The long-standing family feud that has plagued the boardroom of City Developments seems to have finally been resolved. Executive chairman Kwek Leng Beng has announced that he will be withdrawing all legal actions against a group of board directors, led by his son and group CEO Sherman Kwek.
Apart from Kwek Leng Beng and Sherman, two recently appointed independent directors, Jennifer Duong Young and Su Yen Wong, will remain on the board. In a joint statement, the board members have agreed to put their differences aside for the benefit of CDL and its stakeholders.
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Leng Beng, speaking on behalf of the board, stated that all members will now focus on strengthening CDL’s business and upholding good corporate governance. This includes completing ongoing development projects in Singapore and abroad, expanding the Millennium & Copthorne brand, and maximizing shareholder value through capital recycling initiatives.
The resolution of this family feud marks a significant step forward for CDL. With the united efforts of its board members, the company can now move forward with its business plans and continue to deliver value to its shareholders.