SINGAPORE, March 13 — Billionaire tycoon Kwek Leng Beng is reportedly dropping his lawsuit against his son, Sherman Kwek, and other directors of City Developments Limited (CDL), bringing an end to a weeks-long corporate dispute.
According to a The Straits Times report, the CDL executive chairman said yesterday that all board members had agreed to set aside their differences and focus on the company’s growth.
“I will continue in my role as executive chairman, and Sherman will continue as group chief executive officer,” he reportedly said.
The lawsuit, filed in February, sought to prevent Sherman and six board members from implementing certain board resolutions.
Leng Beng had accused them of attempting a power grab by appointing two independent directors without full board approval.
Sherman denied the allegations, instead pointing to his father’s aide, Catherine Wu, as the source of tensions.
Following the dispute, Wu resigned from her advisory role on March 4.
CDL shares, which were halted from trading on February 26, have since declined from S$5.12 (RM17.02) to S$4.94.
