Korn Chatikavanij
Encyclopedia
Korn Chatikavanij is a Thai
Democrat Party
politician and former investment banker. He was Finance Minister
under Abhisit Vejjajiva
.
for King Prajadhipok
(Rama 7). His uncle, Kasem Chatikavanij, was the founder of the Electricity Generating Authority of Thailand
(EGAT).
Korn attended Somtavil and Satit Pathumwan Schools in Bangkok until the 6th grade, when he attended Winchester College
boarding school in England. He read politics, philosophy and economics (PPE) at St. John's College
, Oxford University and graduated with honours. While at St. John's College, he was a classmate of Abhisit Vejjajiva
.
to run for office, and subsequently went on to win a seat in Bangkok
’s 2nd constituency (Sathorn – Yannawa) in the general elections of February 2005. After the defeat of the Democrat Party, Abhisit Vejjajiva
replaced Banyat Banthadthan as Democrat Party leader. Korn was appointed Deputy Secretary General and Secretary for Economic Affairs of the Party. He became a vocal member of the opposition to the government of Thaksin Shinawatra
during the 2005-2006 Thai political crisis. During the same period, Korn played a major role in examining the economic policies of Thaksin's government including the Shin Corporation Deal Scandal.
On the night of September 19, 2006, the Thaksin government was overthrown by 2006 coup. Korn expressed his opinion that he was "sad" and felt that it was "understandable for any democracy to denounce coups as a concept in general", however he felt that the coup had to be examined "within the context of the Thai political situation." Korn was reelected in the post-coup 2007 elections, but the Democrat Party remained in the Opposition after losing to the People's Power Party
. During both Samak Sundaravej
and Somchai Wongsawat
's brief terms as Prime Minister, Korn served as Shadow Finance Minister for the Democrat Party.
.. Abhisit Vejjajiva
was subsequently appointed as Prime Minister after a parliamentary vote. Korn was appointed Finance Minister in the Abhisit administration in December 2009.
Korn's significant achievements as Minister of Finance include: a 117-billion-baht stimulus package initiated in January 2009 and a second stimulus package, valued over 1.4 trillion baht over 2010 - 2012. Most of the funds will be spent in improving infrastructure in Thailand especially in the area of irrigation and transportation, public health, education and tourism.
After the Democrats were defeated in the 2011 election, Korn's term as finance minister ended, and he was replaced by Securities and Exchange Commission (SEC) economist Thirachai Phuvanatnaranubala
.
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
Democrat Party
Democrat Party (Thailand)
The Democrat Party is Thailand's oldest political party and was the main coalition government party of the 23rd House of Representatives of Thailand. The Democrat Party's current leader is Abhisit Vejjajiva, incumbent opposition leader and former Prime Minister. The party upholds a conservative...
politician and former investment banker. He was Finance Minister
Ministry of Finance (Thailand)
The Ministry of Finance of the Kingdom of Thailand is a Cabinet Ministry in the Government of Thailand. It is considered to be one of the country's most important Ministry...
under Abhisit Vejjajiva
Abhisit Vejjajiva
Abhisit Vejjajiva , , ; born Mark Abhisit Vejjajiva; 3 August 1964 in Newcastle upon Tyne) is a Thai politician who was the 27th Prime Minister of Thailand from 2008 to 2011 and is the current leader of the Democrat Party...
.
Early life
Korn was born in Princess Beatrice Hospital, London, England, to Mr Kraisri and Mrs Rumpa Chatikavanij. His father was Commissioner of the Customs Department, Commissioner of the Revenue Department, and Director of the Fiscal Policy Office. His grandfather, Phraya Athikarnprakat , was Police Commissioner and a member of the Privy CouncilPrivy Council (Thailand)
The Privy Council of Thailand is a body of appointed advisors to the Monarch of Thailand: King Bhumibol Adulyadej of Thailand. The Council, as the Constitution of Thailand stipulates, must be composed of no more than eighteen members...
for King Prajadhipok
Prajadhipok
Phra Bat Somdet Phra Poramintharamaha Prajadhipok Phra Pok Klao Chao Yu Hua , or Rama VII was the seventh monarch of Siam under the House of Chakri. He was the last absolute monarch and the first constitutional monarch of the country. His reign was a turbulent time for Siam due to huge political...
(Rama 7). His uncle, Kasem Chatikavanij, was the founder of the Electricity Generating Authority of Thailand
Electricity Generating Authority of Thailand
The Electricity Generating Authority of Thailand , , is a state enterprise that owns and manages the majority of Thailand's electricity generation capacity, as well as the nation's transmission network.EGAT is managed by the Ministry of Energy....
(EGAT).
Korn attended Somtavil and Satit Pathumwan Schools in Bangkok until the 6th grade, when he attended Winchester College
Winchester College
Winchester College is an independent school for boys in the British public school tradition, situated in Winchester, Hampshire, the former capital of England. It has existed in its present location for over 600 years and claims the longest unbroken history of any school in England...
boarding school in England. He read politics, philosophy and economics (PPE) at St. John's College
St John's College, Oxford
__FORCETOC__St John's College is a constituent college of the University of Oxford, one of the larger Oxford colleges with approximately 390 undergraduates, 200 postgraduates and over 100 academic staff. It was founded by Sir Thomas White, a merchant, in 1555, whose heart is buried in the chapel of...
, Oxford University and graduated with honours. While at St. John's College, he was a classmate of Abhisit Vejjajiva
Abhisit Vejjajiva
Abhisit Vejjajiva , , ; born Mark Abhisit Vejjajiva; 3 August 1964 in Newcastle upon Tyne) is a Thai politician who was the 27th Prime Minister of Thailand from 2008 to 2011 and is the current leader of the Democrat Party...
.
Investment banker
Korn worked in asset management at SG Warburg while a student and joined the firm after his graduation. He left Warburg and returned to Thailand in 1988, founding J.F. Thanakorn, a joint venture between Jardine Flemings and Finance One. JF Thakakom became the Kingdom's largest brokerage by 1995-6 and became the first Thai investment bank to manage a public takeover, as well as the first to lead manage a Euro-convertible for a Thai firm, with Korn at the helm. In 1999, JF Thanakom was sold to JP Morgan (later JP MorganChase). Korn stayed on as Senior Country Officer.2005-2006 Thai political crisis and the 2006 coup
Korn left JP Morgan in October 2004, joined the Democrat PartyDemocrat Party (Thailand)
The Democrat Party is Thailand's oldest political party and was the main coalition government party of the 23rd House of Representatives of Thailand. The Democrat Party's current leader is Abhisit Vejjajiva, incumbent opposition leader and former Prime Minister. The party upholds a conservative...
to run for office, and subsequently went on to win a seat in Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
’s 2nd constituency (Sathorn – Yannawa) in the general elections of February 2005. After the defeat of the Democrat Party, Abhisit Vejjajiva
Abhisit Vejjajiva
Abhisit Vejjajiva , , ; born Mark Abhisit Vejjajiva; 3 August 1964 in Newcastle upon Tyne) is a Thai politician who was the 27th Prime Minister of Thailand from 2008 to 2011 and is the current leader of the Democrat Party...
replaced Banyat Banthadthan as Democrat Party leader. Korn was appointed Deputy Secretary General and Secretary for Economic Affairs of the Party. He became a vocal member of the opposition to the government of Thaksin Shinawatra
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
during the 2005-2006 Thai political crisis. During the same period, Korn played a major role in examining the economic policies of Thaksin's government including the Shin Corporation Deal Scandal.
On the night of September 19, 2006, the Thaksin government was overthrown by 2006 coup. Korn expressed his opinion that he was "sad" and felt that it was "understandable for any democracy to denounce coups as a concept in general", however he felt that the coup had to be examined "within the context of the Thai political situation." Korn was reelected in the post-coup 2007 elections, but the Democrat Party remained in the Opposition after losing to the People's Power Party
People's Power Party
People's Power Party can refer to:* Lok Janshakti Party * People's Power Party * People’s Power party...
. During both Samak Sundaravej
Samak Sundaravej
Samak Sundaravej was a Thai Chinese politician who briefly served as the Prime Minister of Thailand and Minister of Defense in 2008, as well as the leader of the People's Power Party in 2008.-Early life and family:...
and Somchai Wongsawat
Somchai Wongsawat
Somchai Wongsawat is a Thai politician, as well as former executive member of the People's Power Party whose political rights have been disfranchised by the Constitutional Court for five years....
's brief terms as Prime Minister, Korn served as Shadow Finance Minister for the Democrat Party.
2008-2011 Member of Abhisit government
On December 2, 2008, the Constitutional Court dissolved the People's Power PartyPeople's Power Party
People's Power Party can refer to:* Lok Janshakti Party * People's Power Party * People’s Power party...
.. Abhisit Vejjajiva
Abhisit Vejjajiva
Abhisit Vejjajiva , , ; born Mark Abhisit Vejjajiva; 3 August 1964 in Newcastle upon Tyne) is a Thai politician who was the 27th Prime Minister of Thailand from 2008 to 2011 and is the current leader of the Democrat Party...
was subsequently appointed as Prime Minister after a parliamentary vote. Korn was appointed Finance Minister in the Abhisit administration in December 2009.
Korn's significant achievements as Minister of Finance include: a 117-billion-baht stimulus package initiated in January 2009 and a second stimulus package, valued over 1.4 trillion baht over 2010 - 2012. Most of the funds will be spent in improving infrastructure in Thailand especially in the area of irrigation and transportation, public health, education and tourism.
After the Democrats were defeated in the 2011 election, Korn's term as finance minister ended, and he was replaced by Securities and Exchange Commission (SEC) economist Thirachai Phuvanatnaranubala
Thirachai Phuvanatnaranubala
Thirachai Phuvanatnaranubala is a Thai economist and politician. From 2003 to 2011 he was the Secretary-General of the Securities and Exchange Commission of Thailand and Chairman of the ASEAN Capital Markets Forum...
.
External links
See also
- Democrat Party (Thailand)Democrat Party (Thailand)The Democrat Party is Thailand's oldest political party and was the main coalition government party of the 23rd House of Representatives of Thailand. The Democrat Party's current leader is Abhisit Vejjajiva, incumbent opposition leader and former Prime Minister. The party upholds a conservative...
- Ministry of Finance (Thailand)Ministry of Finance (Thailand)The Ministry of Finance of the Kingdom of Thailand is a Cabinet Ministry in the Government of Thailand. It is considered to be one of the country's most important Ministry...