Kwek Leng Beng Withdraws Lawsuit, Retains CDL Leadership Role

Billionaire Kwek Leng Beng has withdrawn his lawsuit against his son Sherman Kwek and other directors of City Developments Limited (CDL), signaling a truce in a public family feud that had escalated over allegations of an attempted boardroom coup. Following the withdrawal of the case, both Kwek Leng Beng will retain his role as executive chairman and Sherman will continue as group CEO, with all current board members, including newly appointed independent directors, remaining in their positions. The elder Kwek initially accused his son and several directors of trying to bypass proper procedures for appointing new board members, which he claimed undermined corporate governance. The board members have now agreed to set aside their differences for the company's greater good, emphasizing a focus on strengthening CDL's business and maximizing shareholder value. The family dispute had highlighted serious governance concerns, particularly regarding financial decisions under Sherman’s leadership. The resolution comes after a tumultuous period where CDL's shares hit a 16-year low amid the internal strife.