City Developments' Executive Chair Accuses CEO Son of Attempting Boardroom 'Coup'

City Developments Limited (CDL), a Singapore-based real estate conglomerate, is facing a high-profile boardroom dispute after its executive chairman, Sherman Kwek, accused his son and CEO, Sherman Kwek Jr., of attempting a boardroom 'coup.' The incident has raised concerns about corporate governance and succession planning within the company.



The dispute began when Sherman Kwek Jr. attempted to remove his father from the board of directors, citing concerns about the company's strategic direction and governance. However, Sherman Kwek Sr. accused his son of attempting to seize control of the company for personal gain. The boardroom battle has led to a temporary halt in CDL's share trading and a significant drop in the company's stock price.



The incident has sparked a debate about the challenges of family-owned businesses and the importance of independent board members in ensuring good corporate governance. CDL, which has a long history of family ownership, has faced criticism in the past for its lack of independent board members and the potential for conflicts of interest.



To address these concerns, CDL has announced plans to increase the number of independent board members and strengthen its corporate governance practices. The company has also launched an internal investigation into the incident and has pledged to take appropriate action against those responsible for any wrongdoing.



The boardroom dispute at CDL highlights the importance of strong corporate governance and the need for companies to address potential conflicts of interest, especially in family-owned businesses. As CDL works to resolve the issue and rebuild investor confidence, it will be crucial for the company to maintain transparency, accountability, and a commitment to good governance practices.