SINGAPORE: Singapore real estate billionaire Kwek Leng Beng dropped a lawsuit against his son he had accused of an alleged coup last month, patching up a family feud as abruptly as it erupted.
The elder Kwek will continue in his role as executive chairman at City Developments Ltd and his son Sherman Kwek will stay on as chief executive officer, according to a statement late today by the patriarch.
“All the board members have agreed to put aside their differences for the greater good of CDL and its stakeholders,” Kwek said in the statement.
“We will all continue to focus on strengthening CDL’s business, in accordance with good corporate governance, now and in the future.”
The latest move appears to be a major step toward bridging a significant family rift that spilled into the public in February.
The dispute jolted CDL’s stock, and prompted an adviser, Catherine Wu, to resign from her unpaid role at the hotel unit of CDL.