A dramatic power struggle has erupted within one of Singapore’s wealthiest families, as property magnate Kwek Leng Beng accuses his son, Sherman Kwek, of orchestrating a boardroom coup at City Developments Limited (CDL).
Kwek Leng Beng, the 82-year-old executive chairman of CDL, has taken the extraordinary step of filing court papers to remove his son from his position as the company’s chief executive officer. The elder Kwek claims that Sherman attempted to seize control of the firm through the appointment of new independent directors without proper authorization.
“This is necessary to deal with this attempted coup at the board level and restore corporate integrity,” Kwek Leng Beng said in a statement, adding that he was left with no choice but to take legal action against his own son.
The internal clash has sent shockwaves through Singapore’s corporate circles and has prompted CDL Singapore’s largest publicly listed property developer to suspend trading of its shares on the Singapore Exchange.
The Kwek family’s internal conflict draws striking parallels to the hit HBO television series Succession, where members of the fictional Roy family engage in fierce battles to control a global media empire.
Kwek Leng Beng announced that, if the court grants his request to dismiss Sherman, he plans to install his cousin, Kwek Eik Sheng, as interim CEO to stabilize the company.
“As a father, firing my son was certainly not an easy decision,” Kwek Leng Beng said, emphasizing the emotional difficulty behind the move.
Despite the family ties, the elder Kwek insists the leadership change is crucial to uphold corporate governance and protect shareholder interests.
The conflict centers on an email sent by CDL’s corporate secretary late on January 28—the eve of the Lunar New Year—nominating two additional independent directors. This move, according to Kwek Leng Beng, was part of a coordinated effort by Sherman to reshape the board in his favor.
The timing of the email, coinciding with a major public holiday in Singapore, has raised suspicions of an underhanded attempt to force changes while much of the corporate world was on break.
The legal proceedings have already yielded temporary concessions. Following a court hearing on Wednesday, Kwek Leng Beng confirmed that the two new directors had agreed not to exercise their powers until further notice.
CDL has also confirmed that Sherman Kwek will remain as CEO until the legal battle is resolved.
In a rare public statement, Sherman Kwek expressed disappointment over his father’s decision to pursue legal action. He rejected allegations of misconduct and accused his father of taking “extreme actions” in response to internal disagreements about the company’s board composition.
“I and the majority of the CDL board are deeply disappointed by the extreme actions taken regarding this disagreement around the size and make-up of the CDL board,” he said.
Despite the family rift, Sherman remains in his executive role for now, and there is no clear timeline for when the court will make a final ruling.
The Kwek family’s association with CDL dates back to 1971, when Kwek Leng Beng, his father, and his brother took over the struggling company. Under their leadership, CDL transformed into a property giant, managing more than 160 hotels, residential, and commercial properties worldwide.
Following the death of his father in 1995, Kwek Leng Beng took the reins as executive chairman and expanded the family empire into a multi-billion-dollar enterprise.
Now, that legacy faces a critical test as the father-son conflict threatens to disrupt one of Singapore’s most valuable family businesses.
Corporate governance experts and investors are closely monitoring the situation, as the outcome could have long-lasting implications not only for CDL but also for other family-controlled businesses in Asia, where succession disputes are becoming increasingly common.
With the company’s leadership in limbo, questions linger over CDL’s future direction. If the court sides with Kwek Leng Beng, it could mark the end of Sherman Kwek’s tenure and pave the way for a broader restructuring of the company’s leadership.
However, if Sherman manages to retain his position, it could signal a shift in power within the family and the company’s boardroom.
As the legal battle unfolds, one thing is certain—the feud within one of Singapore’s most influential families is far from over.
