Family Feud at City Developments Sparks Boardroom Clash Over Director Appointments

A boardroom feud at City Developments Ltd. resurfaced at its annual general meeting, where director Philip Yeo criticized the rushed appointment of two new directors in February, opposed by chairman Kwek Leng Beng, deepening tensions with his son, CEO Sherman Kwek.

Family Feud

The dispute, which sparked a briefly filed lawsuit in March, exposed divisions affecting management and shareholders. Despite a 37% profit drop and debt concerns, shareholders retained all independent directors. Sherman acknowledged the crisis’s impact on CDL’s share price and outlined plans for over S$600 million in divestments in 2025, with potential listing of UK assets when markets stabilize.

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