02/28/2025
The worsening tit-for-tat has plunged Singapore's largest listed developer into crisis, sparking a rare succession battle in the city state. Shares of the US$3.4 billion firm, already suffering from a major drop in profits, remain suspended, and have been downgraded by firms including JPMorgan Chase & Co.
In his latest salvo, Sherman Kwek accused the elder Kwek of being influenced by Catherine Wu, an adviser to the board of the firm's hotel subsidiary whose conduct raises "a very serious issue of corporate governance".
