The subsequent statement erupted Corporate Singapore. Kwek Leng Beng, CDL’s executive chairman says he is taking his son, group CEO Sherman Kwek and group of other directors to court, for trying to “circumvent” good governance and for an “attempted coup”.
For City Developments Limited (SGX:C09
) , Feb 26 was supposed to be an eventful day, as the property and hospitality giant was scheduled to announce its FY2024 results. In a by now familiar plot, the market was expecting a softer set of numbers no thanks to persistently high interest costs which affected all property players.
At 8.02 am, just half an hour after the FY2024 results were released on the SGX website, CDL called for a trading halt, which is clearly unusual as the point of releasing the results way before market trading begins is so investors can decide how to react. At 8.34am, CDL issued a terse announcement cancelling the briefing that was scheduled to start at 10am - catching its own employees setting up the briefing venue at M Hotel by surprise.
