In retaliation, the younger Kwek has accused his father of being influenced by his longtime advisor Wu. On Mar 4, the older Kwek announced the “irrevocable resignation” of Dr Catherine Wu as an “unpaid independent adviser”.
The Securities Investors Association (Singapore) (SIAS) has asked City Developments (CDL) to clarify Dr Catherine Wu’s role as director on the board of Millennium & Copthorne Hotels (M&C), and how it intends to safeguard shareholder value given CDL’s underperformance, among other requests.
The market watchdog’s request comes a week after the property giant’s ongoing family feud, in which chairman Kwek Leng Beng sought to fire his son and group CEO Sherman Kwek over allegedly plotting a boardroom coup.
