On May 12, 2025, at Convention Room 1-2 of the Wintree City Resort Chiang Mai, Yaowalak Rhitsomchit, the representative of the IFEC shareholders held a joint press conference with three lawyers. The conference addressed matters concerning IFEC shareholders related to Dhara Dhevi and the financial losses of the shareholders.
Yaowalak stated that after the Dhara Dhevi Hotel faced financial difficulties and was forced into auction, the Legal Execution Department conducted the process. The first auction was won by IThermal for 2.1 billion baht but was later terminated due to non-payment. The second auction was held on January 27, 2023, where 69 bids were submitted and IThermal won again, this time bidding 3.59 billion baht, with Siam Estate Dhara Dhevi Co., Ltd. joining as a co-investor. The auction included 18 land plots totaling 80 rai and 60 buildings.
Despite acquiring land and buildings, Siam Estate Dhara Dhevi used assets that the Legal Execution Department had legally seized. IThermal’s creditors had requested asset seizure, and over 20,000 items including furniture, kitchenware, and equipment have been recorded. Later, the Chiang Mai Provincial Legal Execution Office inspected the premises and posted legal notices prohibiting any use, sale, or removal of these items. However, Siam Estate Dhara Dhevi allegedly distributed some of these seized assets to businesses renting within the property although the assets legally belonged to the Legal Execution Department.
Later, allegations were made that the IFEC shareholders group was harassing the tenants occupying the space. The shareholders denied and clarified that no harassment occurred. However, the issue lies in the unauthorized use of assets that have been legally seized. These items must be auctioned off to repay creditors, including IFEC shareholders. They called on all tenants and businesses at the property to reconsider using furnishings and items seized under enforcement.
Furthermore, allowing tenants to use property owned by IFEC shareholders also violates the rights of IThermal’s shareholders and creditors, who initiated the asset seizure. This is because the income from rentals and removed assets was neither used to repay debts nor handled by the IFEC shareholder group, who are co-investors in the company.
The IFEC shareholders have come forward to voice their concerns because they all invested significant funds. Yet, seeing a 5-6 star hotel reduced to just Kad Dhara Dhevi, despite once operating as an international hotel with high-end restaurants, raises serious doubts about when the investors will ever recover their money from a business managed in this way.
At the same time, it was found that several buildings had been modified without proper authorisation, which is a legal violation since any construction, expansion, or structural renovation requires official permits. No such permits appear to have been requested. Authorities are expected to investigate this issue. If they still neglect their responsibilities, these issues will be complaint to the National Anti-Corruption Commission (NACC).
Lastly, regarding the fire that broke out on April 23, 2025, at around 2 am, the cause remains unclear. Early reports suggested the building had been without electricity. Later claims that a single light bulb was not connected to wiring. Some even speculated about supernatural causes. However, forensic investigators have yet to release their findings. Meanwhile, the IFEC shareholders obtained a video clip showing that the spa building, where the fire occurred, had multiple lights installed in the building and under the eaves, with visible wiring. They are now demanding a full investigation into the incident.
