In a second statement issued near midnight on the same day, the elder Kwek said the "serious lapses" of corporate governance at CDL had been stopped.
The two statements issued by City Development's (CDL) executive chairman Kwek Leng Beng "do not present the full picture", says his son Sherman Kwek.
The elder Kwek issued statements on Feb 26, first accusing his son, Philip Lee, Wong Ai Ai and a group of directors acting with them of trying to consolidate control of CDL's board and the group. More poignantly, Leng Beng said that "as a father, firing my son was certainly not an easy decision". In response, Sherman, on behalf of the majority of the CDL board of directors, called the public moves "incredibly disappointing" regarding the disagreement around the size and make-up of the CDL board.
