DUSIT CEO Accuses Central Group Rival of Attempting Data Theft Through Hostile Takeover Bid
DUSIT CEO Chanin Donavanik accuses rival Central Group of attempting a hostile takeover to access priceless data; TCC intervention sought before December 4 vote
- DUSIT's CEO, Chanin Donavanik, has accused the rival Central Group of attempting a hostile takeover with the primary goal of stealing confidential customer data and business strategies.
- The alleged takeover is being attempted through motions to appoint new directors affiliated with the Central Group, which the CEO claims would give a direct competitor access to sensitive internal information.
- In response, DUSIT's management has postponed key shareholder decisions until December 2025 to allow for a regulatory investigation into potential monopolistic practices.
- An initial attempt to remove the DUSIT CEO from his director position during a shareholder meeting was overwhelmingly defeated by minority shareholders.
The boardroom battle for control of hospitality giant Dusit Thani Public Company Limited (DUSIT) has escalated, with Group CEO and Acting Chairman Chanin Donavanik publicly accusing a rival group of attempting a corporate takeover to gain access to confidential business strategies and customer data.
Chanin confirmed that key decisions at the Extraordinary General Meeting (EGM) held on 26 September were postponed until 4 December 2025, specifically to allow regulatory bodies to assess potential monopolistic behaviour.
In a formal statement to shareholders, Chanin revealed that the postponement of agendas—including motions to appoint new directors and alter director authority—was necessary to "protect the interests of minority shareholders" following complaints lodged with the Securities and Exchange Commission (SEC) and the Trade Competition Commission (TCC).
The CEO directly referenced concerns that the major shareholder driving the motions, Chanat and Children Co Ltd., may be acting in concert with others to take over the company in a manner that could qualify as a business merger leading to a monopoly or the acquisition of market-dominant power, requiring specific authorisation from the TCC.
Chanin’s primary objection centres on the deep competition between the Dusit Thani Group and the Central Group, a major player in retail and hospitality.
He argued that if directors or senior executives from the Central Group were appointed: "The management direction of Dusit Thani would fall under the control of a direct competitor."
He warned that Central would gain access to internal data, including DUSIT’s hard-earned customer base and management strategies, information he described as having "immense business value."
Allowing this access would unfairly benefit a competitor, potentially causing DUSIT "irreparable damage" and leading to the eventual disappearance of the Thai brand.
Despite the fierce opposition, Chanin confirmed that the initial attempt to remove him from his director position at the EGM was defeated.
He revealed that the resolution was defeated overwhelmingly by shareholders who attended the meeting. Of the shares voted on the removal agenda, 422.8 million belonged to the major shareholder, Chanat and Son Co., Ltd., while the vast majority of other participating shareholders voted "Against" the removal.
Chanin used the opportunity to sincerely thank all minority shareholders for "collectively protected and supported Dusit Thani to continue operating under the management of the current Board."
In a defence of the current management's performance, Chanin cited the success of the Dusit Central Park project.
He highlighted the strategic decision to demolish the original Dusit Thani Bangkok—a move he described as essential for the company's long-term competitiveness—and praised the project's financial planning, which avoided the need for a capital increase, thus protecting existing shareholders.
The landmark development’s residential component, Dusit Residences, has successfully sold over 90 per cent of its units, promising significant future revenue.
Furthermore, the newly opened hotel has garnered numerous awards, and the seven-rai (11,200 square metre) elevated green space, Suan Dusit Arun, has been enthusiastically received by the public.
The stage is now set for the adjourned EGM on 4 December, where the outcome of the TCC's consideration could determine the future corporate direction of the company.
