Jenny Lim Yin Nee, lead independent director of City Developments Ltd, has resigned. She is the fourth director to quit the developers board following its troubled investment in China’s Sincere Property Group.
Lim, a former KPMG partner, left the board with effect from May 3 2021. She was appointed on June 22 2018.
Besides her appointment as the lead independent director, Lim held multiple appoints on the board: chairman of the audit and risk committee; chairman of the remuneration committee; member of the nominating committee and member of the board committee.
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“Ms Lim is of the view that it is appropriate for her to step down in the light of contributions from the board’s new independent directors. The board would like to wish Ms Lim well for her future endeavours,” states CDL.
Prior to Lim’s resignation, two other independent directors, Koh Thiam Hock and Tan Yee Peng left the board last December, citing disagreements over CDL’s investments in the privately-held China developer.
Kwek Leng Peck, cousin of CDL executive chairman Kwek Leng Beng and uncle to CDL group CEO Sherman Kwek, quit last October after more than three decades on the board. His resignation brought to fore the issues CDL face with Sincere.
Back in March 2020, CDL invested some $1.9 billion for a controlling stake in the China developer, which is facing tight liquidity. CDL has written off its investment.
On May 3, CDL shares closed at $7.77, down 1.52%.
