Singapore’s largest listed property developer City Developments Ltd. was plunged into crisis Wednesday, when its chairman and patriarch Kwek Leng Beng accused his son - the firm’s chief executive officer - of attempting a boardroom coup.
The billionaire Kwek, 84, said in a statement that he had sought to dismiss his son, Sherman Kwek, from the CEO position earlier in February due to what he alleged were "serious lapses of corporate governance.” Leng Beng said Sherman had consolidated control of the company’s board, which prevented the firing.
