Crown Property Bureau
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|
| Juristic person | |
| Industry |
Diversified Investments Real Estate Financial Services Banking Hospitality |
| Founded | June 15, 1937 |
| Headquarters | Ladawan Palace, Dusit, Bangkok, Thailand |
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Key people
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Chirayu Isarangkun Na Ayuthaya (Director-General) |
| Subsidiaries |
Siam Cement Group Siam Commercial Bank Deves Insurance |
| Website | http://www.crownproperty.or.th/en |
The Crown Property Bureau (CPB) (Thai: สำนักงานทรัพย์สินส่วนพระมหากษัตริย์; rtgs: Samnakngan Sapsin Suan Phra Mahakasat) is the quasi-government agency responsible for managing the property of the crown of the Kingdom of Thailand. The king appoints six members of the bureau's governing board, with the seventh the sitting Minister of Finance of Thailand. Crown property does not belong to the king in his private capacity, but to the monarchy as an institution which continues from reign to reign.
The CPB is headed by Director-General Chirayu Isarangkun Na Ayuthaya. CPB Property Co., Ltd. and CPB Equity Co., Ltd., both subsidiaries of the bureau, are headed by Michael David Selby, former partner of Business Advisory Indonesia and former employee of a United States government agency. During the late 1980s, the CPB had 600 employees, of which 90 percent were devoted to managing the bureau's massive real estate holdings. In 2004, the CPB recorded over five billion baht in earnings. The CPB reportedly controls more than US$37 billion in assets—some say as much as US$59.4 billion—that, according to Thai law, can be spent "at the king's pleasure."
Despite the wealth of the CPB, the royal family receives funds from the government for expenses. Around US$170 million annually in state funding covers the salaries of staff working in the Royal Household Bureau and other palace offices, plus security provided for the royal family by police and armed forces. Public funds also cover the costs of many royal rural development projects.
The Crown Property Bureau was established under the Royal Assets Structuring Act of 1936 and became a juristic person in 1948. According to the act, a Board of Crown Property was set up, to be chaired ex officio by the finance minister, and served by at least four royally-appointed directors. The king names one of the board members as the director-general of the CPB. The Board of Crown Property is responsible for the overall supervision of the activities of the Crown Property Bureau. Duties and responsibilities of the director-general are prescribed by the Board of Crown Property.
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