, shares in SCB, and stakes in Siam Cement Group. The fund was previously under the supervision of the finance ministry. Its exact value is unknown, though some estimates suggest it is worth $40bn (£30bn).
Protesters have accused the king of wasting taxpayers' money and criticised him for spending most of his time in Germany while Thailand faces economic devastation caused by coronavirus. The protest group Free Youth said: “Transferring the crown property to the king's property is equivalent to a robbery of the nation's wealth.”
International human rights groups condemned the crackdown. Amal Clooney, co-president of the Clooney Foundation for Justice, said: “No one should be arrested or imprisoned merely for criticising public officials or a system of government.”
