CDL's Kwek Leng Beng seeks to fire son Sherman as CEO over alleged 'attempted coup'
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SINGAPORE — A tussle between father and son for control of City Developments Limited (CDL) came to light on Feb 26, with executive chairman Kwek Leng Beng publicly criticising his son Sherman, who is the property giant's group chief executive officer. TCDL's Kwek Leng Beng seeks to fire son Sherman as CEO over alleged 'attempted coup'
SINGAPORE — A tussle between father and son for control of City Developments Limited (CDL) came to light on Feb 26, with executive chairman Kwek Leng Beng publicly criticising his son Sherman, who is the property giant's group chief executive officer. The older Kwek said he had filed court papers to address the «attempted coup» by Sherman Kwek, 49, board members Philip Lee Jee Cheng and Wong Ai Ai, as well as a group of directors acting with them to allegedly consolidate control of CDL's board. «This is necessary to deal with this attempted coup at the board level and restore corporate integrity,» said Kwek Leng Beng, who will be 84 in 2025. «We intend to change the chief executive officer at the appropriate time. We will continue to explore all legal options available to us to vigorously defend and protect the interests of CDL and its shareholders,» he said. Responding, Sherman Kwek expressed his disappointment over the «extreme actions» taken by his father over a disagreement around the size and make-up of the board of the property group.