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Chaos at CDL: Crossing the Rubicon

Given the statements Kwek Leng Beng and Sherman Kwek have made, one or the other will probably eventually step down; directors who backed the withdrawing party may quit too

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Ben Paul

Ben Paul

Published Mon, Mar 3, 2025 · 05:00 AM
    • CDL shares would probably garner a higher market valuation if the company aggressively monetised assets, and focused on more income-generating businesses
    • CDL shares would probably garner a higher market valuation if the company aggressively monetised assets, and focused on more income-generating businesses PHOTO: BT FILE

    WHEN City Developments Ltd (CDL) announced on Feb 7 that it expanded its board with the appointment of two additional independent directors (IDs) – Jennifer Duong Young and Wong Su-Yen – few market watchers seemed to care.

    The company’s subsequent announcement on Feb 21 that it had made changes to its board committees was similarly unnoticed.

    Then came CDL executive chairman Kwek Leng Beng’s bombshell statement on Feb 26, which characterised these seemingly mundane corporate developments as a boardroom coup – orchestrated by his own son, CDL chief executive Sherman Kwek.

    City Developments Ltd (CDL)Corporate boardsCorporate governance

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