, with private equity partner Seacrest
The power struggle between members of the board at City Developments Limited (CDL) appears to have reached a resolution, with executive chairman Kwek Leng Beng dropping all legal action against a group of directors led by his son, group CEO Sherman Kwek. The board will also include two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong.
In a joint statement, all members of the board have agreed to put their differences aside for the benefit of CDL and its stakeholders. “We will continue to focus on strengthening CDL’s business, promoting good corporate governance, and maximizing shareholder value,” said Leng Beng on behalf of the board.
The power struggle within CDL’s board has been ongoing, with allegations of poor corporate governance and a board coup by Sherman Kwek against his father. However, with this recent development, it seems that the board has found a way to work together towards the common goal of growing CDL’s business.
The statement also highlighted CDL’s current projects in Singapore and globally, the expansion of its brands under Millennium & Copthorne, and its capital recycling initiative. With this resolution, CDL can now fully focus on these projects and continue to deliver value to its shareholders.
The board’s decision to move past their differences and work together for the good of the company is a positive development for CDL. It shows a commitment to putting the company’s interests first and ensuring its continued success.