Cdl Directors Put Stop Legal Action Executive Chairman Kwek Leng Beng And Son Sherman Kwek Retain

The long-standing feud between board members of City Developments appears to have reached a resolution, with executive chairman Kwek Leng Beng deciding to withdraw the legal actions initiated against a group of directors led by his son, group CEO Sherman Kwek.

Apart from Kwek Leng Beng and Sherman, two of the newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will continue to serve on the board. In a joint statement, the entire board has agreed to put aside their differences for the benefit of CDL and its stakeholders.

“We are all committed to working together to strengthen CDL’s business, in line with sound corporate governance practices. This includes completing our ongoing projects in Singapore and overseas, expanding our various brands under Millennium & Copthorne, implementing our capital recycling strategy, and ultimately, maximizing shareholder value,” said Kwek Leng Beng on behalf of the board.

The boardroom-family saga at CDL has been a cause for concern for many shareholders, with the company’s stock price and reputation being negatively affected. With this resolution, the board members have expressed their dedication to moving forward and focusing on the company’s growth and success.