Father-Son feud plunges richest Singapore clan into crisis

Sherman Kwek, left, and Kwek Leng Beng. - Bloomberg

SINGAPORE: 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 Ltd., the financial hub’s biggest listed developer, plunged into crisis Wednesday (Feb 26) when its billionaire Chairman Kwek Leng Beng, 84, accused his son, the firm’s chief executive officer, of orchestrating a boardroom coup. He and CDL filed a lawsuit against the younger Kwek.