One of Singapore’s wealthiest families is embroiled in succession-style conflict after property mogul Kwek Leng Beng accused his son of planning a boardroom takeover.
According to Mr. Kwek, he has accused his son Sherman of attempting to seize control of their real estate company, City Developments Limited (CDL), in court documents. The accusation has been refuted by Sherman Kwek.
The executive chairman of CDL, Kwek Leng Beng, is also attempting to remove his son from his position as chief executive.
The largest listed real estate developer in Singapore, CDL, has suspended trading in its shares on the stock exchange of the financial center.
