SIAS questions CDL on Catherine Wu, business direction amid shareholder concerns

SIAS also pointed to recent media reports that carried statements from the company’s key executives and how the resignation of Dr Wu was announced through the media, rather than through a filing on the Singapore Exchange (SGX).

On that, the retail investor watchdog asked for directors to “commit to making all statements related to the current situation on SGXNet first”.

Doing so will “ensure that any statements and disclosure made by the directors comply with SGX listing rules, and that no material information is selectively disclosed to any parties,” it said.

“Directors making individual statements should provide personal attestations or sign-offs for greater accountability.”

Among others, SIAS also wanted to know who will be footing the bill for the legal advisers and lawyers that have been engaged for the court battle.

“SIAS would sincerely appreciate the board’s timely responses to these queries, which will provide much-needed transparency and assurance to shareholders and stakeholders,” said Mr Gerald, who signed off the letter.

CNA has reached out to CDL for comment.

Both camps have had two closed-door hearings at the Singapore High Court thus far.

The next hearing is scheduled for after CDL’s annual general meeting, which is likely to be held on Apr 23, CNA understands.

Mr Kwek Leng Beng is supported by board directors Philip Yeo, Colin Ong and Chong Yoon Chou. They are represented by lawyers from LVM Law Chambers, a law firm led by Senior Counsel Lok Vi Ming.

The other camp comprises Mr Sherman Kwek, alongside directors Philip Lee, Wong Su-Yen, Jennifer Duong Young, Carolina Chan, Daniel Marie Ghislain Desbaillets and Wong Ai Ai. 

Mr Sherman Kwek and his group of directors have roped in Senior Counsel Davinder Singh to represent them, alongside a legal team from Lee & Lee.