SINGAPORE, April 24 — A simmering boardroom feud at City Developments Ltd. flared back into public view on Wednesday, as a senior director openly criticised the rushed appointment of new board members that deepened a rift within Singapore’s richest family.
The conflict between executive chairman Kwek Leng Beng and his son, CEO Sherman Kwek, took centre stage again on Wednesday, Bloomberg reported.
At CDL’s latest annual general meeting, board member Philip Yeo denounced recent director appointments that sparked the rift between father and son.
The dispute began in February when two new directors were brought in despite opposition from Leng Beng.
Yeo accused the board of ignoring proper procedures and acting against the company’s founding family.
“The meeting was quite a disaster,” CDL shareholder Gary Saw, who attended the event, was quoted saying.
“It shows a real division among the management, board, and interests of minority shareholders.”
The feud briefly turned legal before all parties withdrew a lawsuit in March, but old wounds remain visible.
Sherman acknowledged that the leadership crisis has weighed on CDL’s share price and investor confidence.
The company’s profits fell 37 per cent last year, and its heavy debt burden remains a concern.
Despite controversy, shareholders voted overwhelmingly to keep all five independent directors on the board.
Sherman said divestments in 2025 are expected to exceed this year’s S$600 million total.
He also hinted at reviving plans to list CDL’s UK assets once markets stabilise.