Pridiyathorn Devakula

Early life and education

Pridiyathorn is a son of Prince Priditheppong Devakula. He is therefore a grandson of Prince Devawongse Varopakarn, and a great-grandson of King Rama IV. (Mongkut). Reflecting his distant royal descent, Thai media refer to him as Mom Ui (Thai: หม่อมอุ๋ย; "Lord Ui"), using his nickname, "Ui".

Pridiyathorn was educated at Saint Gabriel's College from year 1 to 12. During his childhood, Pridiyathorn rarely came second in school exams. He was nearly always first in his studies. He studied economics at Thammasat University, graduating with a bachelor's degree, and at the Wharton Business School of the University of Pennsylvania, where he gained an MBA in 1970.

Career

From 1971 to 1990 he worked for the Thai Farmers Bank, becoming senior executive vice president. In 1990 he became official spokesman for Prime Minister Chatichai Choonhavan. In the governments of Anand Panyarachun and Suchinda Kraprayoon (1991–92) he was deputy minister of commerce. He was appointed a member of the Thai Senate from 1992 to 1993. In 1993 he became president of the Export-Import Bank of Thailand. Pridiyathorn has served as the Chairman of the NIST International School Foundation, the governing body of NIST International School, since 2009.

Bank of Thailand Governor

In May 2001 he was appointed Governor of the Bank of Thailand, the nation's central bank. He is also a director of the Civil Service Commission and of the Thammasat University Council. Pridiyathorn repeatedly criticised Prime Minister Thaksin Shinawatra who took office in 2001. Pridiyathorn disagreed with Thaksin's spending policy, which he saw as a cause of inflation.

In 2004, the state-owned Krung Thai Bank (KTB) shocked Thailand's financial world by reclassifying approximately 40 billion baht as problem loans. Pridiyathorn threatened to fire KTB chief executive officer Viroj Nualkhair if he did not resign. Viroj was a former financial advisor to media proprietor Sondhi Limthongkul, having helped him make the initial public offering of one of his first companies. As Krung Thai Bank head, Viroj had forgiven 1.6 billion baht of Sondhi's debts and arranged for further rounds of forgiveness. Using all his media outlets, Sondhi attacked Pridiyathorn and defended Viroj. Viroj was eventually forced to leave Krung Thai Bank. Sondhi's public criticism of Thaksin started to increase, eventually leading to the establishment of the People's Alliance for Democracy.

Deputy Prime Minister and Minister of Finance

Two days after the coup which deposed Prime Minister Thaksin Shinawatra, the Bangkok newspaper The Nation reported that business leaders had asked the junta (Council for Democratic Reform under Constitutional Monarchy) to appoint Pridiyathorn as an interim prime minister. He was notably endorsed by Chatri Sophonpanich, chairman of Bangkok Bank. Eventually, the junta chose retired general Surayud Chulanont as interim prime minister, but he in turn named Pridiyathorn to his cabinet as minister of finance, a move that business leaders saw as positive. He was succeeded as governor of the Bank of Thailand by Tarisa Watanagase, the first woman to head the BOT.

Pridiyathorn's policies as minister of finance included:

Pridiyathorn resigned on 28 February 2007. As a reason for his resignation he cited Premier Surayud's decision to appoint Pridiyathorn's rival, former Thaksin-government Finance Minister Somkid Jatusripitak, as a "self-sufficiency economy" special envoy. Somkid resigned from his position after less than a week. Another reason given was the Minister to the Office of the Prime Minister Thirapat Serirangsan's alleged preference for certain private media interests. Several analysts speculated that he was referring to the preferential treatment the junta gave to leading anti-Thaksin critic Sondhi Limthongkul, who was also a long-time critic of Pridiyathorn.

His resignation shocked the political world as well as the business community. "The reasons he gave were quite strange," noted Pornsilp Patcharinpanakul, deputy secretary-general of Board of Trade. Pridiyathorn was replaced by Chalongphob Sussangkarn. Junta leader General Saprang Kalayanamitr was also implicated in Pridiyathorn's resignation. The Bangkok Post reported that Pridiyathorn resigned in protest after a CNS member lobbied him to sell shares of IRPC (formerly known as Thai Petrochemical Industry or TPI) back to a former shareholder. Saprang's brother, Chienchuan, was a key financial advisor to Prachai Liaophairat, the estranged founder of TPI.

Economic advisor to the 2014 junta

Pridiyathorn was an outspoken critic of Yingluck Shinawatra's government, especially its scheme assuring a fixed minimum rice price to farmers. In November 2013 he estimated the costs of the programme at 425 billion baht. In February 2014 he called Yingluck's economic policies a failure and asked her to step down. Instead, he called for the appointment of a "neutral", unelected government.

After the 22 May 2014 coup d'état, the junta—which calls itself National Council for Peace and Order—appointed Somkid a member of its "advisory board" in charge of economic issues.

On 31 August Pridiyathorn was appointed as a deputy prime minister in the first military-appointed cabinet under General Prayut Chan-o-cha.

Wealth

Disclosures to the National Counter Corruption Commission revealed that 30 days after leaving his cabinet position in March 2007, Pridiyathorn had 730 million baht in assets, a slight drop from 754 million baht when he took office in October 2006. His wife, Praphaphan, had a net worth of 283 million baht, while his daughter Pudjeep had seven million baht.

In October 2014 the National Anti-Corruption Commission (NACC) published the declared wealth of all ministers in the cabinet. Pridiyathorn was the wealthiest with assets of 1.38 billion baht.

Decorations

Pridiyathorn holds the titles Knight Grand Cross (First Class) of the Most Noble Order of the White Elephant and Knight Grand Cross (First Class) of the Most Noble Order of the Crown of Thailand.