Mediation by senior establishment figures led to CDL truce, sources say
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SINGAPORE — Trusted family friends and senior establishment figures in Singapore intervened and mediated a truce which put a halt to an acrimonious boardroom fight between billionaire Kwek Leng Beng and his son Sherman Kwek, according to sources who spokMediation by senior establishment figures led to CDL truce, sources say
SINGAPORE — Trusted family friends and senior establishment figures in Singapore intervened and mediated a truce which put a halt to an acrimonious boardroom fight between billionaire Kwek Leng Beng and his son Sherman Kwek, according to sources who spoke to The Straits Times. The halt came after more than two weeks of tit-for-tat media statements by both men, during which the share price of their real estate company City Developments Limited (CDL) reached a 16-year low. The Straits Times understands that the senior figures are neutral parties who have kept in contact with the senior Kwek, who is the executive chairman of CDL, and his son, CDL's group chief executive. The mediation took place in earnest after Kwek Leng Beng announced on March 4 the resignation of Catherine Wu as «an unpaid independent adviser» to the board of CDL's hotel arm, Millennium & Copthorne Hotels (M&C). Sherman Kwek had said Wu was the reason for the dispute between the father and son. He accused her of meddling in matters well beyond her scope, adding that she wields and exercises enormous influence. Read more