Current:Home > NewsNew Thai leader Srettha Thavisin is a wealthy property developer who didn’t hide his political views -TradeWise
New Thai leader Srettha Thavisin is a wealthy property developer who didn’t hide his political views
View
Date:2025-04-15 15:54:13
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! (726)
Related
- 'Most Whopper
- Court throws out conviction in case of bad truck brakes, girl’s death
- A New Mexico man was fatally shot by police at the wrong house. Now, his family is suing
- British neonatal nurse found guilty of murdering 7 babies launches bid to appeal her convictions
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Big wins for organized labor and progressive causes as California lawmakers wrap for the year
- Eagles fly to 2-0 with win over Vikings: Winners and losers from 'Thursday Night Football'
- Climate change could bring more storms like Hurricane Lee to New England
- Most popular books of the week: See what topped USA TODAY's bestselling books list
- Aaron Rodgers' season-ending injury reignites NFL players' furor over turf
Ranking
- Megan Fox's ex Brian Austin Green tells Machine Gun Kelly to 'grow up'
- Judge temporarily halts trial in New York's fraud lawsuit against Trump
- Ashton Kutcher Resigns as Chairman of Anti-Child Sex Abuse Organization After Danny Masterson Letter
- GM CEO Mary Barra defends position amid UAW strike, says company put 4 offers on the table
- Current, future North Carolina governor’s challenge of power
- Two Vegas casinos fell victim to cyberattacks, shattering the image of impenetrable casino security
- Erdogan says Turkey may part ways with the EU. He implied the country could ends its membership bid
- Norfolk Southern CEO promises to keep improving safety on the railroad based on consultant’s report
Recommendation
US appeals court rejects Nasdaq’s diversity rules for company boards
'Substantial bruising': Texas high school principal arrested on assault charge in paddling
Iranian women use fashion to defy the Islamic Republic's oppression
Josh Duhamel Details Co-Parenting Relationship With Amazing Ex Fergie
Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
Why Baseball Player Jackson Olson Feels Like He Struck Out With Taylor Swift
Maui wildfire death toll drops to 97 from 115, authorities say
Court sentences main suspects in Belgium’s deadliest peacetime attack to 20-year to life terms