THE SINCERE Home AND THE Debate DEAL
Kwek Leng Beng claimed in a statement on Wednesday ( Feb 26 ) that his son and a group of directors, including lead independent director Philip Lee and independent non-executive director Wong Ai Ai, were filing court papers on Tuesday to address what he described as an attempted” coup” by his son.
The conflict centers on events that started on January 28 when an message was sent to the table selecting two new independent directors. The schedule, on the day of Foreign New Year, and the hurry to review the appointments raised issues, said Kwek Leng Beng.
He added that Chong Yoon Chou, the president of the election commission, was” completely conscious” of the votes.
Despite concerns, a panel meeting was convened on Feb 7. No vote was taken, but days after, a written decision approving the meetings was passed, said the older Kwek.
According to him, the action indicated a planned efforts by his child and another directors to take control.
Kwek Leng Beng demanded his brother’s treatment as party CEO on February 8, citing his part in what he called” the latest of a long line of mistakes,” and the situation grew even more so.  ,
The elder Kwek cited prior organization decisions made under Mr. Sherman Kwek’s leadership, including the S$ 1.9 billion loss suffered from the company’s 2020 investment in Taiwanese programmer Sincere Property and subpar UK property transactions.
The Sincere deal was supposed to be CDL’s most ambitious growth into China, but the COVID-19 crisis put a dent in ideas. Additionally, the Taiwanese company’s financial health was less than anticipated.
This is not the first moment the Kwek community has had strained relations.
In 2020, Kwek Leng Beng’s niece Kwek Leng Peck resigned as non-executive and non-independent chairman of CDL after more than three decades, citing disputes over the Genuine investment, which was led by Sherman Kwek.
The withdrawal grabbed press attention, with , Bloomberg calling it” a rare moment of common conflict” in the Kwek home.
If Mr. Sherman Kwek become removed, Kwek Eik Sheng may serve as interim team CEO if Kwek Leng Beng’s legal action against his son is effective.