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Cdl Board Fight Cools Undertaking Two New Ids

Posted on February 27, 2025

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The previous statement issued by City Developments (CDL) regarding “serious lapses” in corporate governance has been resolved, according to a second statement released by CDL’s executive chairman Kwek Leng Beng. In a court hearing on Feb 26, it was decided that the new directors, who were appointed on Feb 7 in an “irregular and hasty” manner, would not have any powers as directors until further notice from the court. The two new directors are Jennifer Duong Young and Wong Su Yen, who were appointed as independent non-executive directors through written resolutions by the directors. In addition, Kwek Leng Beng’s son, Sherman Kwek, Philip Lee, Wong Ai Ai and other directors working with them have agreed not to take any further action regarding their attempts to change the board committees and management of certain CDL subsidiaries until further notice from the court. The nominating and remuneration committee, which was “irregularly constituted”, has also been suspended from taking action. With this resolution, CDL’s board committees and management of relevant subsidiaries will be safe from any further attempts to disrupt and restructure them, according to the elder Kwek. He emphasizes the importance of strong corporate governance, which ensures transparency, accountability, and responsible decision-making, to maintain the trust of investors and protect the interests of shareholders in the long term. On the morning of Feb 26, CDL surprised the market by calling for a trading halt and canceling its FY2024 results briefing, which was scheduled for later that day. In a media statement released at 1.51pm, CDL explained that the suspension of trading in its shares was due to a disagreement among the board members regarding the composition and constitution of the board and its committees. However, the company’s business operations remained unaffected and fully functional, with Sherman Kwek still serving as group CEO. In his previous statement, Kwek Leng Beng accused his son, Lee, Wong, and a group of directors working with them, of trying to gain control of the board and the group. He also stated that he had filed court papers on Feb 25 to resolve the issue. The elder Kwek further stated that he is willing to explore all legal options to protect the interests of CDL and its shareholders. However, he stated that the current COO, Kwek EIk Sheng, will serve as the interim CEO in the event that Sherman is removed from his position. CDL’s share price was last at $5.12 before the trading halt on Feb 26.

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