Ex-CDL director Kwek Leng Peck rejoins board, 6 years after stepping down

Kwek Leng Peck - cousin of City Developments Limited (CDL) chairman Kwek Leng Beng - is set to return to CDL as vice-chairman.

The 69-year-old will also become a non-independent and non-executive director from June 1, according to exchange filings on May 18.

He is once again filling up the post he vacated almost six years ago following a disagreement with the board and management on the group’s investment in a Chinese property group and the management of its British hotel arm, reported The Business Times.

His appointment would enhance the board’s core competencies in strategic planning, leadership and management said CDL.

“Kwek’s experience and familiarity with the group’s business and operations would enable him to effectively support the executive chairman, assist with key strategic initiatives and contribute meaningfully in the role of vice-chairman,” CDL said. 

According to The Business Times, prior to quitting CDL in 2020, Kwek had been with the company for more than three decades as non-executive and non-independent director.

He resigned after a disagreement with his nephew Sherman Kwek over CDL’s investment in Sincere Property Group.

He also stepped down from the board of CDL’s hotel subsidiary, Millennium & Copthorne Hotels, after disagreeing with how it was managed.

Currently, to avoid potential conflicts of interest, Kwek will recuse himself from discussions and decision-making in connection with any potential transactions as executive chairman of Singapore-listed construction group Hong Leong Asia and executive director on the boards of Hong Leong Investment, Hong Leong Holdings and Hong Realty, reported The Straits Times.

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helmy.saat@asiaone.com