The newly selected Prime Minister of Thailand, former real estate tycoon Srettha Thavisin, is starting his political journey on shaky ground. Just weeks before the May 14 Thai national election, which resulted in three months of gridlock, the 61-year-old political neophyte had told the Voice of America: “I don’t believe in military coups”. As his Pheu Thai party fought the election with a clear stance against military rule, the ex-property mogul candidly declared while campaigning how he would turn down the Prime Ministerial post if the military was a part of the government. “The idea of me working with them (military-backed parties) in the same government, sitting in the same Cabinet … I can’t see myself doing that.”
Cut to the present: he is set to head an 11-party coalition government, including military-aligned and populist parties. Two main parties are led by ex-military generals, one of whom, former Prime Minister Prayut Chan-Ocha, led the 2014 coup against Pheu Thai, subsequently staying in power for nine years until he called for elections in May this year in a bid to extend his rule.Initially, Mr. Srettha had ruled out joining hands with Mr. Prayut’s United Thai Nation Party and his deputy General Prawit Wongsuwan’s Palang Pracharat Party. Pheu Thai, which was predicted to be the highest vote-getter in the May election, was first allied with the progressive Move Forward Party (MFP), which ended up winning the most number of popular votes in an electorate disenchanted with military rule, the monarchy’s influence, and a laggard economy. However, after the military-majority senate blocked two attempts by MFP leader Pita Limjaroenrat to form the government, Mr. Srettha’s party decided to leave behind the MFP to stitch up an alliance with pro-military parties in order to get through a Senate vote and form the government. Mr. Srettha has now been sworn in as the country’s Prime Minister after sailing through the vote on August 2022.
Notably, the Bangkok native Mr. Srettha is a political neophyte who quit his real estate career only last year to join the Pheu Thai, a populist party founded by influential leader Thaksin Shinawatra, whose dramatic return to the country after 15 years of exile came just hours after Mr. Srettha was selected to become the Prime Minister. Mr. Srettha’s sudden rise to prominence mirrors that of his confidant Mr. Thaksin, the telecom tycoon-turned-politician who led the country for over five years before being ousted by the military in 2006. and being charged with corruption.
Belonging to a family with strong ties in the business elite, Mr. Srettha started his career at the Thailand arm of Procter & Gamble (PG.N) after attaining economics and business management degrees in the U.S. He is a father of three Western-educated children and is married to popular anti-ageing medicine expert Pakpilai Thavisin. In 1990, along with some members of his family, he founded a company that went on to become property developer Sansiri, eventually sprouting it into one of Thailand’s biggest real estate firms. In 2022, Bangkok-listed Sansiri (SIRI.BK) posted revenue of 34.9 billion baht ($1.01 billion) and 4.2 billion baht in net profit. Notably, as he emerged as one of the Prime Ministerial hopefuls, Sansiri faced whistleblower allegations of evading large amounts in property sale taxes.
A Rolex-flaunting Mr. Srettha said in a May interview it was the inequality plaguing Thailand that prompted him to enter politics. “I feel saddened by what I have seen. Because of social disparity, in terms of education, in terms of getting healthcare, in terms of basic things like getting food on the table, it’s still not the way it’s supposed to be for a country that has enormous potential like Thailand,” he said. Mr. Srettha has also spoken out against Thailand’s monopolistic businesses and a culture enabling elite and influential business families.
Political entry
The Twitter-savvy (now X) and football-loving businessman decided last November to step down from the CEO position at Sansiri to dip his toes in politics by joining Pheu Thai and had since been vocal in criticising the military rule. Along with Mr. Thaksin’s youngest daughter Paetongtarn and another leader Chaikasem Nitisiri, the party chose Mr. Srettha as one of the frontrunners for the Prime Ministerial berth.
While Mr. Srettha literally towers over his party colleagues, at a height of six feet, three inches, his popularity in the world of real estate might not match up to that in the hardcore politics of Thailand. Analysts say the party is banking on the tycoon’s business acumen to help turn around the state of Southeast Asia’s second-largest economy reeling from the impact of the pandemic. Mr. Srettha has also rallied behind the proposed policy of reviving the economy by offering 10,000 Baht ($295) to all Thais over the age of 16 via digital wallets. However, allegations have also been made that XSpring, a fintech firm where Mr. Srettha has served as a director, could benefit from the digital wallet policy.
While a U-turn on the anti-military stance has already impacted his credibility among the electorate, there are also questions about how Mr. Srettha plans to keep the campaign promises. This has a lot to do with the time of Mr. Thaksin’s return to the country. Mr. Thaksin was arrested on arrival owing to a graft conviction, but his return raises questions on whether Pheu Thai has cut a deal with the military to ensure his safety (and a probable royal pardon) in exchange for not harming the interests of the establishment. Notably, the last two decades of Thai politics have been coloured by the bitter tussle between pro-Thaksin parties and the kingdom’s powerful pro-military and royalist establishment.
While Mr. Srettha has advocated for amending the military-drafted Constitution, addressing social and economic equality and respecting human rights, the fate of his commitments remains uncertain after Pheu Thai’s alliance with military elites to run the government.