A dog in a village in Buri Ram's Muang district handed over a plastic bag to its owner, who alerted the authorities after 14,000 meth pills were found inside.
CDL executive chairman Kwek Leng Beng files court case against son and group CEO Sherman Kwek over 'attempted coup'. - ST
Leng Beng, along with three other board members and CDL on Tuesday filed a lawsuit in Singapore’s courts against Sherman and six others on the board of directors, a move the chairman said was done"to set things right.” The father and son sit on the 11-member board, which has eight individuals that are listed as independent directors, according to CDL’s website.
CDL separately said Sherman remains its CEO"until such time as there is a board resolution to change company leadership.” Leng Beng said Sherman and some other directors had bypassed CDL’s nomination committee on two occasions to change the composition of the company’s board. The lawsuit, he said,"is necessary to deal with this attempted coup at the board level and restore corporate integrity.”
Eventually, following a property downturn in the world’s second-largest economy, CDL was forced to write off most of its investment in Sincere and incurred a S$1.9 billion loss. Leng Beng said certain members of the board are still aligned with him, and"committed to upholding the highest standards of governance and accountability.” He added that Kwek Eik Sheng, CDL’s chief operating officer and Sherman’s cousin, will serve as the company’s interim CEO"if and when Sherman is removed,” until a professional is appointed to lead the firm.
Singapore City Developments Kwek Leng Beng Coup Sherman Kwek Boardroom Tussle Hong Leong Group
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