Family Fortune Fiasco: CDL's Top Floor Father-Son Face-off
Key Points
- City Developments Ltd is embroiled in a dramatic boardroom c...
If Shakespeare wrote about modern corporate squabbles, this would be his "King Lear" in a glass-and-steel tower. Singapore's property powerhouse City Developments Ltd (CDL) is witnessing its own royal rumble, minus the crown but with plenty of boardroom drama.
Papa Says No-No
The company's executive chairman Kwek Leng Beng is crying foul over what he dramatically calls an "attempted coup" by his son, CEO Sherman Kwek. Junior's cardinal sin? Trying to add two new independent directors to the board - apparently without asking dad for permission first. Talk about skipping the family dinner di...
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