Singapore tycoon Kwek’s son accuses father of being influenced by aide as family feud rages
Sherman Kwek, CEO of City Developments Limited (CDL) and son of Singapore's wealthiest real estate magnate, has denied his father's accusations of leading a boardroom coup. He stated that the primary cause of the family dispute is a key advisor to his father, billionaire Kwek Leng Beng, rather than an attempt to oust his father as chairman.
This denial escalates the public feud within the Kwek family, triggered by Kwek Leng Beng's lawsuit alleging corporate governance lapses and an attempted coup by his son and other directors. The dispute centers on the appointment of two directors without the standard nomination process. The ongoing conflict has created a crisis for CDL, leading to suspended shares and downgrades from financial institutions like JPMorgan Chase & Co.
via SCMP Full Text Feed
Sherman Kwek, CEO of City Developments Limited (CDL) and son of Singapore's wealthiest real estate magnate, has denied his father's accusations of leading a boardroom coup. He stated that the primary cause of the family dispute is a key advisor to his father, billionaire Kwek Leng Beng, rather than an attempt to oust his father as chairman.
This denial escalates the public feud within the Kwek family, triggered by Kwek Leng Beng's lawsuit alleging corporate governance lapses and an attempted coup by his son and other directors. The dispute centers on the appointment of two directors without the standard nomination process. The ongoing conflict has created a crisis for CDL, leading to suspended shares and downgrades from financial institutions like JPMorgan Chase & Co.
via SCMP Full Text Feed
