Tensions Erupt at CDL's Annual Meeting Amid Kwek Clan Feud

City Developments Ltd. (CDL), the property giant controlled by Singapore’s Kwek family, remains mired in internal conflict despite efforts to project unity at its latest annual general meeting. The meeting saw longtime board member Philip Yeo criticize the rushed appointment of two new directors in February, a move that previously led executive chairman Kwek Leng Beng to accuse his son, CEO Sherman Kwek, of orchestrating a boardroom coup. Although the lawsuit stemming from this dispute was withdrawn in March after a public commitment to move past differences, Yeo’s objections at the meeting highlighted enduring divisions within the board. Despite his protests, all five independent directors up for re-election, including the two controversial appointees, retained their positions. The feud has drawn significant attention to the Kwek family, one of Singapore's wealthiest, and raised questions about governance and consensus within the company. Shareholders also approved a mandate for CDL to buy back up to 10% of its shares to help stabilize its declining stock price.