The quarrel like succession is one of the richest families in Singapore
Like a succession, a quarrel has attached one of Singapore’s richest families as Cavek Lang Bengge, Executive Chairman of Property Firm City Developments Limited (CDL), accusing his son Sherman, who is the chief executive officer of the firm, who is conspiring to acquire a boardrory.
The 84 -year -old, along with CDL, on Wednesday, filed court documents to try to control the firm on his son, two other board members and directors of a group.
“It is necessary to deal with this attempt at the board level and restore corporate integrity,” he said.
CDL, which is Singapore’s largest listed property developer, has stopped trading in its shares at the Stock Exchange of Financial Hub.
“We intend to change the Chief Executive Officer at the appropriate time,” Quake Lang Beng and CDL said in a statement.
If Sharman Quake is removed as Chief Executive, the company planned to replace him on an interim basis with its cousin Quake Eake Sheng.
The controversy center on an email sent by CDL’s corporate secretary nominating two additional independent directors on the night of 28 January, the eve of the lunar New Year – marks the onset of a major holiday in Singapore.
The row has attracted public attention to a part of the world in which the fight on family businesses is not uncommon and is known to end in court.
After Wednesday’s court hearing, the CDL said that the two new directors agreed to not exercise any powers until next notice.
The company later said that Sharman will remain in a quake role until the issue is resolved.
Sharman Quake stated that he and most of the CDL boards described as the extreme functions done by their father, “CDL was disappointed with this disagreement around the size and makeup of the board”.
Quake Lang Bengin, along with his father and brother, controlled the CDL, the then-loss CDL in 1971. He became the executive chairman of the firm after his father’s death in 1995.
It now has more than 160 hotels, residential and commercial properties worldwide and part of a multi-dollar family empire.
In HBO television series succession, fictional Roy family fight for the control of global media firm Westar Royco.
