In brief
A dramatic family conflict reminiscent of the TV series "Succession" has erupted within one of Singapore's affluent families as Kwek Leng Beng, the 84-year-old executive chairman of City Developments Limited (CDL), accuses his son, CEO Sherman Kwek, of attempting a board coup. Court filings reveal allegations against Sherman and several board members, spurring CDL to suspend trading on the Singapore Stock Exchange. The strife intensified following an email that proposed new independent directors shortly before the Lunar New Year. Sherman has expressed disappointment over his father's "extreme actions," asserting that he retains support from the majority of the board. This familial discord not only underscores the challenges of dynastic business leadership but also places CDL's future in uncertain territory as the company grapples with potential leadership changes.
