Singapore’s richest clan in crisis over public father-son feud
Even by the standards of Asian succession dramas, the family feud raging at the Kwek dynasty, who run Singapore’s biggest listed developer, is striking.
Singapore’s richest dynasty: Kwek Leng Beng (front) and his son Sherman Kwek are embroiled in a public feud over governance. Harry Afentoglou
An alleged boardroom coup attempt, a lawsuit between a family patriarch and his son, and accusations of corporate governance lapses – even by the standards of Asian succession drama, the family feud raging at Singapore’s Kwek dynasty stands out.
City Developments, the financial hub’s biggest listed developer, plunged into crisis this week when its billionaire chairman Kwek Leng Beng, 84, accused his son, the firm’s chief executive, of orchestrating a boardroom coup. He and CDL filed a lawsuit against the younger Kwek.
