A major family dispute has erupted within one of Singapore’s wealthiest business dynasties, as property tycoon Kwek Leng Beng accuses his son, Sherman Kwek, of attempting a boardroom takeover at City Developments Limited (CDL).

Kwek Leng Beng, who serves as CDL’s executive chairman, has filed a legal case against his son, seeking to remove him as the company’s chief executive. He described the move as necessary to protect corporate integrity. If Sherman is ousted, Kwek plans to appoint his cousin, Kwek Eik Sheng, as interim CEO.

The conflict began after CDL’s corporate secretary nominated two independent directors on January 28, just before the Lunar New Year. This sparked concerns over governance and board control. In response, Sherman Kwek and most of CDL’s board expressed disappointment over his father’s legal actions, calling them extreme.

CDL, Singapore’s largest publicly traded property firm, has suspended share trading amid the turmoil. The dispute has drawn comparisons to the HBO series Succession, highlighting power struggles in family-run businesses.

Kwek Leng Beng and his family took control of CDL in 1971, turning it into a global real estate empire with over 160 properties worldwide.