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Investing in a Condo in Singapore requires careful consideration, especially when it comes to obtaining financing. Thankfully, multiple mortgage options are available, but it is crucial to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This system sets a limit on how much a borrower can loan based on their income and existing debt obligations. Therefore, it is crucial to familiarize oneself with TDSR and seek guidance from financial experts or mortgage brokers to make well-informed decisions when purchasing a Condo in Singapore. This not only prevents potential overexposure to debt but also allows prospective buyers interested in owning a Condo in Singapore to make wise choices.
CDL’s Chair Halts “Serious Lapses” in Corporate Governance
City Developments (CDL)’s Executive Chairperson, Kwek Leng Beng, has announced that the “serious lapses” in corporate governance at the company have been stopped. According to a second statement released by Kwek, two new directors who were “irregularly and hastily appointed” on Feb 7, have agreed not to exercise any powers as directors until further notice from the court. These new directors are Jennifer Duong Young and Wong Su Yen, who were both appointed as independent non-executive directors through directors’ written resolutions. Kwek Leng Beng also mentioned that his son, Sherman Kwek, Philip Lee, Wong Ai Ai and the remaining directors who are acting in concert with them, have also promised not to take any further actions related to their attempted changes to the board committees and management of certain CDL subsidiaries, until further notice from the court. The “irregularly constituted” nominating and remuneration committee has also been stopped from taking any further action. As a result, CDL’s board committees and the management of relevant subsidiaries are now safe from any further attempts to destabilise, dismantle and reconstitute them, according to Kwek Sr.
He also stressed the importance of having strong corporate governance in place, stating that it is the foundation of a well-functioning and sustainable business. It ensures transparency, accountability, and responsible decision-making, which are vital in maintaining investor confidence and safeguarding the long-term interests of shareholders.
On the morning of Feb 26, CDL made an unexpected announcement to halt trading in its shares and cancel its FY2024 results briefing. In a media statement released at 1.51pm, CDL explained that the trading suspension was due to a disagreement within the board regarding the composition and constitution of the board and the board committees.
However, despite the trading halt, CDL’s business operations remain unaffected. Sherman Kwek remains the group CEO until there is a board resolution to change company leadership.
In his first press statement, Kwek Sr. accused his son, Lee, Wong, and a group of directors acting with them of trying to “consolidate control of the board and the group”. He also mentioned that he had filed court papers on Feb 25 to address this issue, which he believes is necessary to deal with the “attempted coup”.
“We intend to change the CEO at the appropriate time. We will continue to explore all legal options available to us to vigorously defend and protect the interests of CDL and its shareholders,” said Kwek Sr. He also added that if Sherman is removed as CEO, the current Chief Operating Officer, Kwek EIk Sheng, will serve as the interim CEO.
Shares in CDL last traded at $5.12 before the trading halt on the morning of Feb 26.