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August 2008
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Thailand Disputes King’s Reported Wealth

Thailand’s foreign ministry is questioning Forbes’ Magazine’s report that King Bhumibol is the wealthiest royal,with a net worth of $35 billion. bhumibol

The ministry argues that can’t be, because the report included land and other assets “belonging to the Crown Property Bureau that are not part of the king’s net worth.”

“The Crown Property Bureau has clarified that the report is inaccurate and inconsistent,” the ministry said in a statement Friday.

It said the Crown Property Bureau is an institution “which essentially belongs to all Thais” that owns and manages the assets of the monarchy, and the assets are not the personal wealth of the king, The Nation newspaper said.

The Crown Property Bureau has large amounts of land holdings across Thailand and is one of the largest property owners in Bangkok. It also has a stake in industry heavy-hitters Siam Cement and Siam Commercial Bank.

A spokesman for Forbes could not immediately be reached for comment on the ministry statement.

The Thai government did not give a correction of how much King Bhumibol is worth.

When Forbes magazine did its report on the world’s richest royals, it admitted it is difficult to determine how much a royal is worth. This is due to “technical and idiosyncratic oddities in the exact relationship between individual and state wealth.” Therefore, Forbes admitted, “these estimates are perforce a blend of art and science.”

August 23rd, 2008 | Tags: | Category: Thailand | Leave a comment

Belgian PM Wants To Reform Royal Funding

Belgian Prime Minister Yves Leterme is looking to change the way the royal family is financed, though he insists the reforms will be for the best.

“It’s necessary to reform them,” Leterme told French magazine Paris Match when asked about the public grants. _44077600_albert203ap

Asked about King Albert II himself, Leterme said, “It’s more than a function, he’s a man I have learned to appreciate.”

Belgian daily La Libre Belgique said the push for reform comes from some members of the Flemish parties, including Leterme’s Christian Democrats.

A group of Flemish politicians are working on a draft law to limit public funds to the king and his heir, La Libre said.

But a member of the French liberal party — also part of the government — is drafting a rival law to ensure Philippe’s younger brother Laurent and sister Astrid are not left out of the public purse, La Libre reported.

Too many senators view a shake up of royal family funding as an attack on Belgium itself, La Libre added.

The Belgian royal family – lead by King Albert II – are one of the few unifying systems in this divided kingdom, where tensions between the Dutch-speaking Flemish and French-speaking Walloons have threatened the foundation of the nation. Earlier this summer, Leterme nearly stepped down as Prime Minister when he was unable to settle the fires between the Flemings and the Walloons. But King Albert made him stay.

August 23rd, 2008 | Tags: , , | Category: Belgium | Leave a comment

Royal Shopping Spree Sparks Outrage In Swaziland

Women’s rights activists in Swaziland have staged a protest over the extravagance of the Swazi royal family. The demonstration was sparked when 8 of King Mswati III’s 13 wives took a chartered plane to Europe and the Middle East to go shopping.king-mswati

The women reportedly handed a petition in to the finance ministry, arguing that the money could have been better spent.

They claimed, “We can’t afford a shopping trip when a quarter of the nation lives on food aid.”

But royal sources defended the actions of the queens, explaining they are preparing for a major celebration called 40-40, in which the King’s birthday and the country’s independence will be celebrated.

According to Britain’s The Daily Telegraph, one source said, “The queens have to look radiant and that is why they have to go and buy quality for the big day. They were being spoiled.”

The rally took place in the capital of Mbabane, and was organized by the Women’s Coalition of Swaziland, whose spokesman Ntombi Nkosi gave her thoughts on the spree.

“Those given the money do not even contribute a cent to the money they are looting,” she said.

Siphiwe Hlophe, of Swaziland Positive Living, a co-organiser of the march, added, “We are against the idea of public funds being used in a questionable way by people who are not employed and do not bring any revenue to the country’s coffers.”

Protests are rare in this traditional country.  Jim Gama, the governor of the Swazi royal capital Ludzidzini, condemned the women’s march as “un-Swazi”.

“I have never heard of women marching,” he said. “All I know is that a woman has to seek permission from her husband to register her disagreement with whatever was happening in society but not for her to march. That is un-Swazi.”

Swaziland is a landlocked country in southern Africa, and has the last absolute monarchy on that continent. It is also one of the poorest countries in the world, having been in a state of emergency since 1973, and more than 40% of the population is believed to be infected with HIV.

August 23rd, 2008 | Tags: | Category: Swaziland | Leave a comment