Ex-CDL director Kwek Leng Peck rejoins board, six years after resigning over disagreements

[SINGAPORE] In October 2020, City Developments Ltd (CDL) non-executive and non-independent director Kwek Leng Peck resigned from his post following a disagreement with the board and management on the group’s investment in a Chinese property group and the management of its British hotel arm.

Nearly six years later, he is returning to the post he vacated, and will take on the role of vice-chairman, CDL said in a bourse filing on Monday (May 18).

The 69-year-old is the cousin of CDL’s executive chairman Kwek Leng Beng, who made headlines last year for having filed a suit in the High Court to deal with an “attempted coup” led by his son Sherman Kwek and some of the company’s directors.

Kwek Leng Peck will become a non-independent and non-executive director on Jun 1. CDL said that his appointment would enhance the board’s core competencies in strategic planning, leadership and management.

“Kwek’s experience and familiarity with the group’s business and operations would enable him to effectively support the executive chairman, assist with key strategic initiatives and contribute meaningfully in the role of vice-chairman,” CDL said.

When he quit, he had been with the company for more than three decades as non-executive and non-independent director.

He said in his resignation letter that his differences with the board and management were over the group’s investment in Sincere Property Group in China, as well as its continuing provision of financial support to Sincere.

He also had reservations about the group’s approach to managing its London-based, wholly owned unit, Millennium & Copthorne Hotels (M&C). He also left his post as a director of M&C.

In 2021, CDL was forced to sell its stake in the cash-strapped Sincere, recording a S$1.78 billion write-down on the deal.

Director named in 2025 suit stepping down

One of the board members named in Kwek Leng Beng’s suit in 2025 – non-executive director Daniel Marie Ghislain Desbaillets – will step down from his post, CDL said in a separate announcement on Monday.

The 76-year-old is leaving the company’s board on May 31, and plans to devote more time to his family business.

In late April, Desbaillets and two other directors linked to the feud left their appointments on M&C’s board.

Shares of CDL closed S$0.02 lower or 0.25 per cent to reach S$7.84 on Monday, before the announcement.