The Kwek family feud reveals tensions over leadership and control of a multi-billion dollar empire.
**Power Struggle Unfolds in One of Singapore's Wealthiest Families**
**Power Struggle Unfolds in One of Singapore's Wealthiest Families**
A dramatic boardroom battle akin to HBO's Succession unfolds within City Developments Limited.
A Succession-like feud has erupted within one of Singapore's wealthiest families, centering around City Developments Limited (CDL) as Kwek Leng Beng, the executive chairman, has publicly accused his son Sherman, the company's chief executive, of orchestrating a coup to take over the board. This internal conflict, which escalated on Wednesday with the filing of court papers, reveals deep divisions in the family-run business.
Kwek Leng Beng, age 84, stated the legal action was essential to counteract what he characterized as "an attempted coup" among board members. In a bold move, CDL has suspended trading of its shares on the Singapore stock exchange, amid this turmoil. The elder Kwek has indicated plans to replace Sherman Kwek, with his cousin, Kwek Eik Sheng, potentially stepping in temporarily if a transition occurs.
The catalyst for the dispute appears to be an email from the corporate secretary, which unexpectedly proposed two new independent directors just before the Lunar New Year celebrations. Given the public nature of this battle over CDL, it is drawing significant interest, particularly in a region accustomed to high-stakes family business disputes that often spill into the courts.
Following a hearing on Wednesday, CDL announced that the newly proposed directors would refrain from exercising any power for the time being, signaling a temporary pause amid the conflict. Meanwhile, Sherman Kwek expressed disappointment with his father's extreme measures and emphasized the support from the majority of the CDL board during this disagreement around the board's size and composition.
Founded in 1963, CDL boasts an impressive portfolio exceeding 160 hotels, residential buildings, and commercial properties internationally, which forms part of a vast family wealth. This generational struggle for control eerily mirrors themes from the popular television series Succession, where familial rivalry threatens the stability of a global media empire.
Kwek Leng Beng, age 84, stated the legal action was essential to counteract what he characterized as "an attempted coup" among board members. In a bold move, CDL has suspended trading of its shares on the Singapore stock exchange, amid this turmoil. The elder Kwek has indicated plans to replace Sherman Kwek, with his cousin, Kwek Eik Sheng, potentially stepping in temporarily if a transition occurs.
The catalyst for the dispute appears to be an email from the corporate secretary, which unexpectedly proposed two new independent directors just before the Lunar New Year celebrations. Given the public nature of this battle over CDL, it is drawing significant interest, particularly in a region accustomed to high-stakes family business disputes that often spill into the courts.
Following a hearing on Wednesday, CDL announced that the newly proposed directors would refrain from exercising any power for the time being, signaling a temporary pause amid the conflict. Meanwhile, Sherman Kwek expressed disappointment with his father's extreme measures and emphasized the support from the majority of the CDL board during this disagreement around the board's size and composition.
Founded in 1963, CDL boasts an impressive portfolio exceeding 160 hotels, residential buildings, and commercial properties internationally, which forms part of a vast family wealth. This generational struggle for control eerily mirrors themes from the popular television series Succession, where familial rivalry threatens the stability of a global media empire.
