Resignation of Key Adviser Escalates Feud in Singapore's Kwek Family Empire

Catherine Wu steps down as adviser amid a public boardroom dispute between CDL Chairman Kwek Leng Beng and CEO Sherman Kwek over corporate governance concerns.

• Catherine Wu, an adviser to City Developments Limited's (CDL) subsidiary, has resigned following allegations of overreach and interference in board affairs.
• The resignation comes during a publicized feud between CDL Chairman Kwek Leng Beng and his son, CEO Sherman Kwek, over accusations of a boardroom coup and governance breaches.
• Sherman Kwek had raised concerns about Wu's influence, claiming it created serious corporate governance issues, while the elder Kwek defended her role and criticized his son's leadership.
• The feud has negatively impacted CDL's stock performance, with shares hitting their lowest levels since 2009 before rebounding slightly after Wu's resignation.
• The Kwek family's long-standing business empire, valued at $11.5 billion, now faces intensified scrutiny as the dispute threatens investor confidence and corporate stability.

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