Succession-like feud engulfs Singapore’s richest family

One of the richest families of Singapore, such as KWek Leng Beng, CITY Developments Limited (CDL), was flooded with City Developments Limited (CDL).

The 84 -year -old master, along with CDL, presented the court papers on Wednesday, accusing his son, and two other members of the board of directors and a group of managers of an attempt to control the company.

“This is necessary to deal with this attempt to turn around the board of directors and restore the safety of companies,” he said.

CDL, which is the largest real estate developer listed in Singapore, stopped trading in its shares on the financial axis.

“We intend to change the CEO in a timely manner,” Kwik Ling Beng and CDL said in a statement.

If Sherman Kwek is removed as an executive president, the company is planning to replace it on a temporary basis with his cousin Kwek Eik Sheng.

Disputes focus on an email sent by the company’s secretary at CDL on the nomination of two additional independent managers on January 28, on the eve of the new lunar year – which represents the beginning of a big holiday in Singapore.

The class attracted the attention of the public in a part of the world in which the battles on family companies are not common and are known to have ended up with the court.

After the court hearing on Wednesday, CDL said that new managers had agreed not to exercise any powers until further notice.

The company said later that Sherman Kwik will remain in this role until the case was resolved.

Sherman Koyk said that and the majority of the CDL board of directors were disappointed by what he described as extremist actions that his father took “regarding this dispute over the size and makeup of the CDL plate.”

KWEK LENG Beng, along with his father and brother, took control of the CDL who lost in 1971. He became the company’s CEO after his father’s death in 1995.

It now has more than 160 hotels, residential and commercial property around the world and forms part of a family of billions of dollars.

In the succession of the TV series HBO, the fictional Roy family is struggling to control the global media company Waystar Royco.