Singapore Exchange Probes City Developments Amid Family Dispute

(MENAFN- The Arabian Post) Singapore's City Developments Limited is under scrutiny by the Singapore Exchange Regulation following a publicized internal conflict within the Kwek family, who control the property giant. The regulatory body has sought clarifications regarding the company's corporate governance practices in light of the familial dispute.

The contention became public when CDL's Executive Chairman, Kwek Leng Beng, accused his son, CEO Sherman Kwek, of attempting a boardroom coup. Allegations centered on Sherman purportedly appointing two independent directors without full board approval and restructuring board committees to bypass the nomination committee. In response, Kwek Leng Beng initiated legal proceedings to remove his son from the CEO position, emphasizing the need to uphold corporate integrity.

This internal strife led to a temporary suspension of CDL's stock trading, with shares closing at S$5.12 prior to the halt. Upon resumption, the stock experienced a decline, closing at S$4.94, reflecting investor apprehension over the company's stability.

The Securities Investors Association has also expressed concern, particularly regarding the role of Catherine Wu, an adviser whose influence has been questioned amid the dispute. SIAS has called for transparency from CDL to address shareholder concerns and clarify the company's strategic direction.

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