Cdl Directors Put Stop Legal Action Executive Chairman Kwek Leng Beng And Son Sherman Kwek Retain
from a JV between GSAM and Unite Students
The turbulent power struggle at City Developments Limited (CDL) appears to have reached a resolution, with executive chairman Kwek Leng Beng putting an end to the legal battles against a group of board directors led by his son, group CEO Sherman Kwek. In addition to Kwek Leng Beng and Sherman, the two recently appointed independent directors, Jennifer Duong Young and Su Yen Wong, will remain on the board.
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According to a statement released by Kwek Leng Beng on behalf of the board, all members have agreed to set aside their differences for the benefit of CDL and its stakeholders. “We will all continue to focus on strengthening CDL’s business, adhering to good corporate governance, and maximizing shareholder value now and in the future,” the statement reads.
The recent tensions within the company have come to a head with the resignation of Dr Catherine Wu and the removal of former chief executive and chairman, Koh Wee Meng. However, with the resolution of these conflicts and the addition of the new independent directors, CDL can now refocus on its core business goals.
Among its priorities, the company will continue to work on completing its ambitious developments across Singapore and globally, as well as expanding its various brands under the Millennium & Copthorne portfolio. CDL will also continue its capital recycling initiative to maximize its overall value.
Despite the challenges faced by the company, CDL remains committed to upholding good corporate governance and delivering value to its shareholders. With the turmoil now behind them, the company can once again focus on its future growth and success.