Tycoon's claim over five properties in bankrupt daughter's name dismissed

Judge finds he intended to gift properties, making her both the legal and beneficial owner

- Selina Lum

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 properties in Bukit Timah and three are located overseas — two in Canada and one in Australia.

The beneficial ownership of the properties was disputed after Ms Kwee was declared bankrupt in October 2022.

The question that arose was whether the properties funded by Mr Kwee but held in Ms Kwee's name formed part of her estate in bankruptcy.

Mr Kwee, who is also owner of Laguna National Golf Resort Club, filed a lawsuit against Mr Lai Seng Kwoon, the private trustee appointed to manage Ms Kwee's bankruptcy estate.