The trigger for such a drastic move was Leng Beng’s unhappiness that Sherman bypassed the nomination committee to change the board composition, thus “making significant changes to board committees impacting CDL’s governance”. The chairman sought the dismissal of Sherman for circumventing good governance and consolidating power through the irregular appointment of two new directors.
The public spat between CDL’s Kwek Leng Beng and his son Sherman is perhaps a dispute over how property firms could deliver value to shareholders
For most of Feb 26, the court papers filed by City Developments’ (CDL) executive chairman Kwek Leng Beng — seeking legal advice to set things right, including replacing group CEO Sherman Kwek with nephew Kwek Eik Sheng — held Singapore’s investing community in thrall. Was the father-son spat about two board seats or billions of unproductive property in the UK?
