CDL Jumps 4.6%; City Developments Board Admits to Deviating from Usual Processes to Hire Directors

MT Newswires

09 Apr

City Developments (SGX:C09) admitted to moving away from its usual practices to hire two new directors, Bloomberg reported Tuesday.

The development follows a struggle for power between the group's executive chairman Kwek Leng Beng and CEO Sherman Kwek that came to a head when the former moved to file a lawsuit against Sherman, the report said.

Kwek Beng had a disagreement with changes to the board and saw the move as an attempted coup, the report added.

Since then, the two have moved on from their differences, the report said.

CDL jumps 4.6% at 2:03 pm, Apr 10th.

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