Family Feud Erupts Over Leadership of $28.5 Billion Singapore Empire

City Developments Limited chairman Kwek Leng Beng accuses son Sherman of a boardroom coup, sparking legal and governance disputes.

Kwek Leng Beng, chairman of City Developments Limited (CDL), has filed a lawsuit against his son Sherman Kwek, the company's CEO, alleging an attempted boardroom coup and corporate governance lapses.
Sherman Kwek denies the coup allegations, claiming the dispute centers on governance reforms, including the removal of Catherine Wu, a board adviser and longtime associate of his father, for alleged overreach.
The feud has led to public accusations, legal action, and a halt in CDL's stock trading, with the company's market value significantly reduced from its peak.
Sherman Kwek's leadership has been criticized for financial missteps, including a costly investment in China's Sincere Property Group, which contributed to CDL's financial struggles.
The legal battle highlights deeper tensions over generational succession and corporate governance within the Kwek family, which controls a major portion of CDL's ownership.