Chanut and Children Co., the largest shareholder of Dusit Thani Public Company Limited (SET: DUSIT), has issued a statement clarifying its decision to vote against the approval of the company’s financial statements and the re-election of four outgoing directors.
The clarification comes after speculation that the vote was due to internal conflict among the heirs of Lady Chanut Piyaoui, founder of Dusit Thani Hotel.
In the statement, Chanut and Children Co. explained that the decision not to approve the financial statements was a legitimate exercise of shareholder rights under the law. Prior to the company’s Annual General Meeting on April 25, 2025, Chanut and Children Co. submitted questions regarding the 2024 financial statements and resubmitted these questions on the day of the meeting.
However, DUSIT’s board failed to provide clear answers, especially on critical issues concerning assets, liabilities, investments, and loans to subsidiaries.
The company pointed out that DUSIT has reported losses for more than five consecutive years, accumulating deficits of THB 1.254 billion, which exceeds its registered capital of only THB 850 million. As a result, Chanut and Children Co., which previously received over THB 80 million in annual dividends, has not received any dividends for over five years.
Chanut and Children Co. emphasized that there is no motive to harm or undermine DUSIT, given its 49.74% stake in the company. Damaging Dusit Thani would be self-defeating, especially as the hotel remains a family legacy established by Lady Chanut Piyaoui and has operated in Thailand for more than 50 years, and has been recognized globally as a premier Thai hotel brand.
Regarding the decision not to re-elect the four outgoing directors, the company explained that while these directors are knowledgeable and capable, DUSIT has sustained continued losses under their long tenures—some spanning 10 to 12 years. Thus, Chanut and Children Co. believes new directors should be elected to bring fresh expertise and help restore profitability.
Addressing reports of shareholder conflict, Chanut and Children Co. clarified that past disputes no longer impact DUSIT’s management. The groups led by Sinee Thienprasitt and Sunong Saleeratwiphak—the major shareholders—have lawfully assumed management control since Chaninthorn Tonawanik was removed as a director in November 2024. The Bangkok Company Registrar officially recognized this change on January 22, 2025.
As for the inheritance dispute among Lady Chanut’s three heirs, the company confirmed it is a personal matter, currently in the courts. Chaninthorn Tonawanik is seeking an extension to appeal after the South Bangkok Civil Court dismissed his lawsuit against Sinee and Sunong for allegedly violating a family inheritance agreement. The court ruled that no such agreement existed as claimed by Chaninthorn.
In closing, Chanut and Children Co. reaffirmed that its voting decisions at the shareholders’ meeting were made in good faith to protect DUSIT and all shareholders’ interests, and to prevent further consecutive losses at the company.
