Sherman Kwek (left) and Kwek Leng Beng. — Bloomberg
SINGAPORE: Singapore’s largest listed property developer City Developments Ltd (CDL) has been plunged into crisis, with its chairman and patriarch Kwek Leng Beng accusing his son – the firm’s chief executive officer (CEO) – of attempting a boardroom coup.
The billionaire Leng Beng, 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”.
