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The dramatic power struggle at City Developments Limited (CDL) has taken a shocking turn as Kwek Leng Beng, CDL’s chairman, attempts to fire his own son, Sherman Kwek, the company’s CEO. Allegations of a “coup,” rushed board appointments, and corporate governance issues have made this one of the biggest business sagas in Singapore.
In the latest twist, Sherman Kwek claims that the real reason behind the dispute revolves around Dr Catherine Wu, a former advisor accused of wielding too much influence.