Thai Court Dismisses Prime Minister Paetongtarn Shinawatra for an Infringement of Ethical Standards
The Thai Constitutional Court has removed Prime Minister Paetongtarn Shinawatra from her post, marking the fifth instance of a Prime Minister linked to Thaksin Shinawatra being ejected from office by the Court over the past two decades. The dismissal, anticipated by market participants, comes as the Thai stock market benchmark index fell 1.1% to close at 1,236.61, and the Thai baht slipped 0.1% against the greenback.
Paetongtarn Shinawatra, the youngest daughter of influential former premier Thaksin Shinawatra, has been suspended from office since July 1, following allegations of ethical standard violations stemming from comments made criticizing a Thai army commander. The leaked phone call with former Cambodian leader Hun Sen was a significant factor in the violation.
Initially, the new prime minister expected by the Pheu Thai party-led coalition was Chaikasem Nitisiri, the former justice minister. However, the actual new prime minister elected was Anutin Charnvirakul, chairman of the Bhumjaithai Party, who won the parliamentary vote with a clear majority despite Pheu Thai's opposition. The composition of the new cabinet remains uncertain at this time.
Investment strategist Piriyapon Kongvanich at Bualuang Securities expressed concern over the political uncertainties, stating they are expected to continue to weigh on investor sentiment. The political uncertainties are a worry for many, with Chaikasem Nitisiri being previously touted as the next Prime Minister.
This is the third instance of a member of the Shinawatra family being removed from office before completing a term. The removal of Prime Minister Paetongtarn Shinawatra adds to the ongoing political instability in Thailand, which has been a concern for many investors.
It is anticipated that clarity on the next Prime Minister and new cabinet will be forthcoming within this weekend. As the situation develops, the impact on the Thai economy and stock market will be closely watched by investors and analysts alike.
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