A deepening rift within the Piyaoui family is about to take a crucial turn at Dusit Thani Public Company Limited (SET: DUSIT), one of Thailand’s most storied hotel chains. The discord centers around control of Chanut & Children Co., Ltd., a holding company that owns a majority stake in DUSIT and whose shares were inherited equally by three siblings after the passing of their mother.
Chanin Donavanik is currently the Acting Chairman of DUSIT. His sisters, Sinee Thienprasiddhi, serves as Executive Director, and Sunong Salirathavibhaga was a former board member.
What started as family disagreements have evolved into a full-scale power struggle within the company’s upper echelons. Reports indicate that the two sisters have repeatedly clashed with their brother, frustrating decision-making at the holding company, which in turn influences operations at DUSIT. Even though Sunong holds no formal post at DUSIT, her alignment with Sinee has shifted the balance of power in Chanut & Children Co., Ltd.
Despite the internal friction, DUSIT pressed on with business. Its trajectory notably took an important step in 2017 with an agreement to partner with Central Pattana Public Company Limited (SET: CPN) for the ambitious 46 billion baht Central Park project. CPN’s portion was valued around 20 billion baht.
At one point, CPN owned about 22.5% of DUSIT before divesting a 5% block to Ananda Development Public Company Limited (SET: ANAN). The company is now holding about 17% in DUSIT.
The scale of this project brought substantial debt, compounding pressure on the company’s finances when the pandemic slashed hospitality and retail revenues. DUSIT recorded losses and halted dividend payments in the aftermath. As the company struggled to recover, criticism mounted – much of it directed at Chanin as the visible face of leadership.
Matters took a rare turn when, in an unprecedented move, DUSIT’s 2024 financial statements – despite auditor approval – were rejected by a major shareholder. Chanin asserted that his two sisters orchestrated the rejection by mobilizing control through Chanut & Children.
On August 27, 2025, DUSIT informed the Stock Exchange of Thailand of an extraordinary shareholders’ meeting. The agenda included financial statement approvals but also called for a vote on removing Chanin as director, increasing the size of the board, appointing new directors, and amending the company’s signing authority framework – a dramatic reshuffling of corporate power.
Chanin’s Response and Allegations
Chanin claims he learned from several sources that Central Pattana and Chanut & Children, under his sisters’ leadership, have held repeated talks about buying additional shares – a move he interprets as an attempt to seize operational control of Dusit Thani. “I believe such actions are improper and will severely impact the business’s continuity,” Chanin said, describing the unfolding events as a fight to protect Dusit Thani from what he sees as an unfair takeover, threatening a family legacy built over 76 years.
“There are plans to expand the board by six new members, increasing it from 12 to 18, and to alter director signing authority, which fundamentally changes control over the company,” he warned. “This is unjust to the board, management, and especially to minority shareholders who have invested faith and resources in DUSIT’s long-term growth.”
Central Pattana’s Official Statement
In response, Central Pattana issued a formal denial to the Stock Exchange of Thailand, dismissing Chanin’s allegations as misleading. The company reiterated its respect for good governance and explained its 17.09% holding and board presence were commensurate with its investment, not an attempt to gain control. Central Pattana emphasized its longstanding partnership with DUSIT, specifically referencing their co-investment since 2017.
Other Developments
Afterward, Mrs. Nualphan Lamsam, a renowned figure in Thai business and public life, resigned from DUSIT’s board, citing competing demands across her business and public commitments, most notably her sports management role.
A Crucial Vote Lies Ahead
Against this backdrop, all eyes will be on DUSIT’s extraordinary general meeting, scheduled for September 26. To ensure fairness, stakeholders with a potential conflict of interest – including Chanut & Children Co., Ltd. – are expected to abstain from voting on critical issues such as Chanin’s directorship. Central Pattana, which directly responded to Chanin’s accusations, may also choose to recuse itself from contentious votes.
With the company’s future at stake, the decision may ultimately rest with retail investors, many of whom never anticipated being forced to choose sides in a classic succession drama – a battle between Chanin, the company’s longtime patriarch and founding figure, and Sinee, seen by some as a catalyst for change.
