The long-standing feud between the Kwek family members at City Developments Limited (CDL) appears to have reached a resolution, with executive chairman Kwek Leng Beng announcing the discontinuation of all legal actions against a group of board directors led by his son, group CEO Sherman Kwek. Along with Kwek Leng Beng and Sherman, two of the newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will remain on the board.
In a statement released by Kwek Leng Beng on behalf of the board, it was stated that all members have agreed to put aside their differences for the greater good of CDL and its stakeholders. The focus will now be on strengthening the company’s business in accordance with good corporate governance, completing ongoing developments in Singapore and globally, expanding the Millennium & Copthorne brand, recycling capital, and maximizing shareholder value.
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The news comes after the resignation of Dr. Catherine Wu and allegations made by Sherman Kwek regarding the CDL CEO’s inability to follow good corporate governance practices. Along with the discontinuation of legal actions, the board has also announced the acquisition of a portfolio of 11 strata shops at The Venue Shoppes for $40.77 million, and a strong response to The Residences at W with 65 units sold at an average price of $1,780 per square foot. CDL has also acquired five PBSA assets in the UK for $357 million.
The resolution of the boardroom-family saga at CDL is a positive development for the company and its stakeholders. With a renewed focus on good corporate governance and the completion of ongoing developments, CDL is well-positioned for continued success. Shareholders can look forward to the maximization of value as the company moves forward.