CDL Crisis: Kwek Leng Beng Sues Son Sherman

The boardroom dispute at City Developments Limited (CDL) has intensified as Chairman Kwek Leng Beng accuses his son, CEO Sherman Kwek, of orchestrating a boardroom coup, leading to a lawsuit filed by Kwek and other board members against Sherman. Sherman denies the allegations, attributing the conflict to the undue influence of his father's adviser, Dr. Catherine Wu, in corporate governance matters. The lawsuit follows a failed attempt by Kwek to dismiss Sherman after alleging governance lapses. Trading of CDL shares has been suspended amid the crisis, which has already led to a significant drop in the company's profits. Sherman asserts that the actions taken were to safeguard shareholder interests and improve governance, while his father claims the son and other directors bypassed traditional nomination processes for board appointments.