SINGAPORE â Three directors have abruptly resigned from a hotel subsidiary controlled by City Developments Limited (CDL), one of Singapore's largest property developers, the latest twist in a corporate shake-up triggered by an internal feud among the Kwek family, according to an April 22 filing with the Singapore Exchange.
The resignations were disclosed in a regulatory filing by CDL, which is controlled by the Kwek family, one of Singapore's wealthiest. The filing did not name the departing directors or specify the hotel subsidiary, but sources familiar with the matter confirmed the departures are linked to a dispute between Kwek Leng Beng, the executive chairman, and his son, Sherman Kwek, the group CEO.
The feud, which has been ongoing for months, escalated in recent weeks, leading to boardroom battles and legal threats. The Kwek family's wealth is estimated at over $10 billion, according to Forbes, and CDL's hotel portfolio includes brands such as Millennium & Copthorne.
CDL has not commented on the resignations beyond the filing. The company's shares closed 1.2% lower on the Singapore Exchange on April 22, reflecting investor concerns over the instability.
