Pridiyathorn Devakula

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Mom Rajawongse Pridiyathorn Devakula (Thai: ปรีดิยาธร เทวกุล, born 15 July 1947) is Minister of Finance in Thailand's interim civilian government.^[1] Before being named to the Cabinet of Prime Minister Surayud Chulanont, Pridiyathorn had served as Governor of the Bank of Thailand since 2001. Following the September 2006 coup d'état, there was speculation that he would be appointed prime minister by the junta.

1 Early life and education
2 The KTB non-performing loan scandal
3 September 2006 Thailand coup
4 Deputy Prime Minister and Minister of Finance
5 References
6 See also
7 External links

[edit] Early life and education

Pridiyathorn was educated at Thammasat University, Bangkok, and at the University of Pennsylvania, where he gained an MBA. 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 member of the Thai Senate from 1992 to 1993. In 1993 he became president of the Export-Import Bank of Thailand, and 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 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.

[edit] The KTB non-performing loan scandal

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 one of his first companies.^[2] 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. This was a factor behind the September 2006 coup.^[3]

[edit] September 2006 Thailand coup

Two days after the coup which deposed Prime Minister Thaksin Shinawatra, the Bangkok newspaper The Nation reported:

"Business leaders have called for the Council for Democratic Reform under Constitutional Monarchy to pick Bank of Thailand (BOT) Governor MR Pridiyathorn Devakula to serve as interim prime minister. Pridiyathorn has emerged as the front runner for the premiership, even though he said on Wednesday he had not been approached by the council. Council leader General Sonthi Boonyaratglin said a civilian would be picked within two weeks to become interim prime minister.

"Bangkok Bank chairman Chatri Sophonpanich said yesterday he supported Pridiyathorn becoming the new premier. He said the new prime minister would be well received by Thais and foreigners alike if he or she had a background in economics, and that Pridiyathorn fit the criteria."^[4]

Surayud Chulanont was eventually named prime minister, but he in turn named Pridiyathorn to his Cabinet as Minister of Finance, a move that business leaders saw as positive.^[5] He was succeeded as governor of the Bangkok of Thailand by Tarisa Watanagase, the first woman to head the BoT.^[6]

[edit] Deputy Prime Minister and Minister of Finance

Suvarnabhumi City. Pridiyathorn opposed the establishment of a new province, dubbed Suvarnabhumi City, around the newly constructed Suvarnabhumi Airport. The plan to establish a new province had been proposed by the deposed government of Thaksin Shinawatra. "There are a lot of retention ponds in the area and water experts said they serve as waterways, allowing floods to flow to the sea. If there are buildings, they will obstruct water from flowing out, and cause the inner city to flood. If the Department of Town and Country Planning proposes to build a community in the area, I'll oppose it," said Pridiyathorn.^[7]