Feud Erupts in One of Singapore’s Wealthiest Families Over Company Control
A power struggle has emerged within one of Singapore’s richest families, as property magnate Kwek Leng Beng accuses his son of attempting a boardroom coup at City Developments Limited (CDL).
A high-profile dispute has unfolded within the Kwek family, with CDL's executive chairman, Kwek Leng Beng, alleging that his son, Sherman Kwek, is attempting to seize control of the property giant. Kwek Leng Beng has filed court documents accusing his son of orchestrating a takeover, a claim that Sherman has strongly denied.
Sherman Kwek, who serves as the company’s chief executive, now faces potential removal by his father, who has indicated plans to replace him with his cousin, Kwek Eik Sheng, on an interim basis. The escalating conflict has prompted CDL, Singapore’s largest publicly listed property developer, to suspend trading of its shares on the local stock exchange.
Comparisons have been drawn between this corporate battle and the hit HBO series Succession, which follows the fictional Roy family’s fierce struggle for control of their media empire.
"We intend to change the chief executive officer at the appropriate time," Kwek Leng Beng stated, acknowledging that the decision to fire his son was difficult but necessary. "This is required to address the attempted coup at the board level and restore corporate integrity," he added.
The dispute revolves around an email sent on the evening of January 28—on the eve of Lunar New Year—by CDL’s corporate secretary. The message proposed appointing two new independent directors, a move that reportedly fueled tensions within the company’s leadership.
After a court hearing on Wednesday, Kwek Leng Beng confirmed that the newly nominated directors had agreed not to assume any authority until further notice. Meanwhile, the company has stated that Sherman Kwek will remain in his role as CEO until the matter is resolved.
Sherman Kwek has defended his actions, insisting that his father’s allegations are misplaced. "This has never been about removing our esteemed chairman," he said. "The intention behind strengthening our board has been to uphold CDL’s well-established standards of corporate governance."
The Kwek family's influence over CDL dates back to 1971 when Kwek Leng Beng, along with his father and brother, took control of the then-struggling firm. He assumed the position of executive chairman following his father’s passing in 1995.
Under his leadership, CDL has grown into a global real estate powerhouse, with a portfolio of over 160 properties spanning hotels, residential, and commercial developments. The family’s vast business empire is valued in the billions, making the outcome of this feud a matter of significant public and corporate interest.
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