Cdl Board Fight Cools Undertaking Two New Ids
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City Developments (CDL) executive chairman Kwek Leng Beng has stated that the previous “lapses” in corporate governance at the company have now been put to an end. This follows a recent court hearing on Feb 26, during which two newly appointed directors, Jennifer Duong Young and Wong Su Yen, agreed not to exercise their powers until further notice from the court. Additionally, Kwek’s son Sherman Kwek, Philip Lee, Wong Ai Ai, and other directors aligned with them have also agreed not to take any actions that would affect the board or management of CDL’s subsidiaries. The “irregularly constituted” nominating and remuneration committee has also been suspended from making further decisions. With this, CDL’s board committees and management of its subsidiaries are now “safe” from any attempts to destabilize them.
Kwek emphasized the importance of strong corporate governance for a well-functioning and sustainable business. He stated that it ensures transparency, accountability, and responsible decision-making, which are crucial for maintaining investor confidence and protecting the long-term interests of shareholders. On Feb 26, CDL announced a trading halt and a last-minute cancellation of its FY2024 results briefing due to a disagreement within the board regarding the composition and constitution of the board and its committees. However, CDL’s business operations remain unaffected, and Sherman Kwek remains the group CEO until any further decisions are made. Kwek had earlier accused his son, Lee, Wong, and other aligned directors of attempting to consolidate control of the company. He has filed court papers to “set things right” and protect the interests of CDL and its shareholders. Shares in CDL last traded at $5.12 before the trading halt on Feb 26.