CEO Sherman Kwek should focus on making back S$1.9 billion in losses in China, says Philip Yeo, who is among the minority directors led by Kwek Leng Beng.

&zwnj SINGAPORE: A day after Mr Sherman Kwek  named his father' s associate as the source of a dispute  within their company City Developments Limited (CDL), board member Philip Yeo emerged to criticise Mr Kwek' s statement as " an attempt to distract everyone from the matter at hand" .

&zwnj Mr Yeo is among the minority directors led by Mr Kwek' s father and executive chairman Kwek Leng Beng.

&zwnj In a statement late on  Friday (Feb 28), Mr Yeo said Mr Sherman Kwek - CDL' s group CEO - and the directors  acting with him intentionally circumvented the company' s nomination committee and pushed through the appointment of two additional independent directors against legal advice.

&zwnj " They quickly reconstituted the nomination committee and the remuneration committee as the nomination & remuneration committee to effectively immobilise the executive chairman," Mr Yeo said.

&zwnj He added that Mr Sherman Kwek should focus on making back S$1.9 billion in shareholder losses from an investment involving Chinese developer Sincere Properties, as well as other losses from UK property investments. 

&zwnj " Instead, he seems more concerned about grievances, mobilising a group of independent directors to remove an adviser to the CDL hospitality business, which has actually seen profit improvements for the past few years since COVID," Mr Yeo said.

&zwnj Mr Yeo waded into the war of words on Friday, calling on Mr Sherman Kwek to work with the entire board to make money for all shareholders.

&zwnj " CDL was acquired by Mr Kwek Hong Png, Mr Kwek Leng Joo and Mr Kwek Leng Beng," he added, referring to Mr Kwek Leng Beng' s late father and brother.