Singapore real estate billionaire Kwek Leng Beng dropped a lawsuit against the son he accused of carrying out a board coup last month, patching up a family feud as abruptly as it erupted.

Singapore's City Developments on Wednesday said its billionaire executive chairman, Kwek Leng Beng, had dropped a lawsuit against his son, the company's CEO, whom he had accused of plotting a boardroom coup.

Singaporean billionaire Kwek Leng Beng, executive chairman of City Developments Limited, has dropped a lawsuit against his son, the company's CEO, seeking to resolve the high-profile boardroom tussle at one of Singapore’s largest property developers.

The counter rose over 4 per cent, jolted by news that the ongoing court battle between father and son has been discontinued.

Billionaire Kwek Leng Beng has withdrawn the court case he filed against his son last month as the top executives of City Developments jostled for control of the Singapore property giant.

The senior Kwek had earlier sought to remove his son as CEO over an "attempted coup". Read more at straitstimes.com.

SINGAPORE] City Developments Ltd (CDL) on Thursday (Mar 13) morning climbed at the opening, following news on Wednesday night that executive chairman Kwek Leng Beng will be discontinuing his lawsuit against his son Sherman Kwek and six other members of the CDL board.

City Developments said its executive chairman has dropped a lawsuit against his son, the company's CEO, seeking to resolve a high-profile boardroom tussle at one of Singapore's largest property developers.

Singapore real estate billionaire Kwek Leng Beng dropped a lawsuit against the son he accused of carrying out an alleged board coup last month, patching up a family feud as abruptly as it erupted.