In brief
Singapore's City Developments Limited faces turmoil as allegations fly between its leaders over a boardroom coup.
In a twist resembling the HBO hit "Succession," a dramatic feud has erupted within one of Singapore's wealthiest families. Kwek Leng Beng, the 84-year-old executive chairman of City Developments Limited (CDL), has leveled accusations against his son, Sherman Kwek, the company's chief executive, alleging that he attempted a boardroom takeover. The elder Kwek, alongside CDL, submitted court filings on Wednesday, asserting that Sherman and other board members were orchestrating a coup."This is imperative to counter the attempted power grab at the board level and uphold corporate integrity," stated Kwek Leng Beng. In response to the unfolding drama, CDL, Singapore's largest listed property developer, has suspended trading of its shares on the local stock exchange.In their statement, Kwek Leng Beng and CDL firmly proclaimed their intention to replace the CEO when deemed appropriate. If Sherman Kwek is ousted, the plan is to install his cousin, Kwek Eik Sheng, as temporary chief.The tensions thickened due to a controversial email from the corporate secretary of CDL, which nominated two new independent directors just before the Lunar New Year celebrations—an important holiday in the region. Singapore is no stranger to legal battles among family-run businesses, and this case has captured public interest.Post-court session, CDL announced that these new directors opted not to utilize their powers until further clarification is achieved. Sherman expressed disappointment over his father's drastic response to differences concerning the structure of CDL's board.Kwek Leng Beng first took the reins of CDL in 1971 when it was struggling financially and turned it into a thriving property empire with over 160 global hotel, residential, and commercial properties.
