Source of discord at CDL lies with Kwek Leng Beng's adviser Catherine Wu, says CEO Sherman Kwek
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SINGAPORE — Sherman Kwek, group chief executive of City Developments Limited (CDL) and son of billionaire Kwek Leng Beng, said on Feb 27 that the underlying reason that led to the public fallout at the company was his father's adviser, Dr Catherine Wu. &laSource of discord at CDL lies with Kwek Leng Beng's adviser Catherine Wu, says CEO Sherman Kwek
SINGAPORE — Sherman Kwek, group chief executive of City Developments Limited (CDL) and son of billionaire Kwek Leng Beng, said on Feb 27 that the underlying reason that led to the public fallout at the company was his father's adviser, Dr Catherine Wu. «There has been no attempt by us to oust the chairman,» he said in a statement, referring to his father, who is executive chairman of CDL. «The primary reason for the dispute relates to a very serious issue of corporate governance within the CDL group arising from the conduct of one Dr Catherine Wu.» He added: «The chairman's claim that there is an 'attempted coup' by the majority directors to consolidate control of CDL's board is not only incorrect, it distracts from the nub of the issue, therefore requiring us to respond to present the full picture.» Although Wu's official position is adviser to the board of Millennium & Copthorne Hotels (M&C), a wholly owned and principal subsidiary of CDL Group, she has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence, the younger Kwek claimed. Read more