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
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.
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