Son of Singapore's Richest Man Denies Boardroom Coup

Singapore billionaire's son denies board coup, blames aide

Sherman Kwek, the son of Singapore's richest man, has denied allegations of a boardroom coup at City Developments Ltd. (CDL), instead blaming a former aide for the controversy. Kwek, who is the CEO of CDL, made the statement in response to reports that he had attempted to oust his father, Kwek Leng Beng, from the company's board.

Kwek Leng Beng, who is also the chairman of CDL, has been at the helm of the company for over four decades. The allegations of a boardroom coup surfaced earlier this month when CDL announced that Kwek Leng Beng would not be seeking re-election to the board at the company's upcoming annual general meeting.

In a statement released by CDL, Sherman Kwek said that the decision not to re-elect his father was made by the board as a whole, and that he had not been involved in the process. He also accused a former aide of spreading false information about the situation.

The former aide, who was not named in the statement, had reportedly claimed that Sherman Kwek had been trying to remove his father from the board in order to take control of the company. However, Sherman Kwek denied these allegations, saying that he had no intention of ousting his father and that the two had a strong relationship.

The controversy has raised questions about the future of CDL, which is one of Singapore's largest property developers. The company has a market capitalization of over S$10 billion and is listed on the Singapore Exchange.

Analysts have suggested that the boardroom dispute could have an impact on CDL's share price, although the company's stock has remained relatively stable in recent weeks. Some have also raised concerns about the potential for a power struggle within the company, although Sherman Kwek has insisted that the situation is under control.

In the meantime, CDL has announced that it will be holding its annual general meeting on April 28, where shareholders will have the opportunity to vote on the composition of the board. It remains to be seen whether the allegations of a boardroom coup will have any impact on the outcome of the meeting.