Trading in City Developments Remains Suspended amid Family Feud

MT Newswires

Feb 27, 2025

Trading in the shares of City Developments (SGX:C09) remained suspended throughout the day on Feb. 27 amid a family feud over control of the company.

According to a filing with the Singapore Exchange on Wednesday, the company had decided to halt trading in its shares due to disagreement within the board over its composition and constitution.

Meanwhile, Kwek Leng Beng, the company's CEO, filed court papers accusing his son Sherman Kwek of trying to attempt a coup of the company. The latter has denied the allegations, calling the decision of his removal 'disappointing' according to a report by The Straits Times on Wednesday.

The CEO intends to replace Sherman with his cousin, Kwek Eik Sheng, the report added.

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