Useless son of Singapore

[Chase]

Sherman Kwek
https://www.channelnewsasia.com/singapore/cdl-kwek-leng-beng-sherman-sack-coup-4960676

In a statement issued on Wednesday (Feb 26), the senior Kwek accused his son and a group of directors, including Mr Philip Lee and Ms Wong Ai Ai, of bypassing CDL's nomination committee to push through board changes without proper review." He said court papers were filed on Tuesday to address what he described as an attempted "coup" and to restore corporate integrity.

The elder Kwek pointed to past business decisions under Mr Sherman Kwek's leadership that have "put CDL in a precarious position", including a S$1.9 billion loss from CDL's investment in Chinese developer Sincere Property in 2020 and poor returns from UK property ventures.

CDL's share price has also underperformed since Sherman Kwek took over in 2018, he said.

As a father, firing my son was certainly not an easy decision," said Mr Kwek Leng Beng.

"I accept that business decisions are difficult and young people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line."

Mr Kwek Leng Beng vowed to take all legal steps necessary to protect the company’s governance standards and its shareholders' interests.

 

[batman1]

If he is not the son of Kwek leng beng,most likely he is just a Grab driver.555

 

[face the facts]

why the fuck these super rich still fight over money........morons

 

[Narong Wongwan]

If he is not the son of Kwek leng beng,most likely he is just a Grab driver.555

It’s amazing with all the money and resources to nurture and yet end up with such a lousy end product.
Nature trumps nurture

 

[k1976]

If he is not the son of Kwek leng beng,most likely he is just a Grab driver.555

TBH, There are many ex-big shot sits driving Grab now

 

[k1976]

It’s amazing with all the money and resources to nurture and yet end up with such a lousy end product.
Nature trumps nurture

U need luck , right connection and correct timing

 

[birdie69]

If he is not the son of Kwek leng beng,most likely he is just a Grab driver.555

Someone are just lucky to be born in a rich and powerful family, yet still wants to be dishonourable!

 

[Narong Wongwan]

U need luck , right connection and correct timing

Business acumen aside
This useless son is morally bankrupt like pinky
I would love to see him win the lawsuit against his father then see how he runs the company to the ground.

 

[Chase]

Bloomberg: Billionaire Kweks’ CDL says board changes deviated from norms
8th April 2025
https://www.bloomberg.com/news/arti...ks-cdl-says-board-changes-deviated-from-norms

The board of City Developments Ltd, the property company controlled by Singapore’s wealthiest family, said it deviated from its usual processes earlier this year in appointing two new directors. The appointment of two new directors in February — who were voted in by a majority of its then nine-member board — took place “without the usual process of prior review and recommendation” by the board’s then nominating committee.

Despite attempts to wrap up the feud publicly, the developer could face scrutiny from shareholders at an annual meeting scheduled for April 23.
The local stock exchange’s regulatory arm has questioned CDL about corporate governance issues and disclosures related to the tussle, Bloomberg News reported this month.

 

[Chase]

Useless son contradicted himself
Self-acclaimed barometer of Singapore's residential market, yet removed from MSCI Singapore Index.

https://www.businesstimes.com.sg/co...ice-gap-board-cohesion-sherman-kweks-strategy

"CDL believes its share price takes a relatively bigger hit compared to its peers in the face of adverse developments for the sector because it is often considered the barometer of Singapore’s residential market”

"CDL’s removal from the MSCI Singapore Index on May 31, 2024 also affected its share price"​

 

[syed putra]

Hiring that Taiwanese bamboo was the best corporate decision

 

[True Believer]

Sherman Kwek is a beneficiary of nepotism. He would never even make it into senior management in another large organization if not for his father.

 

[batman1]

Sherman Kwek is a beneficiary of nepotism. He would never even make it into senior management in another large organization if not for his father.

Most likely he will be a Grab driver.555

 

[True Believer]

Most likely he will be a Grab driver.555

Sherman may lead some CEOs in that manner.

 

[Narong Wongwan]

Sherman Kwek is a beneficiary of nepotism. He would never even make it into senior management in another large organization if not for his father.

Like father like son. KLB also not that savvy. Couldn’t build up what the dad started. The cousin across the causeway did much better

 

[Chase]

Like father like son. KLB also not that savvy. Couldn’t build up what the dad started. The cousin across the causeway did much better

Sherman has a cousin, who will inherit shares of both Malaysia Hong Leong and Singapore Hong Leong eventually.

 

[shock888]

I thought you are referring to Ah Loong when you wrote the headline

 

[Chase]

CDL Annual Meeting Descends into Chaos

Singapore Kwek Clan’s CDL Investor Meeting Turns Acrimonious​

https://www.bloomberg.com/news/arti...clan-s-cdl-annual-meeting-descends-into-chaos

Sherman Kwek, left, and Kwek Leng Beng.Photographer: Ore Huiying/Bloomberg

A longtime board member of City Development Ltd, the property giant controlled by Singapore’s wealthiest family, lashed out at several other directors on Wednesday over a recent feud that rocked the developer and the billionaire Kwek clan.

Sparks flew after several directors began bickering about how two new board members were hurriedly appointed in February, after they were voted in by a majority of the board despite opposition from Leng Beng. The development caused a rift within the Kwek family, and led Leng Beng to seek Sherman’s dismissal as CEO shortly after.

Jennifer Duong Young came up with an analogy of a doctor bypassing hospital procedures requiring parental consent for a life-saving procedure, in order to save a child bitten by a venomous snake. “If I wait, and I cannot find the parent, the child may die,” she said.

She was interrupted by Philip Yeo, a former top Singapore civil servant who has been a non-executive director at CDL since 2009, who said independent director appointments should be unanimously approved, in his view.

“There must be consensus. It should not be by a majority of directors pushing, and disregarding the chairman,” Yeo said. He said some CDL directors put themselves on the board of the company’s Millennium & Copthorne Hotels subsidiary without the approval of Leng Beng, who is also the unit’s chairman. “That’s totally improper,” Yeo said.

“The meeting was quite a disaster,” said Gary Saw, a CDL shareholder who attended the event. “It shows a real division among the management, board, and interests of minority shareholders,” said the 56-year-old.

 

[myfoot123]

why the fuck these super rich still fight over money........morons

Because they are human. You still believe PAPPY candidates say they care about it?