One of Singapore’s wealthiest families is embroiled in a succession-style conflict after property mogul Kwek Leng Beng accused his son of planning a boardroom takeover. Mr. Kwek has charged his son Sherman of attempting to seize control of their real estate company, City Developments Limited (CDL), in court documents. Sherman Kwek refuted the accusation.
The executive chairman of CDL, Kwek Leng Beng, is also attempting to remove his son from his position as chief executive. CDL, Singapore’s most prominent listed property developer, has halted trading in its shares on the financial hub’s stock exchange.
Similarities to the HBO television series Succession, where the fictitious Roy family battles for control of the multinational media company Waystar RoyCo, have been drawn to the rivalry.
In a statement, Kwek Leng Beng stated, “We intend to change the chief executive officer at the appropriate time,” It was not an easy decision for me as a father to fire his kid. The octogenarian said, however, “This is necessary to deal with this attempted coup at the board level and restore corporate integrity. Sherman Kwek’s father stated that he intends to temporarily replace him as CEO with his cousin, Kwek Eik Sheng.
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