Such feud absorbs the richest family of Singapore

The inheritance-like faith has absorbed one of the richest families in Singapore as Kwek Leng Beng, executive chairman of the City Developments Limited (CDL) ownership company, has accused his son Sherman, who is the CEO of the company to think of taking up the host.

The older Kwek, who is 84 years old this year, along with CDL, filed court documents on Wednesday, accusing his son, two other board members and a group of directors trying to take control of the company.

“This is necessary to deal with this coup attempt at board level and restore corporate integrity,” he said.

CDL, which is the largest real estate developer in Singapore, has stopped trade in its shares on the Financial Center stock exchange.

“We intend to change the CEO at the right time,” Kwek Leng Beng and CDL said in a statement.

If the Sherman Kwek is removed as CEO, the company plans to temporarily replace it with its cousin Kwek Eik Sheng.

The dispute focuses on an email sent by CDL Corporate Secretary, nominated two additional independent directors on the night of January 28, the eve of the Lunar New Year – which marks the beginning of a big holiday in Singapore.

Order has attracted public attention to part of the world where the battles for family business are not uncommon and it is known that they find themselves in court.

Following the hearing on Wednesday, the CDL said the two new directors agreed not to exercise any powers until further notification.

Later, the company stated that the Sherman Kwek will remain in the role until the issue is resolved.

Sherman Quet said that he and most of the CDL board were disappointed with what he described as extreme actions taken by his father, “regarding this disagreement about the size and makeup of the CDL.”

Kwek Leng Beng, along with his father and brother, took control of the then CDL, making a loss in 1971. He became the executive chairman of the company after the death of his father in 1995.

It now has more than 160 hotels, residential and commercial properties around the world and is part of a multimillion -dollar family empire.

In HBO Television Series, a fictional Roy family is fighting for control of the global media company Waystar Royco.