Peter Kwee registered properties in daughter’s name to avoid estate duty: lawyers
Tycoon’s legal team says he ‘genuinely believed’ that placing properties under family members’ names would allow him to retain ownership of the properties
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MOTORING tycoon Peter Kwee admitted in court that one of the reasons that several properties he is laying claim to were registered in his daughter Karen’s name was to avoid estate duty.
However, this could be achieved only if the owner of Laguna National Golf Resort Club retained zero beneficial interest in the properties, said lawyers acting for his daughter’s bankruptcy estate, in their written submissions on Friday (Feb 21) at the end of a nine-day trial.
When Peter Kwee first took the stand on Feb 4, he said that estate duty was one of the things on his mind when he purchased the properties, and that he considered estate duty as a “risk management issue”.
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