The heirs to Thailand’s huge Dusit Thani are experiencing an acceleration in a family feud after a controlling company of the Hotels & Resorts group refused to approve the company’s 2024 financing statements during its annual general meeting.
The three children of founder Thanpuying (Lady) Chanut Piyaoui, Chanin Donavanik, the eldest son who has been steering Dusit Thani as its chief executive; and his two sisters, Sinee Thienprasiddhi and Sunong Salirathavibhaga, control Chanut and Sons Co., Ltd, a major shareholder in Dusit Thani. But Chanin was removed as a director of Chanut and Sons Co., Ltd in February 2025. The company’s board now comprises only members from the Sinee and Sunong families, with signatory power structured to exclude any influence from the Chanin branch.
The financial statements had already been audited, certified, and reported to the Stock Exchange of Thailand, according to a Skift report, but Chanut and Sons declined to sign off.
That leaves Dusit Thani, which has a market capitalisation of around 6.50 billionTHB (AU$303million), unable to appoint auditors for 2025 and prompted it to miss a May 15 deadline for submitting 1Q25 results, which triggered an automatic suspension of trading in its shares.
The corporate governance crisis follows a power struggle between Thanphuying Chanut’s three children, who have a 49.74 per cent stake in the company.
The conflict has intensified since Lady Chanut’s death in 2020, with tensions over management direction and control of the family’s legacy becoming increasingly apparent.
Company officials tried to calm shareholders, telling them they would continue operating with their existing business plan.
They had filed their 1Q financials, but the stock exchange had advised shareholders to wait for the shareholder meeting to make sure the auditors were appointed.
That did not work out the way the company officials wanted it to.
Meanwhile, it is business as usual as the Dusit Thani-owned Elite Havens has added Golden Lotus Villas, a stunning new collection of high-end residences perched in the lush hills of Koh Samui, to its portfolio.
