SINGAPORE, March 14 — Billionaire Kwek Leng Beng and his son, Sherman Kwek, resolved their high-profile dispute after senior establishment figures and trusted family friends stepped in to mediate, according to a The Straits Times report citing anonymous sources.
The feud had played out over more than two weeks of public statements, during which the share price of their real estate firm, City Developments Limited (CDL), fell to a 16-year low.
The elder Kwek filed a lawsuit in February to block his son and the CDL board from implementing resolutions he claimed was a power grab that undermined his authority.
Sherman denied attempting to oust his father and instead accused him of being influenced by Catherine Wu, an adviser whose role in the company had become a point of contention.
On March 12, the senior Kwek abruptly dropped the lawsuit, bringing the dispute to an end as quickly as it had erupted.
Both men will remain in their respective leadership roles, with the senior Kwek as executive chairman and Sherman as group CEO.
The stock market responded positively to the news, with CDL’s share price rising 3 per cent on March 13 to close at S$5.09, just below the pre-dispute level of S$5.12.