New directors won't exercise powers till court's further notice: Kwek Leng Beng

The two new directors at City Developments Limited (CDL), who are at the centre of a disagreement between executive chairman Kwek Leng Beng and his son, group chief executive Sherman Kwek, have undertaken not to exercise any powers in their role until further notice by the Singapore court, Mr Kwek Leng Beng said.

- Sharon Salim

The two directors are Ms Jennifer Duong Young and Ms Wong Su-Yen. The CDL board approved their appointments as independent non-executive directors on Feb 7, a move that was questioned by Mr Kwek Leng Beng.

"The serious lapses of corporate governance at CDL, together with its subsidiaries, have now been halted," the older Kwek said in a statement close to midnight on Feb 26.

Ms Young, an accountant by training, has more than two decades of experience at Swiss bank Credit Suisse, while Ms Wong has held corporate governance roles, including at the Singapore Institute of Directors.

Mr Kwek Leng Beng issued the update after a closed-door High Court hearing earlier on Feb 26, in which the tycoon took his son Sherman Kwek, board members Philip Lee Jee Cheng and Wong Ai Ai, and several other board directors to court over what he said was an "attempted coup" to allegedly consolidate control of CDL's board.