Succession-Like Feud Engulfs Singapore's Richest Family
A Succession-like feud has engulfed one of Singapore's richest families as property tycoon Kwek Leng Beng accused his son of plotting a boardroom takeover. Mr Kwek says he has filed court papers accusing his son Sherman of trying to take control of the real estate firm City Developments Limited (CDL). He is seeking to fire his son who is chief executive of CDL, citing the need to restore corporate integrity. The dispute centers on an email sent by CDL's corporate secretary nominating two additional independent directors, which Mr Kwek sees as an attempt by Sherman to gain power.
- This high-profile family feud highlights the complexities of inheritance and control in Singaporean business families, where tradition and seniority often take precedence over modern governance practices.
- Will this case set a precedent for future disputes among Singapore's wealthy elite, or will it pave the way for greater transparency and accountability in corporate decision-making?