A bitter dispute has erupted within one of Singapore’s wealthiest families, reminiscent of the power struggles portrayed in the series Succession. Kwek Leng Beng, the 84-year-old executive chairman of City Developments Limited (CDL), has accused his son Sherman, who serves as the company’s chief executive, of conspiring to orchestrate a boardroom coup. Along with CDL, Mr. Kwek filed a lawsuit on Wednesday, alleging that Sherman, two other board members, and a group of directors are attempting to seize control of the firm.
Mr. Kwek stated that these legal actions are necessary to address the attempted power grab at the board level and to restore the integrity of the corporation. As a result, CDL, Singapore’s largest listed property developer, has temporarily halted trading of its shares on the stock exchange.
In a joint statement, Mr. Kwek and CDL announced their intention to replace the chief executive officer at an appropriate time, with Sherman Kwek’s cousin, Kwek Eik Sheng, to serve as an interim replacement. The controversy stems from an email sent by CDL’s corporate secretary on the eve of Lunar New Year, nominating two additional independent directors.
This family feud has captured significant public attention in a region where conflicts over family businesses often culminate in court battles. Following the court hearing, CDL announced that the newly appointed directors have agreed not to exercise any powers until further notice, and Sherman Kwek will continue in his role until this issue is resolved.
Sherman Kwek expressed disappointment at his father’s extreme actions regarding the disagreement over the composition and size of CDL’s board. Mr. Kwek Leng Beng, along with his father and brother, acquired the then-loss-making CDL in 1971 and transformed it into a multi-billion-dollar family empire. Today, the company boasts over 160 global properties encompassing hotels, residential buildings, and commercial properties.
By referencing the popular HBO series Succession, where the fictional Roy family feuds over control of Waystar RoyCo, this content highlights the similarities between the fictional and real-life struggles of powerful family businesses.
Source: https://www.bbc.com/news/articles/cy4llggnvvdo
