SINGAPORE: A boardroom tussle at City Developments Limited ( CDL ) has escalated into a legal battle, with property tycoon Kwek Leng Beng , accusing his son of attempting a boardroom” coup”.
The controversy centers on promises that party CEO Sherman Kwek sought to appoint new independent directors without whole table assent, which led to a power struggle at CDL, one of Singapore’s largest estate companies, and owned by the Kwek home.
The people spat has sent shockwaves through the market, raising concerns about CDL’s management and promote price volatility.
What do we hear so much about the conflict between a father and a boy:
Jan 28:  , An email , was sent to CDL’s table, with committee members Mr Philip Lee and Ms Wong Ai Ai nominating two innovative independent directors.  ,
Jan 29: The father Kwek, 84, questioned the necessity of appointing two innovative independent directors.
The schedule, on the day of Chinese New Year, and the hurry to review the meetings raised concerns, he said, adding that Mr Chong Yoon Chou, the president of the election commission, was” completely conscious” of the nominations.
Jan 31:  , Mr Lee requisitioned a board meeting in an attempt to drive through the proposed meetings.  ,
Feb 7: A panel meeting was convened. The older Kwek claimed that there was no vote, but days afterwards a written decision approving the appointment of Ms. Jennifer Duong Young and, conversely, Ms. Wong Su Yen as separate non-executive executives was passed.
The elder Kwek claims that the action was the result of his son’s planned effort to take control of the company.