Shareholders question Catherine Wu’s role, new directors’ appointment at CDL of Singapore’s 4th richest man Kwek Leng Beng

"What was the role of Wu as a director on the board of Millennium & Copthorne Hotels, a subsidiary of City Developments Limited (CDL), between 2022 and 2024?" shareholders asked in a report by Securities Investors Association, an organization that promotes shareholders’ rights.

This photograph taken on March 1, 2025 shows the company logo of property giant City Development Limited on the Republic Plaza building in Singapore. Photo by AFP

They also wondered whether her appointment was approved by the board and demanded the evidence for her assessment of her appointment, The Straits Times reported.

Wu, who resigned from her unpaid advisory position at Millennium & Copthorne Hotels earlier this month, is believed to play a key role in the ongoing power tussle at City Developments Limited, the largest property developer in Singapore with properties in nearly 30 countries.

She is said to be the "eyes and ears" of Leng Beng, who last month filed a lawsuit against his son and CEO Sherman Kwek, alleging that he and a number of directors were attempting to take over the company.

Sherman responded by pointing to Wu as the primary cause of the dispute. He claimed that she had been "interfering in matters well beyond her scope" and wielding "enormous influence" over his father.

Shareholders also questioned Sherman and his supporters in the appointment of two new directors, which Leng Beng said was carried out without going through approved procedures, threatening to strip away the authority of him as the chairman.

"Can the company clarify whom the two newly appointed directors met and spoke with prior to their appointment during the search and nomination process?" shareholders asked.

They also questioned whether the appointment adhered to best corporate governance practices.

David Gerald, president and CEO of Securities Investors Association, urged all directors to release all statements on the Singapore Stock Exchange website to ensure compliance with listing rules and prevent selective disclosures.

Gerald also expressed concern about board effectiveness given the evident split, asking how shareholders can trust the board’s ability to align on business objectives.

He queried if the board was reviewing the company's strategic direction, especially in light of its declining share price, which dropped to a 16-year low before partially recovering.