The ongoing feud between Kwek Leng Beng and his son Sherman Kwek has captured public intrigue, drawing parallels to the acclaimed series "Succession."
**Family Power Struggle: Kwek Clan's Corporate Controversy Unveiled**
**Family Power Struggle: Kwek Clan's Corporate Controversy Unveiled**
A bitter boardroom battle is unfolding among Singapore’s wealthiest family, the Kweks, as accusations of a hostile takeover emerge.
A simmering feud has erupted within one of Singapore's most affluent families, the Kweks, as a corporate power struggle escalates at City Developments Limited (CDL). Kwek Leng Beng, the 84-year-old executive chairman, has accused his son, Sherman Kwek, who serves as the firm's chief executive, of an alleged conspiracy to seize control of the company.
In a bold move, the elder Kwek, alongside CDL, filed legal documents on Wednesday that accused Sherman, two other board members, and a coalition of directors of attempting a coup within the company's boardroom. "This is necessary to counter the attempted takeover and restore our corporate integrity,” he stated.
As Singapore's leading listed property developer, CDL has suspended trading of its stocks, heightening concerns in the financial sector. "We are considering a change in the chief executive officer when the time is right," read a statement from both Kwek Leng Beng and CDL.
If Sherman Kwek were to be ousted from his position, the plan is to appoint his cousin, Kwek Eik Sheng, as the interim CEO. The conflict was triggered by an email from CDL's corporate secretary that proposed the addition of two independent directors just before the Lunar New Year holiday—a sensitive time for many in Singapore.
The developments have garnered significant public attention, especially given the region's history of familial disputes over businesses, often culminating in legal challenges. Following a court hearing earlier this week, CDL announced that the two independent director nominees would temporarily refrain from exerting any authority pending clarification on their roles. It was later confirmed that Sherman Kwek would retain his position as CEO until further resolution of the matter.
Sherman Kwek expressed disappointment, contending that the extreme measures taken by his father regarding disagreements over the board's structure were unwarranted. The Kwek family has been synonymous with CDL since 1971 when they took the reins of the then-struggling company. Kwek Leng Beng has since helmed the firm following his father’s passing in 1995, now overseeing a global portfolio of over 160 hospitality, residential, and commercial properties as part of their vast family conglomerate. The ongoing saga has striking resemblances to HBO's fictional series, "Succession," where familial rivalries threaten to destabilize a powerful media dynasty.
