The Securities Investors Association (Singapore) or Sias has questioned City Developments' (SGX:C09) reasoning behind the appointment of two new directors without gaining the necessary approvals, The Straits Times reported on Thursday.
In the tussle for power between father and son, group CEO Sherman Kwek appointed Jennifer Duong Young and Won Su-Yen without the approval of the nomination committee, the report said.
The two appointments took place following the resignation of Catherine Wu, with Sias president David Gerald asking the reasons behind her resignation, the report said.
Gerald also asked whether the board has introduced any measures to safeguard shareholder value due to the current volatile nature of the company's stock, the report said.
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