A similar succession site overwhelmed one of the richest families in Singapore, because Kweek Leng Beng, the Executive President of the City Developments Limited (CDL) property company, accused his son Schman, who is the company’s executive director of taking over the administrative room.
Older Mr. Kwek, who is 84 this year, together with CDL, on Wednesday filed court papers accusing his son, two other members of the Committee and a group of directors to try to take control of the company.
“This is necessary to resolve this coup attempt at the Committee level and restore corporate integrity,” he said.
CDL, who is the biggest asset developer in Singapore, stopped trading in his shares on the Financial HUB stock market.
“We intend to change the CEO at the appropriate time,” said Kwek Leng Beng and CDL in a statement.
If Sherman Kwek was removed as the executive director, the company temporarily plans to replace it with his cousin Kweek Eik Sheng.
The dispute focuses on the E -A -sent corporate secretary of CDL and appointed two additional independent director on January 28, on the eve of the New Year’s New Year -marking the beginning of a big break in Singapore.
The order has attracted public attention in the part of the world where battles around family businesses are not uncommon and is known to end up in court.
After the hearing on Wednesday, CDL said that two new directors agreed not to perform any powers until further notice.
The company later said that Sherman Kweek would remain in the role until the issue was resolved.
Sherman Kwek said he and most of the CDL Committee were disappointed with what he described as the extreme actions taken by his father “in connection with this disagreement about the size and makeup of the CDL board.”
Kweek Leng Beng, together with his father and brother, took control of the then CDL, which started in 1971. He became the executive president of the company after the death of his father in 1995.
There are now more than 160 hotel, housing and commercial buildings around the world and makes part of a family empire with more billion dollars.
In the HBO television series succession, a fictional Roy family to control the global media company Waystar Royco.
