The boardroom-family saga at City Developments has seemingly come to an end, with executive chairman Kwek Leng Beng discontinuing legal actions launched against a faction of board directors led by his son group CEO Sherman Kwek.
Besides Kwek Leng Beng and Sherman, two of the newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will remain on the board.
“All the Board members have agreed to put aside their differences for the greater good of CDL and its stakeholders.
“We will all continue to focus on strengthening CDL’s business, in accordance with good corporate governance, now and in the future, including completing the raft of landmark developments underway across Singapore and globally, furthering the expansion of various brands under Millennium & Copthorne, continuing our capital recycling initiative and above all, maximising shareholder value,” reads the statement by Leng Beng on behalf of the board.
