Succession-Style Feud Shakes One of Singapore’s Wealthiest Families
Imagine a real-life drama straight out of HBO’s Succession , but this time, it’s unfolding in Singapore’s elite business world. A bitter feud has erupted within one of the country’s richest families, as property mogul Kwek Leng Beng accuses his own son, Sherman Kwek, of attempting a boardroom coup at City Developments Limited (CDL), Singapore’s largest listed real estate firm.
Leng Beng, CDL’s executive chairman, has filed court papers alleging that Sherman, who currently serves as the company’s CEO, is plotting to take control. The situation has escalated to the point where the elder Kwek is seeking to remove his son from his leadership role, a move that has stunned the business community. CDL even halted trading on the Singapore Stock Exchange in response to the crisis.
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In a statement, Leng Beng admitted that the decision to fire his son was not easy, saying, “As a father, this was certainly not an easy decision. But this is necessary to deal with this attempted coup at the board level and restore corporate integrity.” If Sherman is removed, his father has already lined up a replacement—his cousin, Kwek Eik Sheng, to take over as interim CEO.
The dispute reportedly stems from an email sent by CDL’s corporate secretary on January 28, just before the Lunar New Year celebrations, nominating two new independent directors. This unexpected move triggered an intense power struggle within the family, drawing widespread attention, especially in Asia, where family-run businesses are common but often prone to internal conflicts.
Sherman Kwek, however, denies any wrongdoing. He claims that the board was simply working to strengthen CDL’s governance and that the accusations of a takeover attempt are exaggerated. In his statement, he emphasized that the board’s actions were never about ousting his father but about ensuring that CDL continues to uphold the highest corporate standards.
Adding another layer of intrigue to this saga is the involvement of Catherine Wu, a long-time adviser to Leng Beng. Sherman has pointed to her as a central figure in the family’s dispute, further fueling speculation about internal tensions. Dr. Wu, who has been close to Leng Beng for over three decades, has had an influential role within CDL and the family’s hotel empire. Her presence in the dispute raises questions about how much of the conflict is business-driven and how much is personal.
For now, CDL remains in a state of uncertainty. The court hearing on Wednesday resulted in an agreement that the newly appointed directors would not exercise any power until further notice. Sherman will continue as CEO for the time being, but his future at the company is anything but secure.
As this real-life Succession unfolds, many are watching closely to see who will ultimately emerge victorious in this high-stakes family battle—father or son?
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