SINGAPORE – The High Court on 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 Mr Kwee 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.
However, the judge found that Mr Kwee had intended to gift the five properties to his daughter, which made her both the legal and beneficial owner.
A legal owner holds the formal title to an asset; a beneficial owner ultimately benefits from the asset.
Of the five, two are landed…
