Singapore's Wealthiest Family Engulfed in High-Stakes Feud

A public feud between Kwek Leng Beng, the 84-year-old chairman of City Developments Ltd (CDL), and his son Sherman Kwek, the CEO, has erupted into a legal battle over control of the company, causing turmoil in Singapore's real estate giant. The conflict centers around allegations of a boardroom coup, with Kwek Leng Beng accusing his son of attempting to consolidate power by appointing additional directors, while Sherman denies these claims and blames board adviser Catherine Wu for interference. This internal strife was publicly highlighted when CDL called for a trading halt and canceled its financial results briefing amid the escalating tensions. The situation has significant implications for the family's $18 billion fortune and has already affected market sentiment, leading to stock downgrades by financial institutions. The Kwek family's history of navigating corporate challenges has come under scrutiny, particularly as Sherman's leadership has been marked by costly investment missteps. Experts note that generational succession issues often complicate family businesses, suggesting that the ongoing dispute could have lasting repercussions for CDL's future.