- Joined
- Oct 5, 2018
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- 17,258
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Sherman Kwek
https://www.channelnewsasia.com/singapore/cdl-kwek-leng-beng-sherman-sack-coup-4960676
In a statement issued on Wednesday (Feb 26), the senior Kwek accused his son and a group of directors, including Mr Philip Lee and Ms Wong Ai Ai, of bypassing CDL's nomination committee to push through board changes without proper review." He said court papers were filed on Tuesday to address what he described as an attempted "coup" and to restore corporate integrity.
The elder Kwek pointed to past business decisions under Mr Sherman Kwek's leadership that have "put CDL in a precarious position", including a S$1.9 billion loss from CDL's investment in Chinese developer Sincere Property in 2020 and poor returns from UK property ventures.
CDL's share price has also underperformed since Sherman Kwek took over in 2018, he said.
As a father, firing my son was certainly not an easy decision," said Mr Kwek Leng Beng.
"I accept that business decisions are difficult and young people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line."
Mr Kwek Leng Beng vowed to take all legal steps necessary to protect the company’s governance standards and its shareholders' interests.
https://www.channelnewsasia.com/singapore/cdl-kwek-leng-beng-sherman-sack-coup-4960676
In a statement issued on Wednesday (Feb 26), the senior Kwek accused his son and a group of directors, including Mr Philip Lee and Ms Wong Ai Ai, of bypassing CDL's nomination committee to push through board changes without proper review." He said court papers were filed on Tuesday to address what he described as an attempted "coup" and to restore corporate integrity.
The elder Kwek pointed to past business decisions under Mr Sherman Kwek's leadership that have "put CDL in a precarious position", including a S$1.9 billion loss from CDL's investment in Chinese developer Sincere Property in 2020 and poor returns from UK property ventures.
CDL's share price has also underperformed since Sherman Kwek took over in 2018, he said.
As a father, firing my son was certainly not an easy decision," said Mr Kwek Leng Beng.
"I accept that business decisions are difficult and young people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line."
Mr Kwek Leng Beng vowed to take all legal steps necessary to protect the company’s governance standards and its shareholders' interests.
