Latest news with #Forbes-ranked
Business Wire
06-05-2025
- Business
- Business Wire
The Pearl Fund Launches $500M Bitcoin Investment Fund with Zero Capital Gains Tax
NEW YORK--(BUSINESS WIRE)-- The Pearl Fund, a pioneering investment firm that launched the nation's first Opportunity Zone Business (OZB) fund and remains the industry leader in OZB investing, today announced the launch of the Pearl Bitcoin Fund (Pearl BTC)—a $500 million investment vehicle that eliminates capital gains tax on Bitcoin investments. "Bitcoin's biggest problem is capital gains tax. We've solved that." —Brian P. Phillips, Managing Partner, The Pearl Fund Share Led by Managing Partner Brian P. Phillips, a Forbes-ranked top 10 Opportunity Zone investor, the Pearl Bitcoin Fund combines the proven tax advantages of OZ investing with the significant growth potential of Bitcoin, enabling accredited, patient investors to eliminate long-term capital gains taxes on what has been the best-performing asset class of the past decade. 'One of Bitcoin's biggest problems is capital gains tax. We've solved that,' said Phillips. 'By applying our expertise in OZ regulations to Bitcoin investing, we've created a solution that lets investors harvest tax-free Bitcoin growth after a 10-year hold period.' Pearl BTC solves a major problem for Bitcoin investors: the tax burden when selling appreciated Bitcoin. With the Fund, investors who have recently realized capital gains can invest those gains into the Fund and defer taxes until 2026. The key benefit comes after holding for 10 years—investors can then withdraw their investment growth completely tax-free, something no other Bitcoin investment option offers, including the new Bitcoin ETFs. 'Pearl Bitcoin Fund creates access to attractive tax benefits while maximizing investment exit controls in the hands of its investors rather than the Fund manager," added Paul Saint-Pierre, Chief Compliance Officer at The Pearl Fund. 'With the federal Opportunity Zone program scheduled to sunset at the end of 2026, Bitcoin-affinity investors, with an eye towards long-term tax and cash planning, should act now rather than adopt a 'wait and see' posture regarding pending federal tax legislation.' Institutional-Grade Security & Compliance Unlike speculative crypto funds, the Fund's Bitcoin investment holdings are audited and backed by institutional custodians. Additionally, the Fund's regulatory compliance program provides investors with the security and transparency needed for confident long-term Bitcoin investment. Additional benefits of the Pearl Bitcoin Fund include: Zero capital gains tax through tax year 2047 after satisfying the 10-year hold requirement A straightforward "buy and hold" strategy focused on long-term value creation Generational wealth transfer benefits with no change in tax basis for inherited investments Build Generational Wealth, Tax-Free 'This isn't just another fund—it's potentially a game-changer for serious Bitcoin investors looking to build generational wealth,' Phillips added. Pearl BTC is available exclusively to accredited investors with a minimum investment of $250,000. The Fund leverages The Pearl Fund's established expertise in OZ investing, combined with Phillips' early adoption of Bitcoin dating back to 2013. The timing is particularly significant as the Opportunity Zone program is scheduled to conclude at the end of tax year 2026, creating additional urgency for investors seeking these unique tax benefits. For more information, contact invest@ About The Pearl Fund The Pearl Fund is a pioneering investment firm that combines the proven benefits of Opportunity Zone investing with high-growth assets. As the first and most recognized Opportunity Zone Business (OZB) fund, The Pearl Fund has helped investors unlock tax-free wealth creation through structured, long-term investments. The Pearl Fund was founded by Brian P. Phillips, a seasoned investor ranked in the top 10 OZ fund managers by Forbes. Visit for more.
Khaleej Times
02-03-2025
- Business
- Khaleej Times
High-stakes father-son feud rocks Singapore property giant
A high-stakes father-and-son feud has plunged Singapore property giant City Developments Ltd (CDL) into turmoil, with the private boardroom dispute of one of the city-state's wealthiest families erupting into public view this week. The battle of words between CDL's executive chairman Kwek Leng Beng and his son Sherman Kwek has exposed deep rifts within the Forbes-ranked fourth-richest family in Singapore. Laced with allegations of corporate missteps, governance breaches and personal entanglements, the fight threatens to escalate into a bruising court battle over control for a slice of the multibillion-dollar real estate empire. The first public sign of trouble came Wednesday, when CDL -- a component of Singapore Exchange's benchmark Straits Times Index -- abruptly called for a trading halt, followed by a statement cancelling its scheduled financial year 2024 results briefing. Then came the bombshell: The 84-year-old patriarch publicly accused his son and CDL's chief executive of orchestrating an "attempted coup at the board level". The younger Kwek, along with the majority of the board, had appointed two additional directors to "consolidate control of the Board" and CDL, he said. To block the alleged power grab, Kwek Leng Beng filed a lawsuit and later announced he had secured a court order to halt the changes to the CDL Group's board and management. Sherman Kwek, 49, a Boston University graduate, denied the allegations, saying "there has been no attempt by us to oust the chairman". Calling his father's move an "ambush", he instead pointed to a deeper source of tension -- Catherine Wu, a board adviser to a CDL subsidiary, but who his son accused of interfering in the company's affairs. "She has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence. These matters have troubled us as directors," Sherman Kwek said. "Due to her long relationship with the Chairman, efforts that were made to manage the situation were done sensitively, but to no avail." The dispute has exposed a power struggle within CDL -- Singapore's largest real estate company by market capitalisation -- and the Kwek family, whose empire is worth $11.5 billion according to Forbes. In early February, Kwek Leng Beng had sought Sherman's dismissal as CEO, saying his latest move came after "a long series of missteps", citing a massive $1.4 billion loss in a 2020 "debacle", and poor investment decisions in the UK. CDL's share price has also "consistently underperformed peers since (Sherman) assumed leadership in 2018", the patriarch said. "(Young) people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line," Kwek Leng Beng said. "As a father, firing my son was certainly not an easy decision" but the stakes were "simply too high to allow reckless power grabs to destabilise the company", he said. Shares of the $3.4 billion firm remain suspended, and CDL has been downgraded by firms including JPMorgan Chase & Co, according to Bloomberg. - 'Reckless actions' - CDL started out as a loss-making business when Kwek Leng Beng, his father Kwek Hong Ping, and his brother Kwek Leng Joo bought it in 1971. Under Kwek Leng Beng, it saw a massive expansion, with its portfolio today spanning residences, offices, hotels, retail malls and integrated developments in Singapore, as well as China, Japan, the United States and across Europe. Its move into hospitality turned subsidiary Millennium & Copthorne Hotels into the finance hub's largest international hotel group, with assets that include The Biltmore hotel in London's Mayfair and Millennium properties in New York's Wall Street and Times Square. The elder Kwek said preserving his legacy was among the reasons why he was fighting his son and his boardroom allies. "The reckless actions of a faction seeking to consolidate unchecked control not only undermine the foundations of CDL's governance but also put at risk the very legacy we have built over the decades," Kwek Leng Beng said. With the courts now involved and CDL's leadership in question, this bitter family dispute is far from over. Sherman Kwek has defended his move to get Catherine Wu off the Millennium & Copthorne board as "necessary" for CDL's interest, adding that the majority directors will "continue to uphold corporate governance and accountability". His father -- who made no mention of Wu in his response -- asserted that "stripping away any meaningful authority of the Executive Chairman is a coup". "It is now a matter before the court and I will let the court decide. Justice always prevails," Kwek Leng Beng said.
Yahoo
02-03-2025
- Business
- Yahoo
High-stakes father-son feud rocks Singapore property giant
A high-stakes father-and-son feud has plunged Singapore property giant City Developments Ltd (CDL) into turmoil, with the private boardroom dispute of one of the city-state's wealthiest families erupting into public view this week. The battle of words between CDL's executive chairman Kwek Leng Beng and his son Sherman Kwek has exposed deep rifts within the Forbes-ranked fourth-richest family in Singapore. Laced with allegations of corporate missteps, governance breaches and personal entanglements, the fight threatens to escalate into a bruising court battle over control for a slice of the multibillion-dollar real estate empire. The first public sign of trouble came Wednesday, when CDL -- a component of Singapore Exchange's benchmark Straits Times Index -- abruptly called for a trading halt, followed by a statement cancelling its scheduled financial year 2024 results briefing. Then came the bombshell: The 84-year-old patriarch publicly accused his son and CDL's chief executive of orchestrating an "attempted coup at the board level". The younger Kwek, along with the majority of the board, had appointed two additional directors to "consolidate control of the Board" and CDL, he said. To block the alleged power grab, Kwek Leng Beng filed a lawsuit and later announced he had secured a court order to halt the changes to the CDL Group's board and management. Sherman Kwek, 49, a Boston University graduate, denied the allegations, saying "there has been no attempt by us to oust the chairman". Calling his father's move an "ambush", he instead pointed to a deeper source of tension -- Catherine Wu, a board adviser to a CDL subsidiary, but who his son accused of interfering in the company's affairs. "She has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence. These matters have troubled us as directors," Sherman Kwek said. "Due to her long relationship with the Chairman, efforts that were made to manage the situation were done sensitively, but to no avail." The dispute has exposed a power struggle within CDL -- Singapore's largest real estate company by market capitalisation -- and the Kwek family, whose empire is worth $11.5 billion according to Forbes. In early February, Kwek Leng Beng had sought Sherman's dismissal as CEO, saying his latest move came after "a long series of missteps", citing a massive $1.4 billion loss in a 2020 "debacle", and poor investment decisions in the UK. CDL's share price has also "consistently underperformed peers since (Sherman) assumed leadership in 2018", the patriarch said. "(Young) people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line," Kwek Leng Beng said. "As a father, firing my son was certainly not an easy decision" but the stakes were "simply too high to allow reckless power grabs to destabilise the company", he said. Shares of the $3.4 billion firm remain suspended, and CDL has been downgraded by firms including JPMorgan Chase & Co, according to Bloomberg. - 'Reckless actions' - CDL started out as a loss-making business when Kwek Leng Beng, his father Kwek Hong Ping, and his brother Kwek Leng Joo bought it in 1971. Under Kwek Leng Beng, it saw a massive expansion, with its portfolio today spanning residences, offices, hotels, retail malls and integrated developments in Singapore, as well as China, Japan, the United States and across Europe. Its move into hospitality turned subsidiary Millennium & Copthorne Hotels into the finance hub's largest international hotel group, with assets that include The Biltmore hotel in London's Mayfair and Millennium properties in New York's Wall Street and Times Square. The elder Kwek said preserving his legacy was among the reasons why he was fighting his son and his boardroom allies. "The reckless actions of a faction seeking to consolidate unchecked control not only undermine the foundations of CDL's governance but also put at risk the very legacy we have built over the decades," Kwek Leng Beng said. With the courts now involved and CDL's leadership in question, this bitter family dispute is far from over. Sherman Kwek has defended his move to get Catherine Wu off the Millennium & Copthorne board as "necessary" for CDL's interest, adding that the majority directors will "continue to uphold corporate governance and accountability". His father -- who made no mention of Wu in his response -- asserted that "stripping away any meaningful authority of the Executive Chairman is a coup". "It is now a matter before the court and I will let the court decide. Justice always prevails," Kwek Leng Beng said. mba/dhc/fox Sign in to access your portfolio
Yahoo
02-03-2025
- Business
- Yahoo
High-stakes father-son feud rocks Singapore property giant
A high-stakes father-and-son feud has plunged Singapore property giant City Developments Ltd (CDL) into turmoil, with the private boardroom dispute of one of the city-state's wealthiest families erupting into public view this week. The battle of words between CDL's executive chairman Kwek Leng Beng and his son Sherman Kwek has exposed deep rifts within the Forbes-ranked fourth-richest family in Singapore. Laced with allegations of corporate missteps, governance breaches and personal entanglements, the fight threatens to escalate into a bruising court battle over control for a slice of the multibillion-dollar real estate empire. The first public sign of trouble came Wednesday, when CDL -- a component of Singapore Exchange's benchmark Straits Times Index -- abruptly called for a trading halt, followed by a statement cancelling its scheduled financial year 2024 results briefing. Then came the bombshell: The 84-year-old patriarch publicly accused his son and CDL's chief executive of orchestrating an "attempted coup at the board level". The younger Kwek, along with the majority of the board, had appointed two additional directors to "consolidate control of the Board" and CDL, he said. To block the alleged power grab, Kwek Leng Beng filed a lawsuit and later announced he had secured a court order to halt the changes to the CDL Group's board and management. Sherman Kwek, 49, a Boston University graduate, denied the allegations, saying "there has been no attempt by us to oust the chairman". Calling his father's move an "ambush", he instead pointed to a deeper source of tension -- Catherine Wu, a board adviser to a CDL subsidiary, but who his son accused of interfering in the company's affairs. "She has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence. These matters have troubled us as directors," Sherman Kwek said. "Due to her long relationship with the Chairman, efforts that were made to manage the situation were done sensitively, but to no avail." The dispute has exposed a power struggle within CDL -- Singapore's largest real estate company by market capitalisation -- and the Kwek family, whose empire is worth $11.5 billion according to Forbes. In early February, Kwek Leng Beng had sought Sherman's dismissal as CEO, saying his latest move came after "a long series of missteps", citing a massive $1.4 billion loss in a 2020 "debacle", and poor investment decisions in the UK. CDL's share price has also "consistently underperformed peers since (Sherman) assumed leadership in 2018", the patriarch said. "(Young) people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line," Kwek Leng Beng said. "As a father, firing my son was certainly not an easy decision" but the stakes were "simply too high to allow reckless power grabs to destabilise the company", he said. Shares of the $3.4 billion firm remain suspended, and CDL has been downgraded by firms including JPMorgan Chase & Co, according to Bloomberg. - 'Reckless actions' - CDL started out as a loss-making business when Kwek Leng Beng, his father Kwek Hong Ping, and his brother Kwek Leng Joo bought it in 1971. Under Kwek Leng Beng, it saw a massive expansion, with its portfolio today spanning residences, offices, hotels, retail malls and integrated developments in Singapore, as well as China, Japan, the United States and across Europe. Its move into hospitality turned subsidiary Millennium & Copthorne Hotels into the finance hub's largest international hotel group, with assets that include The Biltmore hotel in London's Mayfair and Millennium properties in New York's Wall Street and Times Square. The elder Kwek said preserving his legacy was among the reasons why he was fighting his son and his boardroom allies. "The reckless actions of a faction seeking to consolidate unchecked control not only undermine the foundations of CDL's governance but also put at risk the very legacy we have built over the decades," Kwek Leng Beng said. With the courts now involved and CDL's leadership in question, this bitter family dispute is far from over. Sherman Kwek has defended his move to get Catherine Wu off the Millennium & Copthorne board as "necessary" for CDL's interest, adding that the majority directors will "continue to uphold corporate governance and accountability". His father -- who made no mention of Wu in his response -- asserted that "stripping away any meaningful authority of the Executive Chairman is a coup". "It is now a matter before the court and I will let the court decide. Justice always prevails," Kwek Leng Beng said. mba/dhc/fox Sign in to access your portfolio
