Singapore Billionaire's Family Feud Tops VnExpress International's 2025 Business Reads
Legal Battle Between Singapore Billionaire and His Son
One of the most captivating stories in the business world this year was the legal dispute between Singapore billionaire Kwek Leng Beng and his son, Sherman. As one of the top 10 richest individuals in Singapore, Kwek Leng Beng has been at the center of a high-profile family feud involving leadership of City Developments Limited (CDL), a major property developer.
The conflict began when Kwek Leng Beng, the executive chairman of CDL, filed a lawsuit against his son, who serves as the group’s CEO. The billionaire accused his son and other directors of bypassing the company’s nomination committee to reshape the board and implement significant governance changes, which he described as an "attempted coup" aimed at consolidating control over the company.
This dispute arose from Sherman’s decision to appoint two new independent directors to the board despite objections from his father. Kwek Leng Beng sought to reverse his son’s decisions and remove him from his position as CEO. The situation escalated further when Sherman blamed Catherine Wu, a long-time adviser to his father and to CDL’s hotel business, for interfering in matters beyond her scope.
However, the legal battle came to an abrupt end in mid-March when Kwek Leng Beng withdrew the lawsuit, stating that all directors had agreed to move past the episode. A few days earlier, Wu had stepped down from her advisory role. Despite the turmoil, Kwek Leng Beng’s net worth reached a historic peak of $4.7 billion, making him the 8th richest person in Singapore.
Gold Price Surge
Global gold prices experienced a remarkable surge this year, reaching record highs due to uncertainties in trade policies and geopolitical conflicts. Spot gold surpassed previous records early in the year, hitting $2,946 per ounce in February and climbing to $3,288 in April. By October, it touched the landmark level of $4,000 and reached a new peak of $4,549 by the end of the year, marking a 64% increase.
The gold rally was driven by rate cuts and expectations of further monetary easing by the U.S. Federal Reserve, as well as strong demand from central banks and increased holdings in exchange-traded funds. Analysts like Ilya Spivak, head of global macro at Tastylive, predicted that gold could test $5,000 by the first quarter of 2026, with the current catalysts expected to sustain the trend.
Silver also saw a significant rise, gaining over 140% year-to-date and setting a record for its best performance ever. In Vietnam, the global surge in precious metals led to a substantial increase in gold prices, with Saigon Jewelry Company’s gold bars closing the year at VND152.8 million per tael, up 81%.
Legacy of Hong Kong Billionaire Lee Shau Kee
In April, city leaders, business figures, and local residents honored Lee Shau Kee, the former second-richest man in Hong Kong, who passed away at the age of 97. As the founder of Henderson Land Development, Lee built a net worth of $30 billion through strategic investments in real estate starting in 1958.
Lee revolutionized the property market by introducing the option to buy individual floors and pay in installments, allowing his company to sell properties quickly and expand operations. During the turbulent 1960s and 70s, he capitalized on the crisis by purchasing low-cost land and founding Henderson Land Development.
Under his leadership, the company grew from owning just over 20 properties to more than 100 within a few years, including the landmark International Finance Centre. Lee expanded into various sectors such as hospitality, retail, finance, and energy, becoming the fourth wealthiest individual by 1996.
He emphasized the importance of remaining composed during crises and staying on the right path to achieve success. Lee also dedicated his wealth to philanthropy, supporting education, healthcare, and underprivileged communities.
Malaysia Durian Tree Crackdown
The Malaysian government took drastic measures this year by cutting down at least 4,000 durian trees, claiming they were illegally grown on state-controlled land. Authorities in Pahang, a major durian-growing region, began destroying orchards in April, with 1,000 trees cut down within days. The operation continued in July and August, felling another 3,000 trees.
The crackdown targeted land encroachment in Raub district, where farmers protested against the destruction. The Save Musang King Alliance argued that court violations and ancestral rights allowed farmers to grow the trees. Some even blocked roads and gathered 400 signatures to stop the campaign.
Despite the protests, the government maintained its stance, citing the need to address illegal land occupation. Pahang Forestry Department director Zainuddin Jamaluddin stated that farmers had complied with the department's actions to destroy trees illegally grown on encroached land.
U.S.-China Trade War
The U.S.-China trade war reignited this year under President Donald Trump's second term, escalating from initial fentanyl-related tariffs to tit-for-tat hikes peaking at 145%. The conflict stemmed from U.S. efforts to curb trade deficits, fentanyl inflows, and tech dependencies, countered by China's export controls on critical minerals.
Trump imposed 10% duties on Chinese goods in February, prompting China to respond with 15% levies on U.S. coal and liquefied natural gas. In April, Trump unveiled sweeping "Liberation Day" tariffs, leading to rapid tit-for-tat increases and expanded export controls on rare earths and technology.
Negotiations resumed in Geneva, resulting in a 90-day tariff pause and partial rollbacks. Subsequent talks in London, Stockholm, and Madrid focused on rare earths, technology exports, and TikTok, extending the truce and easing some controls.
Tensions flared again in October as Washington announced new levies and export controls, while China widened rare earth restrictions. A new trade truce was formed on October 30, with commitments on fentanyl, soybeans, tariffs, and export controls.
In November, China suspended retaliatory measures, resumed farm purchases, and eased export controls. Chinese President Xi Jinping and Trump held a surprise call, pledging to sustain momentum and expand cooperation. Trump hailed deals as "great wins," while China opposed the abuse of tariffs and vowed to retaliate if tensions rose.
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