CDL Feud: Father-Son Power Struggle Rocks Singapore's Property Giant

Tensions between father and son have rocked one of Singapore's largest property developers, City Developments Limited (CDL), with allegations of an attempted coup surfacing in recent weeks. The feud between Kwek Leng Beng, the 70-year-old chairman, and his son, Kwek Leng Joo, the 44-year-old deputy chairman, has raised concerns about the future of the company and its leadership.

The dispute came to a head in late February when Kwek Leng Joo, who is also the CEO of CDL's hotel subsidiary, Millennium & Copthorne Hotels (M&C), was abruptly removed from his position. The move was reportedly made without the knowledge or consent of the younger Kwek, who has since been replaced by a third party. The sudden change in leadership has sparked speculation about a power struggle within the company.

Sources close to the situation have suggested that the feud may have been brewing for some time, with the younger Kwek feeling sidelined by his father's decision-making process. The two have reportedly had differing views on the direction of the company, with Kwek Leng Joo advocating for a more aggressive expansion strategy, while his father has favored a more conservative approach.

The alleged attempted coup has raised questions about the succession plan for CDL, which has been a family-owned business for generations. Kwek Leng Beng has been at the helm of the company since 1982, and there have been concerns about who would take over the reins when he steps down. The recent events have cast doubt on whether Kwek Leng Joo was ever intended to be his father's successor.

The fallout from the feud has also had an impact on CDL's stock price, which has fluctuated in recent weeks. However, the company has maintained that the dispute will not affect its operations or financial performance. In a statement released earlier this month, CDL said that it remained committed to its long-term strategy and that the leadership changes would not disrupt its business.

The future of CDL remains uncertain as the feud between father and son continues to play out. While the company has sought to downplay the impact of the dispute, investors and analysts will be watching closely to see how the situation develops. The outcome of the power struggle could have significant implications for the company's future and the broader Singapore property market.