Singapore – A high-profile family dispute has erupted within one of the world's wealthiest hotel dynasties, City Developments Ltd. (CDL), as the designated successor, Sherman Kwek, attempted to oust his billionaire father's long-time advisor. The Wall Street Journal highlighted the escalating tensions, detailing how the feud became public after Sherman Kwek moved to diminish the influence of advisor Wu.
Sherman Kwek, 49, who serves as the chief executive of CDL and was widely considered the successor to his father, Kwek Leng Beng, initiated moves to add new directors to the board. This maneuver, he later stated, was specifically aimed at eliminating Wu’s influence within the family business. The elder Kwek, who oversees a family fortune estimated by Forbes last year at $11.5 billion, had reportedly sought and considered Wu's feedback on business ideas.
The advisor, Wu, in her first public comments on the matter, told The Wall Street Journal via email that her relationship with the chairman was "purely professional." She asserted that she "had no role in the decision-making process" at CDL, despite the chairman valuing her input. This statement contradicts the perception held by Sherman Kwek and his allies regarding her extensive influence.
The public nature of the feud underscores deep-seated disagreements over governance and influence within the Singaporean real estate and hotel conglomerate. Sherman Kwek, speaking on behalf of the majority of the board, issued a statement in February, alleging that Wu "has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence." This internal conflict has drawn significant attention to the inner workings of the powerful Kwek family empire.
City Developments Ltd. is a leading global real estate company with a network spanning 112 locations in 29 countries and regions. The company's diverse portfolio includes residences, offices, hotels, serviced apartments, shopping malls, and integrated developments. The ongoing family dispute raises questions about future leadership stability and strategic direction for the prominent firm.