Succession-like feud engulfs Singapore’s richest family

A Succession-like feud has engulfed one of Singapore’s richest families as Kwek Leng Beng, the executive chairman of property firm City Developments Limited ( CDL), accused his son Sherman, who is the firm’s chief executive, of plotting a boardroom takeover.

On Wednesday, the elder Mr. Kwek, 84, filed court documents accusing his brother, two different board members, and a group of managers of trying to overthrow the business.

He said,” This is necessary to deal with this attempted coup at the board level and restore corporate integrity.”

CDL, which is Singapore’s biggest listed property developer, has halted trading in its stock on the economic airport’s stock exchange.

In a speech from Kwek Leng Beng and CDL,” We intend to change the chief executive officer at the correct moment.”

If Sherman Kwek is fired as CEO, the business intends to appoint someone else to take his place on an interim basis along with his aunt Kwek Eik Sheng.

The conflict stems from an email sent by the commercial director of CDL nominating two more independent directors on the night of January 28, the Lunar New Year’s Eve, which is the launch of a significant holiday in Singapore.

In a region of the world where home business disputes are common and have been known to end up in court, the controversy has attracted public attention.

After Wednesday’s court reading, CDL said the two new managers had agreed to never exercise any power until further notice.

Sherman Kwek may continue working until the problem was resolved, the company after stated.

Sherman Kwek claimed that Sherman Kwek and the rest of the board of CDL were disappointed by what he claimed was” the board’s debate regarding the size and makeup of the CDL board” and that the table was divided over the size and composition of the table.

Kwek Leng Beng, along with his father and brother, took command of then-loss-making CDL in 1971. He became the agency’s administrative president after his father’s dying in 1995.

It is a multi-billion dollars family empire that includes more than 160 hotels, residential properties, and commercial properties all over the world.

The hypothetical Roy home and Waystar RoyCo., the imaginary Roy family vie for power of the world’s largest media company, in the HBO television series Succession.