Singapore’s CDL chairman drops lawsuit against CEO son

SINGAPORE — City Developments (CDL) Executive Chairman Kwek Leng Beng is ending his lawsuit against his son, CEO Sherman Kwek, marking a step toward mending a deep family rift at the Singaporean property developer.

In a statement late Wednesday, the elder Kwek, 84, said the legal proceedings against his 49-year-old son and six other board members “will be discontinued.” Both Kweks will continue in their respective roles, and all current directors will remain on the board, he said.