Kwek Leng Beng drops legal action; son Sherman stays as CDL CEO

Older Kwek says board members agreed to put aside differences for the greater good

- Angela Tan

Billionaire tycoon Kwek Leng Beng will drop the lawsuit he had filed against his son Sherman Kwek and other directors of City Developments Limited (CDL), in the latest turn of a high-profile family rift that set tongues wagging for more than two weeks.

The executive chairman of CDL said on March 12 that he has decided to drop the lawsuit he had filed in February to stop his son and majority directors of CDL from implementing a number of board resolutions.

The lawsuit was also filed to restrain two newly appointed independent directors from exercising their powers.

"I will continue in my role as executive chairman, and Sherman Kwek will continue as group chief executive officer," he said.

All the current directors, including the two new independent directors—Ms Jennifer Duong Young and Ms Wong Su-Yen—will remain on the CDL board, he added.

The older Kwek said all CDL board members have agreed to put aside their differences for the greater good of CDL and its stakeholders.