The primary Cupboard reshuffle of the Srettha Thavisin authorities is anticipated to happen after the shut of the present Parliamentary session on April 9. Among the many frontrunners for the finance minister’s put up is Pichai Chunhavajira, 76, a longtime Shinawatra household loyalist.
With PM Srettha reportedly wanting to surrender the extra portfolio of finance that he holds, Pichai – at the moment chairperson of the Inventory Alternate of Thailand – is broadly tipped to be the brand new finance minister.
Pichai is already serving as an advisor to Srettha, with lengthy and shut political ties with the Shinawatra household, the political dynasty controlling the ruling Pheu Thai Celebration.
There have been widespread rumours that Pichai had not too long ago bought 1.2 million shares in BCPG, value an estimated 8.5 million baht, in preparation for being named the finance minister.
He’s at the moment an advisor to the prime minister and likewise an advisor to The Board of Funding of Thailand.
As well as he serves on the board of the State Enterprise Director Screening Committee and is a member of the monitoring committee fixing issues of Thai Airways Worldwide Firm.
Finance background
His academic background highlights his robust involvement with finance. Pichai obtained a bachelor of enterprise administration (accounting) from Thammasat College and a grasp of enterprise administration from Indiana College of Pennsylvania in the USA.
He additionally acquired an honorary Ph.D. (monetary administration) from Sripatum College, honorary Ph.D. (monetary administration) from Mahasarakham College and an honorary Ph.D. (accounting) from Thammasat College.
He additionally earned a diploma for taking the Joint State – Personal Sector Course Class 13, organized by the Nationwide Defence Faculty which has a repute for constructing political connections among the many Thai elite through its coaching program.
He has an extended monitor file working main companies. He at the moment serves as chairman of the board of Bangchak Company Pcl, chairman of BCPG Pcl, and chairman of BBGI Pcl.
Beforehand, he was chairman of Thai Oil Pcl, a former performing president at Bangchak Company Pcl, apart from serving as a director at many corporations, together with PTT Petroleum Exploration and Manufacturing Pcl, Thai Airways Worldwide Co, IRPC Pcl and PTT Pcl.
Amongst monetary establishments, he was a director and member of the audit committee at Siam Industrial Financial institution.
When he was the chief monetary officer at PTT Pcl, he reportedly performed a key function in pushing for the privatization of the Petroleum Authority of Thailand.
The state agency was finally listed on the SET on December 6, 2001 as PTT Pcl.
He had labored intently with the coalition authorities led by then-PM Thaksin Shinawatra from 2001-2005. The Thai Rak Thai Celebration’s second time period was minimize quick abruptly when Thaksin’s authorities was toppled by navy coup in September 2006. The Thai Rak Thai Celebration was a predecessor of the present Pheu Thai Celebration.
Political connections
Pichai has robust political connections. Amongst his main feats was serving to the Thai Rak Thai authorities obtain privatization of the Petroleum Authority of Thailand by working intently with former vitality minister Prommin Lertsuridej, who at the moment serves as secretary-general to PM Srettha.
He additionally was a powerful supporter of former prime minister Yingluck Shinawatra, Thaksin’s sister. Yingluck, too, was toppled by a navy coup in 2014.
After the coup, Yingluck was indicted by the Nationwide Counter Corruption Fee (NCCC) over corruption within the implementation of the rice-pledging scheme by her authorities.
Pichai was amongst a number of witnesses who introduced proof to counter the NCCC’s allegation.
The Supreme Court docket in September 2017, discovered the ex-PM responsible of prison negligence within the rice-pledging scheme and sentenced her in absentia to 5 years in jail.
Yingluck fled the nation one month forward of the decision and has been dwelling in self-exile abroad since August 2017.
Pichai has expertise in financial coverage, as a former board member of the Financial institution of Thailand (BOT), which is anticipated to assist him work effectively with the central financial institution.
Srettha has had a rocky relationship with BOT Governor Sethaput Suthiwartnarueput, who has defied the PM’s exhortations to chop the coverage price.
Srettha has come beneath hearth from economists for interfering with the independence of the central financial institution, though Srettha, as finance minister, might hearth the central financial institution governor.
Problem at Finance Ministry
Working in a coalition authorities is probably not easy crusing. For instance in September 2020, veteran banker Predee Daochai abruptly resigned as finance minister in lower than a month resulting from a reported battle together with his deputy over appointment of senior officers on the ministry.
Presently, former everlasting secretary on the Finance Ministry, Krisada Chinavicharana, is deputy finance minister, beneath the United Thai Nation Celebration’s ministerial quota within the Pheu Thai-led coalition authorities.
It stays to be seen whether or not Srettha will place Pichai on the helm of the Finance Ministry, which has a key function to play in translating the PM’s imaginative and prescient.
By Thai PBS World’s Enterprise Desk
