Current:Home > StocksNew Thai leader Srettha Thavisin is a wealthy property developer who didn’t hide his political views -LegacyCapital
New Thai leader Srettha Thavisin is a wealthy property developer who didn’t hide his political views
View
Date:2025-04-13 13:33:52
BANGKOK (AP) — The leader of one of Thailand’s best-known property empires has been selected prime minister just nine months after joining a political party that champions the poor.
Parliament confirmed Srettha Thavisin on Tuesday, ending months of political uncertainty following May elections. The 61-year-old political newcomer, who exudes the confidence of a seasoned business tycoon, will lead the Pheu Thai party’s push to stimulate the economy and bridge one of the world’s worst inequality gaps.
“I’m doing this because I want to improve the country and the economy,” Srettha wrote on X, formerly known as Twitter, days ahead of the vote. “I’d like to emphasize again. My enemy is people’s poverty and inequality. My goal is a better livelihood for all Thai people.”
Srettha announced last November that he had joined Pheu Thai, the latest in a string of parties associated with popular but divisive former Prime Minister Thaksin Shinawatra, who was ousted by a military coup in 2006. It was Srettha’s first official step into politics.
Hours before Tuesday’s parliamentary vote, Thaksin returned to Thailand from years of self-imposed exile and began serving an eight-year prison sentence on corruption charges he has dismissed as politically motivated. There has been widespread speculation that Srettha’s expected appointment was related to Thaksin’s return and that it might help shorten his jail time.
Early this year, Srettha stepped down as CEO and president of his family’s company, Sansiri, one of Thailand’s largest property developers with assets worth over 100 billion baht ($2.9 billion). He also transferred all of his shares, reportedly valued at more than 1.2 billion baht ($35 million), in the company to his daughter.
The recipient of an MBA from Claremont Graduate University in the U.S., Srettha led Sansiri to a record profit of over 4 billion baht ($117 million) in 2022.
After Pheu Thai confirmed it would nominate him as prime minister, Srettha and Sansiri battled a series of accusations of tax evasion and money laundering. The company and its former boss denied any wrongdoing.
Pheu Thai finished second in the May elections but was able to assemble an 11-party coalition — including two pro-military parties affiliated with outgoing Prime Minister Prayuth Chan-ocha — with enough parliamentary votes to approve Srettha.
Srettha was born into a wealthy family, and there has been skepticism over his ability to connect with Pheu Thai’s main voters in the country’s relatively poor, rural north. After joining the party, he appeared at many campaign stops targeting the working class, including residents of Bangkok’s biggest slum community and rural farmers.
He became an adviser for Pheu Thai’s economic team and helped promote the party’s policies, including a plan to give 10,000 baht ($290) in digital money to all Thais age 16 and above, which created a major buzz.
Before starting his political career, Srettha was a high-profile critic of the outgoing government headed by Prayuth, who as army commander staged a coup that toppled a Pheu Thai government led by Thaksin’s sister Yingluck in 2014 and who returned as prime minister after a 2019 election. Srettha was among dozens of opposition politicians, academics and activists who were summoned by Prayuth’s junta for interrogation shortly after the coup.
Srettha wrote many online posts accusing Prayuth and his Cabinet of failing to effectively handle the COVID-19 pandemic. Combined with his support for student-led protests demanding democratic reforms in 2020, he earned a throng of followers who admired his views.
In an interview with Forbes Thailand last year, published just days before he formally announced his membership in Pheu Thai, Srettha said he believes big businesses and billionaires should contribute more to society to reduce inequality. He said he wants to inspire young people to help strengthen Thailand’s competitiveness with other countries.
veryGood! (854)
Related
- PHOTO COLLECTION: AP Top Photos of the Day Wednesday August 7, 2024
- Ashanti Gives Birth, Welcomes First Baby With Nelly
- Bachelor Nation's Rachel Recchia Details Health Battle While Addressing Plastic Surgery Rumors
- 'Love Island USA' stars Kendall Washington, Nicole Jacky announce split after reunion episode
- Paris Olympics live updates: Quincy Hall wins 400m thriller; USA women's hoops in action
- The Daily Money: How to avoid Labor Day traffic
- Ranking the 10 best college football quarterbacks ahead of the season
- FAA sent 43 more cases of unruly airline passengers to the FBI for possible prosecution
- Carolinas bracing for second landfall from Tropical Storm Debby: Live updates
- Robinson unveils public safety plan in race for North Carolina governor
Ranking
- US Open player compensation rises to a record $65 million, with singles champs getting $3.6 million
- TikTok unveils the songs of the summer, from 'Million Dollar Baby' to 'Not Like Us'
- Trump is set to hold his first outdoor rally since last month’s assassination attempt
- Who Are Madonna's 6 Kids: A Guide to the Singer's Big Family
- Scoot flight from Singapore to Wuhan turns back after 'technical issue' detected
- Anthony Edwards trashes old-school NBA: Nobody had skill except Michael Jordan
- Georgia police officer arrested after investigators say he threatened people while pointing a gun
- Paris Hilton looks through remnants from trailer fire in new video: 'Burned to a crisp'
Recommendation
How breaking emerged from battles in the burning Bronx to the Paris Olympics stage
Expelled Yale student sues women’s groups for calling him a rapist despite his acquittal in court
Fantasy football draft strategy: Where to attack each position in 2024
Everything You Need to Create the Perfect Home Bar — Get Up To 75% Off Bar Carts & Shop Essentials
Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
Education official announces last-ditch spending strategy for federal COVID-19 funds
Here's What Jennifer Lopez Is Seeking in Ben Affleck Breakup
Taylor Swift reveals Eras Tour secrets in 'I Can Do It With a Broken Heart' music video