DR CATHERINE Wu who reportedly maintains a “long relationship” with City Developments Ltd (CDL) executive chair Kwek Leng Beng has stepped down from her advisory position to the board of Millennium & Copthorne Hotels (M&C), which functions under CDL.
A statement released late on Tuesday (Mar 4) confirmed that Kwek stepped down from her unpaid independent adviser role effective immediately. Dr. Wu assumed her position as an independent adviser at the start of August 2024.
From June 2022 until January 2024 she served as a director on the board.
Kwek stated that his son Sherman Kwek used unverified accusations against Dr Wu to rationalize his board coup and blatant corporate governance violations.
Sherman Kwek released a Feb 27 statement claiming that corporate governance problems involving Dr Wu formed the main cause of CDL’s current conflict.
The younger Kwek stated Dr Wu exceeded her advisory limits at M&C board meetings when she interfered in multiple matters and maintained substantial influence.
In Tuesday’s statement, the elder Kwek said: With Dr Wu’s resignation the CEO and his board members cannot continue to make corporate governance allegations about CDL or defend their board takeover.
He stated that CDL needs to regain investor trust while implementing measures to prevent any future violations of Singapore Exchange listing rules and corporate governance standards by the CEO and certain directors.
Elder Kwek made a public declaration on Feb 26 calling for Sherman Kwek’s removal as group CEO and appointed chief operating officer Kwek Eik Sheng as the interim CEO until they find a professional CEO.
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