Succession-like feud engulfs one of Singapore's richest families

One of Singapore's wealthiest families is embroiled in a family feud resembling the TV series "Succession." Real estate tycoon Kwek Leng Beng has accused his son, Kwek Yiok Tee, of orchestrating a boardroom coup.

Kwek Leng Beng stated that he has filed court documents accusing his son, Kwek Yiok Tee, of attempting to seize control of their real estate company, City Developments Limited (CDL). Kwek Yiok Tee has denied the accusation. Kwek Leng Beng, who serves as the Executive Chairman of City Developments Limited, is also seeking to dismiss his son from his position as CEO.

As Singapore's largest listed property developer, City Developments Limited has suspended trading of its shares on the Singapore Exchange amid the financial center. This family dispute is reminiscent of the HBO series "Succession," in which the fictional Roy family battles for control of global media conglomerate Waystar RoyCo.

Kwek Leng Beng said in a statement: "We plan to replace the CEO in due course." He added: "As a father, it is certainly not an easy decision to remove my own son." But the octogenarian added: "This is necessary to deal with the attempted boardroom coup at the board level and to restore corporate governance."

If Kwek Yiok Tee is removed from his position as CEO, his father stated that he plans to temporarily replace him with his cousin, Kwek Eik Sheng. The point of contention is an email sent by City Developments Limited's company secretary on the evening of January 28, on the eve of the Lunar New Year, nominating two additional independent directors. Lunar New Year is a significant holiday in Singapore.

The dispute has drawn public attention in a region where infighting surrounding family businesses is not uncommon and often ends up in court. Following a court hearing on Wednesday, Kwek Leng Beng stated that the two new directors have agreed to take no action until further notice.

The company stated that Kwek Yiok Tee will remain in his position until the matter is resolved. Kwek Yiok Tee said that he and the majority of City Developments Limited's board were disappointed by the "extreme action regarding the debate over the size and composition of the City Developments Limited board" taken by his father.

He said in a statement to the BBC: "Let me reiterate, this was never about removing our esteemed chairman. These measures to strengthen our board are purely to ensure that City Developments Limited has the highest standards of governance, for which the company is known." Kwek Leng Beng, along with his father and brothers, took control of the then-loss-making City Developments Limited in 1971. He became the company's Executive Chairman in 1995 after his father's death.

The company currently owns over 160 hotels, residential, and commercial properties worldwide and constitutes a multi-billion dollar family empire.