SINGAPORE: The internal woes of Singapore’s second-largest listed developer, City Developments Ltd, continued to escalate after a second board member resigned over disagreements on an investment in China.
While the company did not specify the reasons for his departure, it said that Koh quit from his post after sharing his “observations, concerns and suggestions” on the firm’s investment in Chinese developer Sincere Property Group. At stake is the unity of a family dynasty worth US$16.5 billion, according to this year’s Bloomberg Billionaires Index list of Asia’s richest clans.
CDL’s chief executive officer Sherman Kwek, son of its chairman Kwek Leng Beng, was appointed as a member of the board committee.