New directors at center of Singapore’s 4th richest billionaire Kwek Leng Beng’s dispute with son agree not to exercise power

By Minh Hieu February 26, 2025 | 08:32 pm PT

Singapore-based property giant City Developments Limited’s two new directors, who are involved in the conflict between billionaire Kwek Leng Beng and his son, have agreed not to take further actions until further court notice.

The two independent non-executive directors, Jennifer Duong Young and Wong Su Yen, were "irregularly and hastily appointed," Leng Beng, CDL’s 84-year-old executive chairman, said late Wednesday in a statement cited by The Straits Times.

They "have undertaken not to exercise any powers as directors until further notice of the court," he said in the statement, which was issued after a closed-door High Court hearing earlier that day.

Wong Su-Yen (L) and Jennifer Duong Young, City Developments Limited's new independent non-executive directors. Photo courtesy of the company

Leng Beng previously filed a lawsuit against his son and CDL’s group CEO, Sherman Kwek, along with board members Philip Lee and Wong Ai Ai, and a group of directors over alleged governance lapses and an "attempted coup" to consolidate control of the company’s board.

The executive chairman alleged that Sherman’s group sidestepped the nomination committee to appoint the new directors without proper review, altering the board’s composition, and subsequently implemented major changes to board committees and CDL’s governance, CNA reported.

Sherman and the other board members and directors collaborating with him have also "undertaken not to take any further actions regarding their attempted changes to the board committees and management of certain CDL’s subsidiaries, until further notice of court," Leng Beng said.

Court filings seen by The Business Times show that the executive chairman sought an injunction to block Young and Wong from exercising their director powers.

Responding to his father’s lawsuit, Sherman maintained that the recent board reshuffle was not meant to remove the respected chairman but rather to "strengthen the board" and "ensure CDL has the highest standards of governance."

CDL is one of Singapore’s largest property developers with a market capitalization of S$4.6 billion (US$3.4 billion) and properties in nearly 30 countries and regions.

Leng Beng and his family have a combined net worth of US$11.5 billion, making him Singapore’s fourth richest billionaire, according to Forbes last September.