A high-stakes corporate battle has erupted within one of Singapore’s wealthiest families, as property magnate Kwek Leng Beng accuses his son, Sherman Kwek, of orchestrating a boardroom takeover at City Developments Limited (CDL).

Father vs. Son: Power Struggle at CDL

Kwek Leng Beng, the executive chairman of CDL, filed court documents on Wednesday, alleging that his son—along with two board members and a group of directors—was attempting to seize control of the property giant. He is now seeking to remove Sherman Kwek from his role as CEO.

“This is necessary to deal with this attempted coup at the board level and restore corporate integrity,” said the 82-year-old tycoon.

CDL Halts Trading Amid Succession Drama

As tensions escalated, CDL—Singapore’s largest listed property developer—suspended trading of its shares on the Singapore Exchange.

The family feud has drawn comparisons to HBO’s hit show Succession, where the fictional Roy family fights for control of a global media empire.

“We intend to change the CEO at the appropriate time,” Kwek Leng Beng said in a statement.
“As a father, firing my son was certainly not an easy decision.”

If Sherman Kwek is removed, his cousin Kwek Eik Sheng is expected to take over as interim CEO.

The Boardroom Dispute: Lunar New Year Power Play?

The rift centers around an email sent by CDL’s corporate secretary on January 28, just before Lunar New Year—a key holiday in Singapore—nominating two new independent directors.

Sherman Kwek and the majority of CDL’s board have pushed back against his father’s legal actions.

“We are disappointed by these extreme measures taken regarding this disagreement around the size and make-up of the CDL board,” said Sherman Kwek.

A Billion-Dollar Empire at Stake

Founded in 1971, CDL was once a struggling firm before Kwek Leng Beng—along with his father and brother—turned it into a global real estate powerhouse. He took over as executive chairman in 1995 following his father’s passing.

Today, CDL owns over 160 hotels, residential, and commercial properties worldwide, forming a key part of the Kwek family’s multi-billion-dollar empire.

For now, the corporate showdown continues, with CDL confirming that Sherman Kwek will remain CEO until the dispute is resolved.