Peak Hotels & Resorts Ltd (PHRL), a company currently in provisional liquidation, announced a change to its board by appointing a former Aman Group employee Carolyn Turnbull, as a director. The announcement attempted to suggest that as she would also be representing PHRL interests on the Board of Peak Hotels Resorts Group Ltd and Mr Amanat (the owner of PHRL) would have 50% voting control of Aman Resorts which is totally inaccurate.
Vladislav Doronin, the majority shareholder of the Aman Group explained that the business is currently being run by the four directors, who all vote independently when he said, “For PHRL to say that they have 50% voting control is entirely misleading and incorrect as all fours Directors in the Aman Group should vote in accordance with their own business judgement, in the best interest of the Group, and in subject to the terms of the joint venture Shareholder’s agreement.”
The voting rights on the Aman board break down as follows. Tarek Investments Limited – Mr Doronin’s vehicle – has the right to appoint two directors to the board of the JVC who each have a vote. Another board seat belongs to Mr Eliasch. The remaining one vote is directed by Mr Amanat’s company making a total of four votes.
The statement also suggested that Ms Turnbull would take responsibility for the Aman brand on behalf of PHRL. This is again entirely wrong as the Aman brand and ethos is being successfully enhanced and developed by a newly appointed highly experienced luxury lifestyle team. This team answers to the CEO and the board of Directors.
Doronin said, “We have an outstanding team with a strong vision that will deliver the excellence demanded from the Aman brand by the loyal clients. We can only conclude from this Mr Amanat has had to replace himself on the board due to being an undischarged bankrupt for the past 10 years. Quite what a former employee, whose services were terminated, can add to this board is unknown.”
Doronin added that, “Aman Group looks forward to the next steps in the Aman brand journey with exciting urbanisation which will be announced very soon”.