Singapore property tycoon Kwek accuses son of boardroom coup
Kwek says his son, together with others, had tried to consolidate control of CDL’s board
City Developments Ltd.’s Chairman Kwek Leng Beng has filed court papers to deal with an alleged “attempted coup” by his son, Chief Executive Officer Sherman Kwek, Singapore’s Straits Times reported.
The older Kwek says his son, together with Philip Lee, Wong Ai Ai and a group of directors, had tried to consolidate control of CDL’s board, according to a statement to the newspaper.
“In response, we have filed court papers today to set things right,” the Straits Times cited Kwek as saying. “This is necessary to deal with this attempted coup at the board level and restore corporate integrity,” Kwek told the newspaper, adding that he intends to change the CEO at the “appropriate time.”
A spokesperson for CDL wasn’t immediately able to comment. Shares of the Singapore-listed firm were halted earlier Wednesday pending an announcement. The company also canceled a briefing on its annual earnings.
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