The developer released its 2024 annual report on Tuesday, weeks after its executive chairman Kwek Leng Beng withdrew a lawsuit against his son, CDL’s CEO Sherman Kwek and several other directors.
The board of City Developments Limited (SGX:C09
) (CDL), the property company controlled by one of Singapore’s wealthiest families, said it deviated from its usual processes earlier this year in appointing two new directors.
But it defended the actions as “necessary and appropriate”, due to what it said were “governance concerns in relation to the role and involvement” of an adviser at its hotel subsidiary.
