A Succession-like feud has engulfed one of Singapore's richest families, as property tycoon Kwek Leng Beng accused his son of plotting a boardroom takeover at City Developments Limited (CDL), the city-state's biggest listed property developer.
Kwek Leng Beng, CDL's executive chairman and one of Singapore's 10 richest billionaires, filed court papers in early 2026 accusing his son Sherman Kwek, the company's group CEO, of trying to take control of the real estate firm. Sherman Kwek has denied the allegation.
"We intend to change the chief executive officer at the appropriate time," Kwek Leng Beng said in a statement. "As a father, firing my son was certainly not an easy decision." But the octogenarian added: "This is necessary to deal with this attempted coup at the board level and restore corporate integrity."
The dispute centres on an email sent by CDL's corporate secretary nominating two additional independent directors on the night of January 28 — the eve of the Lunar New Year, which marks the start of a major holiday in Singapore. Kwek Leng Beng said that if Sherman Kwek is removed as chief executive, he plans to replace him on an interim basis with his cousin Kwek Eik Sheng. CDL halted trading in its shares on the stock exchange as the drama unfolded.
After a court hearing, Kwek Leng Beng said the two new directors had agreed not to exercise any powers until further notice. The company said Sherman Kwek would remain in the role until the issue was resolved.
The feud has drawn comparisons with the HBO television series Succession, in which the fictional Roy family fight for control of the global media firm Waystar RoyCo. The row has attracted public attention in a part of the world in which battles over family businesses are not uncommon and have been known to end up in court — from inheritance disputes to boardroom coups, Asia's billionaire clans have a long history of airing their succession battles in public and in the courts.
Analysts say the timing — an email sent on the eve of Lunar New Year — was particularly explosive, suggesting a calculated move designed to catch the elder Kwek off guard during the holidays. The elder Kwek's decision to file court papers against his own son also stunned the market: CDL's shares were halted as investors digested the prospect of an open boardroom war at one of Singapore's most established developers.
The dispute has revived broader debate about succession planning in Asia's family-controlled conglomerates, where patriarchs often retain executive power well into their eighties while the next generation waits — and chafes — for control. Similar feuds have played out at some of the region's biggest family firms, and governance experts say the CDL saga is a textbook case of why clear, pre-agreed succession plans matter more than family harmony assumed behind closed doors.