CDL executive chairman Kwek Leng Beng accused his son of orchestrating a boardroom coup in February. (AFP pic)
SINGAPORE: A long-time board member of City Developments Ltd, the property giant controlled by Singapore’s richest family, lashed out at other directors today over a recent feud that rocked the developer and the billionaire Kwek clan.
The Singapore-listed company’s annual general meeting was meant to show a united front between Kwek Leng Beng, its executive chairman, and his son Sherman Kwek, the company’s chief executive officer.
Instead, fireworks flew after several board members began bickering about the appointments of two new directors that a majority of the board pushed through in February, which had caused a rift within the Kwek family.
“I am very disappointed in the way the two new directors were appointed,” said Philip Yeo, a former top Singapore civil servant who has been a non-executive director at CDL since 2009.
He said he opposed their re-election, as well as those of two other directors, at today’s shareholders meeting.
In late February, the elder Kwek had accused Sherman of orchestrating a boardroom coup at CDL, an allegation his son denied.
The 84-year-old, Yeo and two other CDL directors filed a lawsuit in a Singapore court against Sherman and a majority of the board.
They dropped the case in mid-March, saying that both sides had agreed to set their differences aside and work together for the good of the developer.
“There’s no company I have been involved, overseas and locally, where directors can overthrow… in a coup against the chairman,” Yeo said today.
His comments, which were applauded by some meeting attendees, show that there are still tensions between board members of the 62-year-old company.
Despite Yeo’s views, all five of CDL’s independent directors who were up for re-election were reappointed this afternoon.
The company currently has 11 board members, including Kwek and Sherman.
