Singapore Billionaire Kwek Leng Beng Ends Legal Dispute with Son Sherman

The family reconciles after a public boardroom feud at City Developments Limited, with both retaining their leadership roles.

Kwek Leng Beng, executive chairman of City Developments Limited (CDL), has withdrawn a lawsuit against his son Sherman, the group CEO, over alleged governance lapses and a boardroom power struggle.
The feud, which began in February 2025, included allegations of an attempted coup by Sherman and concerns over corporate governance issues involving an adviser, Catherine Wu.
CDL's stock hit a 16-year low during the public dispute, raising concerns about the company's stability and corporate governance practices.
Both Kwek Leng Beng and Sherman Kwek will continue in their respective leadership roles, with all current board members remaining in place.
The family has emphasized a renewed focus on strengthening CDL’s business operations and maintaining good corporate governance for the benefit of stakeholders.