Thu, 27 Feb 2025

Thu, 27 Feb 2025 Succession-like feud engulfs one of Singapore's richest families

Kwek Leng Beng, the chairman of property giant CDL, has accused his son of plotting a boardroom coup.

* Kwek Leng Beng, executive chairman and property tycoon, has accused his son Sherman of plotting a boardroom takeover at their family's real estate firm City Developments Limited (CDL).
* Sherman denies the allegations and says he is trying to strengthen the company's board with independent directors.
* CDL has halted trading in its shares due to the feud, which has sparked comparisons with the HBO series Succession.
* Kwek Leng Beng wants to fire his son as CEO and replace him on an interim basis with his cousin Kwek Eik Sheng.
* The dispute centers on a decision made by CDL's corporate secretary to nominate two new independent directors, which Sherman opposed.
* A court hearing has been held, but the outcome is not yet known.
  >>