Singapore’s CDL scion fires back at father as Kwek family feud intensifies

The scion of Singapore’s richest real estate clan denied his father’s claim that he was leading a boardroom coup, saying the primary reason for the family dispute lies with a key adviser to the billionaire patriarch.

“There has been no attempt by us to oust the chairman,” Sherman Kwek, chief executive officer of City Developments Limited said in a statement late on Thursday, referring to his father.

“The chairman’s claim that there is an ‘attempted coup’ by the majority directors to consolidate control of CDL’s board is not only incorrect, it distracts from the nub of the issue.”

Sherman Kwek’s response escalates the feud that is roiled Singapore’s wealthiest clan after his father Kwek Leng Beng filed a lawsuit claiming his son and other directors were leading a boardroom coup and accused them of serious lapses in corporate governance.

In particular, the elder Kwek objected to the appointment of two directors who were added to the board this month without going through the typical nomination process, according to his statement this week.

The worsening tit-for-tat has plunged Singapore’s largest listed developer into crisis, sparking a rare succession battle in the city state. Shares of the US$3.4 billion firm, already suffering from a major drop in profits, remain suspended, and have been downgraded by firms including JPMorgan Chase & Co.