More than $500 million in bank shares transferred on Thai king’s behalf

The Crown Property Bureau, which manages the multi-billion dollar assets of the royal family, had reduced its shares in Siam Commercial Bank by 3.33 percent on October 2. (AFP)
Updated 07 October 2017
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More than $500 million in bank shares transferred on Thai king’s behalf

BANGKOK: The financial arm of Thailand’s ultra-rich monarchy has transferred bank shares worth more than $500 million on behalf of King Maha Vajiralongkorn, according to the Securities and Exchange Commission (SEC).
The SEC filing said the Crown Property Bureau, which manages the multi-billion dollar assets of the royal family, had reduced its shares in Siam Commercial Bank by 3.33 percent on October 2.
That stake is worth 16.9 billion baht ($505 million) based on Friday’s closing share price of 151 baht.
The beneficiary of the shares was not specified but the move was carried out on the King’s behalf, the filing said.
The CPB, who now has an 18.14 percent stake in the bank, did not immediately respond to requests for comment.
The opaque agency does not declare its wealth but analysts estimate it manages between $30-60 billion in assets, making Thai royals among the richest in the world.
The CPB’s financial portfolio ranges from massive property ownership to investments in major companies, such as Siam Commercial Bank and Siam Cement Company.
Like all things regarding Thailand’s secrecy-shrouded monarchy, scrutiny of the CPB is curbed by a draconian defamation law that shields the royal family from criticism.
The transfers come after legal amendments passed in July gave King Maha Vajiralongkorn, who took the throne one year ago after the death of his father, direct control over a committee that oversees the CPB.
Under the previous law, the committee’s chairman was the finance minister, a move meant to ensure some semblance of government oversight.
The move was the latest in a series of steps by the new monarch to consolidate his control over the palace bureaucracy.
All media based in Thailand must self-censor when reporting on the monarchy to avoid violating the lese majeste law.


New sex abuse allegations levied against prominent cardinal

In this Sept. 23, 2015 file photo, Pope Francis reaches out to hug Cardinal Archbishop emeritus Theodore McCarrick after the Midday Prayer of the Divine with more than 300 US Bishops at the Cathedral of St. Matthew the Apostle in Washington. (AP)
Updated 18 min 53 sec ago
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New sex abuse allegations levied against prominent cardinal

  • The church announced June 20 that allegations were found to be credible
  • McCarrick served as archbishop of Washington from 2001-2006 and archbishop of Newark, New Jersey, for 15 years before that

RICHMOND, Virginia: A Virginia man said Friday he was sexually abused for about two decades by Cardinal Theodore McCarrick, a prominent Roman Catholic leader who was removed from public ministry last month over separate child abuse allegations.
The man, who agreed to be identified only by his first name, James, told The Associated Press he recently filed a police report detailing the abuse with the Loudoun County Sheriff’s Office. James, who first spoke publicly with The New York Times for a story published Thursday, said the abuse began when he was a child and continued into adulthood.
McCarrick was a close family friend, James said. The 88-year-old retired archbishop of Washington, D.C., is one of the highest-ranking US church officials accused in a sexual abuse scandal that has seen thousands of priests implicated.
“I was the first guy he baptized,” James said. “I was his little boy. I was his special kid. I was the kid he always sought out.”
McCarrick, who did not immediately respond to an interview request from AP, has denied the abuse allegations that led to his removal last month by Pope Francis. The church announced June 20 that allegations were found to be “credible” that McCarrick fondled an altar boy in New York more than 40 years ago.
In a statement issued at the time of his removal, McCarrick said, “While I have absolutely no recollection of this reported abuse, and believe in my innocence, I am sorry for the pain the person who brought the charges has gone through, as well as for the scandal such charges cause our people.”
Asked Friday about James’ statements, a longtime friend of McCarrick’s who didn’t want to be identified because she doesn’t officially serve as his spokeswoman said he hadn’t received formal notice of any new allegation but would follow the civil and church processes in place to investigate them.
James said he struggled for decades with immense shame and guilt over the abuse, which he said had started by at least age 11 and extended for about two decades into his 30s. He said the abuse included McCarrick exposing himself, forcing him to sleep in the same bed and touching him inappropriately.
He said he struggled with alcoholism, which broke up his marriage, and attempted suicide multiple times. He’s been sober since he was 33, he said.
James recounted confronting McCarrick as an adult, telling him he was going to go public with his allegations.
“You can’t do that,” James says McCarrick told him. “No one’s going to believe you. You’re a drunk. You’re an idiot. ... Do you know how important I am?“
James said he included in his police report the incidents he considers most “disgusting,” which he says took place in several different states.
James’ attorney, Patrick Noaker, provided AP with a document from the sheriff’s office confirming that a police report had been taken. A spokesman for the department declined to release a full copy of the report.
Noaker said he was told the report would be passed on to the jurisdictions where James says the crimes occurred. He said he expects the statute of limitations may have run out in some states but is hopeful that prosecutors in California may be able to pursue charges. That’s because statutes of limitation run differently when someone enters a state, commits a crime and then leaves, as James alleges McCarrick did in California, Noaker said.
James said he hoped to see McCarrick prosecuted and would like a public apology. But he also said he hoped his coming forward would make other victims of sex abuse feel less alone.
“I’ve never felt this good in a long, long time,” he said.
The Associated Press does not identify people who say they’re victims of sexual assault unless they grant permission. James asked to be identified only by his first name to protect the privacy of family members.
McCarrick served as archbishop of Washington from 2001-2006 and archbishop of Newark, New Jersey, for 15 years before that. As Washington archbishop, McCarrick was a major power broker in Vatican-US relations during the final years of the pontificate of St. John Paul II and the start of Pope Benedict XVI’s papacy.
His ties to Washington’s political elites proved crucial when Pope Francis tasked him with the delicate behind-the-scenes negotiations that helped lead to the 2014 US-Cuba thaw.
McCarrick was also well-known in Rome, serving on a host of Vatican congregations before he retired, including the Pontifical Council for Latin America. That post would have brought him in contact with Argentine Cardinal Jorge Mario Bergoglio, the future Pope Francis, who was made a cardinal in the same 2001 consistory as McCarrick.
In 2002, he led a delegation of US churchmen to Rome, at the height of the American sex abuse scandal, and vowed to pursue a “one strike and you’re out” policy that later became the US Catholic bishops’ norms for fighting abuse.
Chieko Noguchi, a spokeswoman for the Archdiocese of Washington, said in an emailed statement that the archdiocese takes all allegations of abuse seriously and is committed to following its long-standing child protection policy.
She declined to make further comment on James’ allegations, “as this claim did not occur in the Archdiocese of Washington.”