Family Feud Threatens Dusit Thani with Trading Suspension

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In a dramatic twist to an ongoing family feud, the heirs of Thanphuying Chanut Piyaoui, the founder of Thailand's eminent Dusit Thani hotel chain, have propelled the company to a critical point, potentially suspending its trading on the Thai stock exchange. The conflict reached a boiling point during Dusit Thani Public Company Limited's 32nd Annual General Meeting on 25 April 2025, when the major shareholder, Chanut and Sons Co., Ltd. – controlled by the late founder's three children – blocked the approval of the company’s 2024 financial statements.

Despite being audited and certified, these financials are critical for ongoing operations, and their rejection has set off a chain reaction, notably delaying the appointment of auditors for the 2025 financial year. Consequently, Dusit Thani will miss its 15 May deadline to submit its first-quarter financial results, resulting in an automatic trading suspension of its shares.

At the heart of this corporate crisis is a power struggle among Thanphuying Chanut's three children: Chanin Donavanik, the eldest and current chief executive, and his sisters, Sinee Thienprasiddhi and Sunong Salirathavibhaga. Since Lady Chanut's death in 2020, tensions over management and control have increased.

Holding equal shares in Chanut and Sons Co., Ltd., which commands a 49.74% stake in Dusit Thani PLC, the siblings are embroiled in a significant dispute. A critical development occurred in February 2025 when Chanin was ousted as a director. The board now consists solely of members from the Sinee and Sunong families, excluding Chanin's influence.

Industry analysts attribute several factors to the familial rift. The hotel group has experienced challenges, including the long-term effects of the COVID-19 pandemic and financial strains from projects like Dusit Central Park and the Dusit Thani Bangkok renovation. Financially, Chanut and Sons Co., Ltd. saw its net profits nosedive from 81.7 million baht in 2020 to 2.37 million baht in 2021, in the wake of the pandemic and Lady Chanut's death.

Although profits have been recovering, hitting 10.77 million baht in 2023, they lag behind pre-pandemic figures. Chanin's aggressive expansion strategy, including diversifying and promoting his descendants within the company, seemingly fueled tensions with his sisters, who have allied to challenge his leadership.

This internal conflict not only jeopardises Dusit Thani's financial stability but also highlights the delicate balance of family-run businesses navigating modern corporate landscapes.

  Adapted by ASEAN Now from The Nation 2025-05-16