A dramatic family feud reminiscent of the popular series “Succession” has erupted within one of Singapore’s wealthiest families. Property magnate Kwek Leng Beng has leveled accusations against his son, alleging a scheme to orchestrate a boardroom coup.
Mr. Kwek has submitted legal documents alleging that his son, Sherman, is attempting to seize control of the real estate company City Developments Limited (CDL).
He is looking to terminate his son, who currently holds the position of chief executive at CDL. “This action is essential to address the attempted coup at the board level and to restore corporate integrity,” stated Mr. Kwek, the executive chairman of CDL, who is in his eighties.
CDL, the largest publicly traded property developer in Singapore, has suspended trading its shares on the stock exchange in the financial hub.
The ongoing feud has drawn parallels to the HBO series Succession, where the fictional Roy family battles for dominance over the global media conglomerate Waystar RoyCo.
“We plan to appoint a new chief executive officer when the time is right,” Kwek Leng Beng stated in a recent announcement.
“Deciding to terminate my son’s employment was undoubtedly a challenging one for me as a father.”
In the event Sherman Kwek is removed from his position as chief executive, his father has indicated intentions to appoint his cousin, Kwek Eik Sheng, as an interim replacement.
The controversy revolves around an email dispatched by CDL’s corporate secretary on the evening of January 28, just before the Lunar New Year—a significant holiday in Singapore. The email proposed the appointment of two additional independent directors.
The dispute has garnered significant public interest in a region where conflicts over family enterprises are frequent and often escalate to legal proceedings.
Following the court hearing on Wednesday, Kwek Leng Beng announced that the two newly appointed directors have consented to refrain from exercising any powers until further notice.
The company has announced that Sherman Kwek will continue in his position until the matter is addressed.
Sherman Kwek, along with the majority of CDL’s board, expressed disappointment over what he characterized as his father’s extreme measures regarding the ongoing disagreement concerning the size and composition of the CDL board.
Kwek Leng Beng and his father and brother assumed control of the struggling CDL in 1971. Following his father’s death in 1995, he ascended to the role of executive chairman at the firm.
The organization boasts over 160 global hotel, residential, and commercial properties, contributing to a multi-billion dollar family empire.
