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Kwek Leng Beng, executive chairman of City Developments (CDL), issued a second statement on Feb 27 stating that the “serious lapses” of corporate governance at CDL have been halted.Following a court hearing on Feb 26, CDL’s board of directors, including the two new directors who were appointed on Feb 7, have agreed not to exercise their powers until further notice from the court. This move comes after Kwek’s son, Sherman Kwek, and a group of directors attempted to “consolidate control of the board and the group”.The two new directors, Jennifer Duong Young and Wong Su Yen, were appointed as independent non-executive directors through directors’ resolutions in writing. Kwek adds that his son, along with Philip Lee, Wong Ai Ai, and other directors acting in concert with them, have also agreed not to make any further changes to the board committees and management of certain CDL’s subsidiaries until further notice from the court.This also includes the suspension of the “irregularly constituted” nominating and remuneration committee from taking any further actions. This ensures that CDL’s board committees and management of relevant subsidiaries are now safe from any attempts to destabilize or dismantle them.Kwek emphasizes the importance of strong corporate governance, which is the foundation of a well-functioning and sustainable business. It ensures transparency, accountability, and responsible decision-making, which are crucial for maintaining investor confidence and protecting the long-term interests of shareholders.The morning of Feb 26 saw CDL calling for a temporary trading halt and last-minute cancellation of its FY2024 results briefing. In a press statement released at 1:51 pm, CDL cited a disagreement within the board regarding the composition and constitution of the board and board committees as the reason for the suspension.However, despite the trading halt, CDL’s business operations remain fully functional and unaffected. Sherman Kwek remains the group CEO until there is a board resolution to change the company’s leadership, according to the statement.In his first press statement, Kwek had accused his son, Lee, Wong, and a group of directors acting with them of attempting to consolidate control of the board and the group. He had filed court papers on Feb 25 to deal with the situation, which he deemed necessary to address the “attempted coup”. The elder Kwek also stated that they intend to change the CEO at the appropriate time and will explore all legal options available to them to protect the interests of CDL and its shareholders. If Sherman is removed as CEO, current COO Kwek EIk Sheng will assume the role of interim CEO.Shares in CDL last traded at $5.12 before the trading halt on Feb 26.