Singapore High Court dismisses tycoon Peter Kwee’s claim over properties in bankrupt daughter’s name

Peter Kwee sought a court declaration that his daughter held the five properties, as well as money in three bank accounts, on trust for him. - Photo: ST file

SINGAPORE: The High Court on Thursday (March 20) dismissed a claim by motoring tycoon Peter Kwee that he is the true owner of five properties that are registered in the sole name of his daughter Karen.

In a written judgment, Justice Philip Jeyaretnam accepted that Peter funded the purchase of the properties and that the businessman bought properties in the names of his family members for business strategy and wealth planning purposes, including avoiding estate duty.