The knights and pawns in CDL joust
Add BT as a preferred source
ON WEDNESDAY (Feb 26), a battle for board control emerged within property giant City Developments Ltd (CDL) , with father and son in the family-controlled company lined up against each other.
Executive chairman Kwek Leng Beng issued a lengthy statement citing an “attempted coup” by a faction led by his son and group chief executive Sherman Kwek, along with board directors Philip Lee Jee Cheng, Wong Ai Ai and others, saying they sought to consolidate control of the board and the group. “In response, we have filed court papers yesterday to set things right,” said the elder Kwek.
He sought the dismissal of his son Sherman, a move which was subsequently blocked by the board. The chairman had named his nephew Kwek Eik Sheng to serve as interim CEO “if and when Sherman is removed as CEO”, while the group hunts for a professional CEO to lead the company.
TRENDING NOW
Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering
Not in education, employment or training: Why more Hong Kong youths are opting out of work
Vietnam workers keenest on AI in South-east Asia; Singapore employees among most sceptical: survey
Grab completes US$425 million acquisition of US-based Stash Financial
