SINGAPORE – Mr Kwek Leng Peck, cousin of City Developments (CDL) chairman Kwek Leng Beng and uncle of CDL chief executive Sherman Kwek, has been appointed vice-chairman of the company with effect from June 1.
In exchange filings on May 18, CDL announced that its board had also re-appointed the 69-year-old as a non-independent, non-executive director.
Mr Kwek Leng Peck had served as a non-independent, non-executive director of CDL from 1987 to October 2020, when he resigned from the board after a disagreement with his nephew Sherman Kwek over CDL’s investment in Sincere Property Group.
The Chinese property developer eventually collapsed, forcing CDL to write down its $1.78 billion investment in Sincere in 2021, and book a loss of $1.9 billion for the year.
CDL later sold its stake in Sincere for a token sum of $1.
Mr Kwek Leng Peck also simultaneously stepped down from the board of CDL’s hotel subsidiary, Millennium & Copthorne Hotels, after disagreeing with how it was managed.
He is currently executive chairman of Singapore-listed construction group Hong Leong Asia. He is also executive director on the boards of Hong Leong Investment, Hong Leong Holdings and Hong Realty.
Hong Leong Investment and Hong Realty are substantial shareholders of CDL, according to exchange filings.
Hong Leong Holdings and Hong Realty are also substantial players in the Singapore residential development industry. To avoid potential conflicts of interest should they arise, Mr Kwek Leng Peck will recuse himself from discussions and decisionmaking in connection with any such potential transactions, CDL said in an exchange filing.
CDL also announced the resignation of Mr Daniel Desbaillets as an independent, non-executive director with effect from May 31.
Mr Desbaillets was appointed to his current role in November 2020, after Mr Kwek Leng Peck walked out.
These developments follow a high-profile dispute between Mr Kwek Leng Beng and Mr Sherman Kwek in 2025.
The elder Mr Kwek had accused his son of staging a coup to consolidate control of the board, but he dropped the lawsuit soon after.
