CDL CEO should focus on recouping $1.9b in losses: Philip Yeo

CDL director also describes Sherman Kwek's claim about source of discord as a distraction

- Kang Wan Chern

A Feb 27 statement by City Developments Limited (CDL) group chief executive Sherman Kwek alleging that the underlying reason for the public fallout at the company was his father Kwek Leng Beng's adviser, Dr Catherine Wu, "is an attempt to distract everyone from the matter at hand", said Mr Philip Yeo, non-independent non-executive director at CDL.

The matter is that Mr Sherman Kwek and directors acting with him bypassed the nomination committee, appointed two independent directors against legal advice, and restructured key committees to sideline executive chairman Kwek Leng Beng, Mr Yeo said in a statement released late on Feb 28.

Mr Sherman Kwek's Feb 27 statement also asserted that neither he nor the majority of directors had attempted to oust the chairman, rejecting the older Kwek's claim of an "attempted coup" to consolidate control of CDL's board.

It also alleged that Dr Wu had been interfering in matters going well beyond her scope, which troubled him and the majority directors.