In brief
The Kwek family, controlling major property firm City Developments Limited, faces an internal conflict. Patriarch Kwek Leng Beng accuses his son, CEO Sherman Kwek, of orchestrating a coup. As the legal battle intensifies, market trading is halted, and familial ties are strained, echoing themes from "Succession".
A dramatic conflict reminiscent of the TV series "Succession" has erupted among one of Singapore's wealthiest families, the Kweks, who control the property giant City Developments Limited (CDL). Kwek Leng Beng, the 84-year-old executive chairman of CDL, has publicly accused his son, Sherman Kwek, the firm's currently appointed chief executive, along with two board members, of orchestrating a boardroom coup aimed at taking control of the family business. On Wednesday, Kwek Leng Beng took action by filing court documents, asserting that the situation necessitated intervention to preserve corporate integrity and address what he termed an “attempted coup” at the board level. CDL, which stands as Singapore's largest publicly traded property developer, subsequently suspended trading on the local stock exchange in light of the unfolding drama. “We intend to change the chief executive officer at the appropriate time,” stated both Kwek Leng Beng and CDL, hinting at an imminent leadership shift.This internal struggle was ignited following an email sent on January 28 by CDL's corporate secretary, which proposed the nomination of two new independent directors just before the Lunar New Year holidays—a time typically reserved for family gatherings and celebrations. As public interest in the dispute grows, CDL announced that these nominated directors would suspend their powers for the time being. In a contrasting perspective, Sherman Kwek has expressed disappointment towards his father’s actions, claiming that the majority of the board agrees with his stance on the board’s composition, implying a divide in the family's vision for the future of CDL. Kwek Leng Beng's involvement in the company traces back to 1971 when he, alongside his father and brother, took over the then struggling CDL. Under his leadership, the firm has expanded significantly worldwide, managing over 160 hotels, residential, and commercial properties, thus forming part of an extensive multi-billion-dollar family empire.As the rivalry escalates, Sherman Kwek currently remains in his role, but uncertainty looms over the family's legacy akin to the dramatic portrayals in "Succession," suggesting that internal family disputes over control of lucrative businesses are both complex and increasingly public spectacle.
