Boardroom battle among one of Singapore’s richest families sees adviser resign

A company adviser embroiled in an escalating feud involving one of Singapore’s richest families has stepped down, according to the billionaire chairman of the clan’s real estate firm.

Catherine Wu has resigned from her unpaid role at the hotel unit of City Developments Limited, according to a statement on Tuesday from Chairman Kwek Leng Beng. Shares of the company rose as much as 2.8 per cent in early trading Wednesday.

Kwek’s son Sherman Kwek said last week that Wu had been “interfering in matters going well beyond her scope”, raising concerns about corporate governance at one of Singapore’s largest hotel and real estate empires.

The tit-for-tat has elevated the family discord at City Developments, after the elder Kwek tried to oust his son from the chief executive officer role and accused him of orchestrating a boardroom coup, adding new directors without going through the proper nomination process.

“Now that Dr. Wu has resigned, the CEO and his team of directors no longer have any continuing basis to make such corporate governance allegations about CDL and to justify his board coup,” the chairman said in the statement.

City Developments lost its position as Singapore’s largest listed developer earlier this week after its stock fell following the lifting of a trading halt, reflecting investor concerns about the boardroom tussle unfolding in public.