A caretaker government promised for September under a temporary constitution is the next step on a bumpy path to the restitution of civilian political control, which is likely to see the reforms that the “yellow-shirt” opponents of the Shinawatra-clan favoring the Democratic Party had been calling for.

However, investors should be suspicious of the battle for control over Thailand’s important state-owned enterprises – more than 50, mostly large corporations that have become extremely valuable assets to the treasury in recent years, and invariably hotbeds of political control. Although the military has stopped short of deposing chief executives growing pressure on company boards has seen several resignations lately, including heads of the oil and gas company PTT, Krung Thai Bank, Airports of Thailand and the Government Lottery. Anecdotal evidence suggests that company directors are no longer guaranteed liability insurance.