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Third CDL director resigns over company's Sincere investment Former CDL independent non-executive d


Third CDL director resigns over company's Sincere investment

Former CDL independent non-executive director Tan Yee Peng was appointed to her position back in May 2014.PHOTO: CDL

ST 4th Jan 2021


SINGAPORE (THE BUSINESS TIMES) - A third director of City Developments Limited (CDL) has stepped down in recent months in relation to its investment in China-based real estate developer Sincere Property Group.


In a Singapore Exchange filing on Monday (Jan 4), CDL noted that independent non-executive director Tan Yee Peng "disagreed with the board and management about the handling of the investment after the acquisition".


Her resignation was effective Dec 30.

Ms Tan, 47, was appointed to her position back in May 2014. She also served as chairman of CDL's board sustainability committee and a member of the audit & risk committee, nominating committee and board committee.


Her resignation came shortly after independent non-executive director Koh Thiam Hock, 70, similarly resigned with immediate effect from Dec 28, after more than four years on the group's board.

CDL said then that Mr Koh believed it was "most appropriate for him to now step down as a director" having shared his observations, concerns and suggestions on the group's investment in Sincere.

Last October, CDL's former non-executive and non-independent director Kwek Leng Peck quit after more than 30 years in the role. Mr Kwek, is the cousin of Kwek Leng Beng, the billionaire executive chairman of CDL who also helms the Hong Leong group of companies, and the uncle of CDL's group chief executive Sherman Kwek.


At the time, Mr Kwek cited disagreements with the board over CDL's investment in Sincere, as well as its continuing provision of financial support to the Chinese property group. He also had reservations with the group's approach in managing its London-based wholly-owned unit Millennium & Copthorne Hotels, which he concurrently resigned from as a director.


With Ms Tan's resignation, CDL has appointed Philip Lee Jee Cheng as independent non-executive director.


"The board looks forward to Mr Lee's contribution of skills and diversity to the current core competencies of the board," CDL said.


Mr Lee, 60, will also take on the additional roles as member of the audit & risk committee, remuneration committee and nominating committee.

CDL's leadership changes come after the group's decision to acquire a 51.01 per cent stake in Sincere for 4.39 billion yuan (S$891.6 million) in April 2020. The group has since appointed Deloitte & Touche Financial Advisory Services to conduct a review into its investment in Sincere.

CDL shares dropped 10 cents or 1.26 per cent to $7.87 as of 9.52am on Monday, after the announcement.


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