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Leave his wealth to charity. Many beneficiaries like bears will be eternally grateful.
pasttime ( Date: 02-Mar-2025 13:54) Posted:
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If old man exclude you from inheritance until you listen and act to his wish then the support base will disappear.
I let go of that 1.9 bn already. Move on to greater things.
guiren ( Date: 02-Mar-2025 08:41) Posted:
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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.
...Expand&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.
MrBear12 ( Date: 02-Mar-2025 08:08) Posted:
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On this day, let us pray together with the family for this cancer to stop.
IHS conquer!
halleluyah ( Date: 02-Mar-2025 00:14) Posted:
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haiz, susah lah...its aredi spread to other parts of the body....
haizzz ( Date: 01-Mar-2025 16:04) Posted:
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Nobody
No body interested to ask CDL to resume trading ?
ysh2006 ( Date: 28-Feb-2025 12:46) Posted:
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Cancerous cells must be removed to stabilise the body.
News Release
26 February 2025
Strong liquidity position maintained with cash reserves of S$2.8 billion = Really??
Short term Interest-bearing borrowings = S$4.6billion
Long term Interest-bearing borrowings = S$8.7 billion
Total borrowings = S$13.3 billion
26 February 2025
Strong liquidity position maintained with cash reserves of S$2.8 billion = Really??
Short term Interest-bearing borrowings = S$4.6billion
Long term Interest-bearing borrowings = S$8.7 billion
Total borrowings = S$13.3 billion
Urgency of court application stems from disruption of CDL&rsquo s corporate structure Phillip Yeo sees saga as distraction
In the latest news from the City Developments Limited (CDL) saga involving father and son Kwek Leng Beng and Sherman Kwek, the elder Kwek released a third statement on Feb 28.
&ldquo Firstly, I maintain that the integrity and governance of CDL are paramount. The allegations made by Sherman regarding the remarks of the court are misleading,&rdquo he says.
Sherman had released a statement on Feb 27saying that his father&rsquo s previous two statements &ldquo did not present the full picture&rdquo . He alleges that he, Philip Lee, Wong Ai Ai and a group of directors were not given the opportunity to present their cases and had to voluntarily offer undertakings.
Furthermore, he said that he had made no attempts to oust the chairman.
He also alleged that the issue of corporate governance stems from the conduct of one Dr Catherine Wu, who was the director to the board of Millenium & Copthorne (M& C), CDL&rsquo s hospitality arm.
In the elder Kwek&rsquo s latest statement, he mentioned that the urgency of the application stemmed from serious concerns about Sherman and the directors acting with him attempting to undermine and disrupt the governance structure of CDL.
According to Leng Beng, following the court hearing, the two additional independent directors cannot act and the changes to the board committees and the management of the relevant CDL subsidiaries are frozen, pending any further court order.
&ldquo It is important to highlight that Sherman and the directors acting with him provided those undertakings only because they were sued,&rdquo says Leng Beng.
&ldquo In the past weeks, they bypassed the Nomination Committee (NC) on two occasions in breach of the relevant regulations under the SGX Listing Rules and the Code of Corporate Governance. This is why we had to make the court application. It was necessary to protect the interests of CDL and its shareholders during this period of significant turmoil.&rdquo
&ldquo I take great pride in the fact that CDL was ranked number two in the Singapore Governance and Transparency Index 2024 and has always upheld the highest standards of corporate governance. As chairman, it is my duty to ensure that we continue to do so. Any real or perceived difference of opinion within the Board, regarding external advisers or otherwise, should be resolved within the appropriate corporate governance framework, not by way of a Board coup or directors&rsquo resolutions in writing.&rdquo
Finally, while Sherman stated there was no attempt to oust the chairman, Leng Beng thinks that this &ldquo misses the point&rdquo , as protecting good governance, including the office of the executive chairman, and not him as an individual, is critical.
&ldquo Stripping away any meaningful authority of the executive chairman is a coup. It is now a matter before the court and I will let the court decide. Justice always prevails,&rdquo he says.
Leng Beng did not address Sherman' s accusations of Wu' s involvement in his statement.
Just another distraction ' immobilise' the chairman
Along with the statement released by Leng Beng, CDL non-independent non-executive director Philip Yeo weighed in as well.
He views this attempt by Sherman and the group of directors as an attempt to distract everyone from the matter at hand.
&ldquo The facts are that the CDL CEO and the directors acting with him circumvented the NC intentionally and pushed through the appointment of two new additional independent directors against legal advice. They quickly reconstituted the NC and the Remuneration Committee as the Nomination & Remuneration Committee to effectively immobilise the executive chairman,&rdquo says Yeo.
Yeo believes that Sherman should instead be focusing on recouping the $1.9 billion of shareholders&rsquo losses through Sincere Properties as well as the other losses from the UK property investments.
&ldquo Instead, he seems more concerned about grievances, mobilising a group of independent directors to remove an advisor to the CDL hospitality business, which has actually seen profit improvements for the past few years since Covid-19. The CDL CEO should work with the whole board to make money for all CDL shareholders,&rdquo says Yeo.
&ldquo CDL was acquired by Kwek Hong Png, Kwek Leng Joo and Kwek Leng Beng. I know all three of them well. The men of our era all dared to dream. That is how the three of them executed so well to build a multi-billion-dollar Singaporean company that competes on a global scale.
" The CDL CEO must learn from them. Just pure hard work to serve all shareholders!" says Yeo.
Sherman Kwek saying &lsquo there was no attempt to oust me misses the point&rsquo : CDL chairman Kwek Leng Beng
Director Philip Yeo says the group CEO&rsquo s action was an &lsquo attempt to distract everyone from the matter at hand&rsquo
CITY Developments Ltd (CDL) chairman Kwek Leng Beng has alleged that his son&rsquo s denial of an attempt to oust him &ldquo misses the point&rdquo , in yet another twist to the father-son tussle rocking the company.
&ldquo Protecting good governance, including the office of the executive chairman, and not me as an individual, is critical. Stripping away any meaningful authority of the executive chairman is a coup,&rdquo Kwek Leng Beng said in a statement late on Friday (Feb 28).
The elder Kwek also claimed that the statements by his son Sherman Kwek &ndash who is CDL group chief executive &ndash regarding the remarks of the court in their ongoing dispute are &ldquo misleading&rdquo .
On Thursday, Sherman Kwek released a statement claiming that his father&rsquo s group had failed in their court application to reverse certain resolutions. This contradicted Kwek Leng Beng&rsquo s Feb 26 assertion that &ldquo the serious lapses of corporate governance&rdquo had been halted with the court action.
Responding to his son&rsquo s statement, Kwek Leng Beng said: &ldquo The bottom line is that following the court hearing, the two additional independent directors cannot act and the changes to the board committees and the management of the relevant CDL subsidiaries are frozen, pending any further court order.&rdquo
Sherman Kwek had also highlighted that some directors were served the court papers only two-and-a-half hours before the court hearing.
In his Friday statement, Kwek Leng Beng said that the urgency of the application stemmed from &ldquo serious concerns&rdquo about Sherman Kwek and his group &ldquo attempting to undermine and disrupt the governance structure of CDL&rdquo .
The saga erupted on Feb 26, after the elder Kwek said that he had filed court papers on Tuesday to deal with an &ldquo attempted coup&rdquo &ndash by his son, board members Philip Lee Jee Cheng and Wong Ai Ai, as well as a group of directors acting with them.
He questioned the appointment of two new directors &ndash Jennifer Duong Young and Wong Su Yen &ndash that he alleged was done without due diligence and proper vetting.
According to Kwek Leng Beng, his son&rsquo s group had bypassed the nomination committee, contrary to corporate governance principles and the Singapore Exchange&rsquo s listing rules.
Repeating these allegations in his Friday statement, he noted: &ldquo This is why we had to make the court application. It was necessary to protect the interests of CDL and its shareholders during this period of significant turmoil.&rdquo
He added: &ldquo It is now a matter before the court and I will let the court decide. Justice always prevails.&rdquo
In a separate statement, Philip Yeo, a non-independent non-executive director of CDL, repeated Kwek Leng Beng&rsquo s assertions on the alleged corporate governance lapses by the majority directors.
&ldquo This is an attempt to distract everyone from the matter at hand,&rdquo he said, adding that Sherman Kwek should focus on making back the S$1.9 billion of shareholders&rsquo losses through Sincere Properties, as well as other losses from UK property investments.
&ldquo 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,&rdquo said Yeo.
The director added that CDL&rsquo s key figures &ndash Kwek Leng Beng, his late father Kwek Hong Png and late brother Kwek Leng Joo &ndash &ldquo executed so well to build a multibillion-dollar Singaporean company that competes on a global scale&rdquo .
Yeo said: &ldquo The CDL CEO must learn from them.&rdquo
No mention of Dr Wu
Both Kwek Leng Beng and Yeo&rsquo s statements did not explicitly mention Dr Catherine Wu, an adviser to CDL&rsquo s hospitality arm Millennium & Copthorne Hotels (M& C), whom Sherman Kwek had alleged was the primary cause of the dispute.
The younger Kwek&rsquo s Thursday statement had said that Dr Wu, who has a &ldquo long relationship&rdquo with his father, &ldquo has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence&rdquo .
The CEO had added that &ldquo efforts that were made to manage the situation were done sensitively, but to no avail&rdquo . He had claimed: &ldquo This led us, with the benefit of legal advice, to propose a resolution to terminate the advisory agreement Dr Wu has with the board of M& C.&rdquo
Sherman Kwek and the six directors in his group have appointed a legal team led by Julian Tay of Lee & Lee. The six directors are Lee, Wong Ai Ai, Daniel Desbaillets, Carolina Chan, Wong Su Yen and Young.
CDL, Kwek Leng Beng, and three other directors &ndash Yeo, Colin Ong and Chong Yoon Chou &ndash are represented by Senior Counsel Lok Vi Ming of his own firm LVM Law Chambers.
CDL shares have been under a trading halt since Feb 26.
Usually a country collapses not because of external attack which usually will rallies their people together in unity to counter the invading forces. The collapse almost always happens because of internal conflict. Same with a companies.
Family Feud at City Developments: Sherman Kwek Challenges Father&rsquo s Statements Amid Boardroom Battle
https://www.minichart.com.sg/2025/03/01/family-feud-at-city-developments-sherman-kwek-challenges-fathers-statements-amid-boardroom-battle/
Focus on profitability of the company and no one will be interested on how many ladies beside to ?assist?. As minor shareholders, CEO is wrong and wrong again in execution and mindset since. No change definitely causes the share price to sink further till bought over competitors.
It is a suspension as announced by company on SGX and is indefinite until matter is resolved.
Old Kwek must now be super mad that young Kwek bring the woman into the picture. Honestly it may turn even more ugly.
Those who buy with margin may kenna forced sell when trading resume, so be prepared.
Expect the unexpected when it is so bad image
antifragile ( Date: 28-Feb-2025 16:34) Posted:
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Maybe later they will announce privatisation....
Escape STI blood bath.
According to the Singapore Exchange (SGX) rules, a trading halt can only last for a maximum of three market days. This means that a company requesting a trading halt on their stock can only have trading suspended for a maximum of three trading days
What next to this saga?
At the end of the day, one group of directors is correct and the other is not. It cannot be both are correct. What is SGX reg role?
What next to this saga?
At the end of the day, one group of directors is correct and the other is not. It cannot be both are correct. What is SGX reg role?