By Jonathan Burgos, Forbes Staff
Senior editor covering billionaires, entrepreneurs, and deals in Asia.

Kwek Leng Beng, the 84-year-old executive chairman of City Developments Ltd. (CDL), was recently seen leaving the company's annual shareholders' meeting held in Singapore on April 23, 2025. This meeting came under the shadow of a protracted dispute between board members that many had hoped had been resolved.

Only a month prior to this meeting, Kwek announced that the board of directors had reached a consensus to set aside their differences after he withdrew a court case he had initiated against his son, Sherman Kwek, who is the group CEO at only 49 years old. This legal confrontation had drawn considerable attention, as it showcased a rare glimpse into the internal dynamics of one of Singapore's wealthiest families, whose accumulated wealth is estimated at an impressive $11.5 billion.

However, the shareholders' meeting revealed that tensions remain. Veteran board member Philip Yeo, who has been a part of CDL since 2009, expressed his dissatisfaction with the rapid appointment of new directors Jennifer Duong Young and Wong Su-Yen back in February. His disapproval was emphatic as he stated, I am very disappointed over the way the two new directors were appointed, highlighting his objections to the re-election of three other directors who played a role in facilitating this swift appointment process.

Despite Yeo's strong objections, the shareholders voted in favor of electing all five independent directors, including both Young and Wong, into the 11-member City Developments board, which is also composed of family members of the Kwek dynasty. This was a pivotal moment that underscored the existing divide within the board, as Yeo further commented, There must be consensus. It should not be by a majority of directors pushing and disregarding the chairman.

The legal clash between Kwek Leng Beng and Sherman Kwek had become public knowledge in late February when the elder Kwek accused his son of orchestrating a boardroom coup aimed at gaining control of the Singapore-listed property developer. The lawsuit filed in the Singapore High Court alleged that Sherman had brought on two new board members without appropriate vetting from the nomination committee, raising concerns about governance practices within the company. Although the lawsuit has since been withdrawn, the tensions that plagued the family and the board were evident during the meeting, especially following the resignation of Catherine Wu, an adviser caught in the midst of the boardroom feud.

In addition to addressing board membership, shareholders also approved a mandate allowing City Developments to repurchase up to 10% of its shares. This decision is viewed as a strategic move intended to bolster the companys sagging stock price, which has experienced a staggering decline of approximately 29% over the past year. In a candid acknowledgment of the companys precarious situation, Sherman Kwek recognized that CDL is undergoing one of its most challenging periods. He emphasized the need for the organization to prioritize asset divestments, which are critical for raising cash and reducing debt. He also mentioned that CDL would be reassessing plans to list its U.K. commercial assets that had previously been put on hold due to market conditions.