Thailand’s Prime Minister has declared assets worth more than $400 million, including hundreds of luxury handbags and watches

Prime Minister of Thailand Bitungtarn Shinawatra Her party declared assets worth more than $400 million on Friday, including more than 200 designer handbags worth more than $2 million and at least 75 luxury watches worth about $5 million.

Paitongtarn, the youngest daughter of telecom billionaire and former Prime Minister Thaksin Shinawatra, took office in September, becoming the fourth family member to lead a Thai government in 20 years. Paitongtarn, now 38, became Thailand’s youngest leader at 37 when she took office.

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

A document published on media websites showed that it identified assets worth 13.8 billion baht ($400 million).

Its investments are worth 11 billion baht and it has another 1 billion baht in deposits and cash, its announcement said.

Her other assets included 75 watches worth 162 million baht and 39 other watches, as well as 217 handbags worth 76 million baht, as well as properties in London and Japan among other possessions.

She also announced liabilities amounting to nearly five billion baht, according to a NACC document published by local media, giving her a net worth of 8.9 billion baht ($258 million).

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

Her father and predecessor Thaksin – who owned Manchester City Football Club – has a net worth of $2.1 billion, according to Forbes, making him the 10th richest person in Thailand.

Thaksin used the wealth amassed by Shin Corp’s telecommunications empire to propel him into politics, and his family remained influential even during the years he spent in exile after he was ousted in a coup. Last year, Thaksin was released from a police hospital, where he was serving a one-year prison sentence for corruption and abuse of power, authorities said. BBC reported.

The telecommunications billionaire became the first prime minister in Thai history to lead an elected government throughout his full term, according to the British Daily Mail. BBC.

Analysts say that there is a long-term relationship between wealth and power in the Kingdom.

“In a country that does not have a fully functioning democracy, money plays a crucial role in political activities,” Juttaporn Isarachai of Sukhothai Thammathirat University told AFP.

“This has often been a justification for military interventions, with allegations of a lack of transparency.”

Paytongtarn’s immediate predecessor as prime minister, Sritha Thavisin, declared assets worth 985 million baht when he was dismissed by the Thai Constitutional Court in August – down from 1.02 billion baht at the start of his term. the BBC reported The court ruled that Sreetha had violated the “code of ethics” by “displaying defiant behaviour”.