Marriage & Family, Tax & Estate Planning

Businessman loses litigation against kids over gold bars passed on to them

gold bars

A retired Indonesian-Chinese businessman, Mr Soemarto Sulistio, challenged four of his children to return his wife’s 122 gold bars but lost his lawsuit here in the High Court. The story goes something like that. In 1989, Mr Sulistio and his wife Soemiati purchased gold bars using their joint account at the United Overseas Bank in Singapore. At first, the couples kept the gold bars under both their names. But Mr Sulistio, now 87, signed documents to pass possession to his