• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO

2

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon

1

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO

2

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
FinanceSingapore
Asia

Singapore billionaire’s son denies board coup, blames aide

By
Low De Wei
Low De Wei
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Low De Wei
Low De Wei
and
Bloomberg
Bloomberg
Down Arrow Button Icon
February 27, 2025, 10:38 PM ET
Sherman Kwek, chief executive officer of City Developments Ltd., speaks during a news conference in Singapore, on Thursday, Feb. 21, 2019.
Sherman Kwek, chief executive officer of City Developments Ltd., speaks during a news conference in Singapore, on Thursday, Feb. 21, 2019. Ore Huiying—Bloomberg via Getty Images

The scion of Singapore’s richest family denied his father’s claim that he was leading a boardroom coup, saying the primary reason for the family dispute lies with a key adviser to the billionaire patriarch.

Recommended Video

“There has been no attempt by us to oust the chairman,” Sherman Kwek, chief executive officer of City Developments Ltd., said in a statement late Thursday referring to his father. “The chairman’s claim that there is an ‘attempted coup’ by the majority directors to consolidate control of CDL’s board is not only incorrect, it distracts from the nub of the issue.”

Sherman Kwek’s response escalates the feud that’s roiled the family after his father Kwek Leng Beng filed a lawsuit alleging his son and other directors were leading a boardroom coup and accused them of serious lapses in corporate governance.

In particular, the elder Kwek objected to the appointment of two directors who were added to the board this month without going through the typical nomination process, according to his statement this week.

The worsening tit-for-tat has plunged Singapore’s largest listed developer into crisis, sparking a rare succession battle in the city-state. Shares of the $3.4 billion firm, already suffering from a major drop in profits, remain suspended, and have been downgraded by firms including JPMorgan Chase & Co.

In his latest salvo, Sherman Kwek accused his father of being influenced by Catherine Wu, an adviser to the board of the firm’s hotel subsidiary whose conduct raises “a very serious issue of corporate governance.”

“She has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence,” the son said. “Due to her long relationship with the chairman, efforts that were made to manage the situation were done sensitively, but to no avail.”

Wu couldn’t be reached for comment while representatives for the elder Kwek didn’t respond to a request for comment.

Wu, 65, has been a longtime aide to the patriarch. The former singer who studied at The Juilliard School in the U.S. told local Chinese newspaper Lianhe Zaobao that she met the elder Kwek in 1992 at a dinner party. She migrated to Singapore from Taiwan the same year. 

She was described as a personal assistant directly paid for by the elder Kwek and acted as his “eyes and ears” on the ground, according to a 2018 judgment at a U.K. employment tribunal. 

Wu was listed as chief of staff at CDL’s hotel unit in the U.K. from 2022 until her resignation in January 2024. Her current and former business interests include child care services, music schools and cybersecurity firms, according to corporate filings reviewed by Bloomberg. She’s also known as Wu Ingrid Gwan and Wu Gwan Ying.

Sherman Kwek said a majority of directors passed resolutions on Feb. 21 to terminate Wu’s advisory agreement and to affirm that she “has no power and authority” to influence the boards, management and staff of CDL and its hotel unit, to “restore proper corporate governance and accountability.”

The younger Kwek also accused his father of not presenting a “full picture” of recent court proceedings related to the dispute. The elder Kwek said in a statement Wednesday that the two new directors have undertaken not to exercise any powers until further notice of the court.

In fact, the majority of the board voluntarily offered to preserve the status quo until a full hearing, according to Sherman Kwek’s letter.

“The suggestion in the chairman’s second press statement that the minority directors succeeded in their application and that lapses of corporate governance at CDL and its subsidiaries have been halted is most unfortunate,” Sherman Kwek said.

About the Authors
By Low De Wei
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Mortgage rates today, June 9, 2026
Personal Financemortgages
Mortgage rates today, June 9, 2026
By Glen Luke FlanaganJune 9, 2026
3 hours ago
Current refi mortgage rates report for June 9, 2026
Personal Financemortgage rates
Current refi mortgage rates report for June 9, 2026
By Glen Luke FlanaganJune 9, 2026
3 hours ago
Current ARM mortgage rates report for June 9, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for June 9, 2026
By Glen Luke FlanaganJune 9, 2026
3 hours ago
How Michael Saylor’s preferred stock gamble could trigger a death spiral for Strategy
InvestingFinance
How Michael Saylor’s preferred stock gamble could trigger a death spiral for Strategy
By Shawn TullyJune 9, 2026
3 hours ago
Best private student loans for grad school in June 2026
Personal FinanceLoans
Best private student loans for grad school in June 2026
By Joseph HostetlerJune 8, 2026
13 hours ago
AXA launches a new insurance and wealth platform for HNWIs as Hong Kong wealth surges past Switzerland
AsiaAXA
AXA launches a new insurance and wealth platform for HNWIs as Hong Kong wealth surges past Switzerland
By Nicholas GordonJune 8, 2026
13 hours ago

Most Popular

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
Economy
'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
By Jim EdwardsJune 8, 2026
1 day ago
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Success
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJune 7, 2026
2 days ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
14 hours ago
Current price of oil as of June 8, 2026
Personal Finance
Current price of oil as of June 8, 2026
By Joseph HostetlerJune 8, 2026
21 hours ago
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Economy
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
By Nick LichtenbergJune 7, 2026
2 days ago
Current price of silver as of Monday, June 8, 2026
Personal Finance
Current price of silver as of Monday, June 8, 2026
By Joseph HostetlerJune 8, 2026
21 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.