Prominent tycoon Lee Kim Yew said that he has not filed for bankruptcy but was instead declared bankrupt by a third party over a RM3 million (US$681,508) lawsuit.
“I did not file for bankruptcy. This particular party declared me bankrupt over a RM3 million suit.
“I will provide more details about this matter at a press conference tomorrow,” Mr Lee was quoted as saying by the News Straits Times on Wednesday (Apr 12).
The 68-year-old is the founder of Country Heights Holdings Bhd (CHHB).
The company website describes CHHB as a property conglomerate that primarily focuses on property development and investment holdings. Among its commercial property developments include the popular Mines Beach Resort hotel and 5-star luxury hotel Palace of the Golden Horses, both located in Selangor. The company also owns several other residential properties.
Earlier on Wednesday, Lee had been declared bankrupt by the Shah Alam High Court, according to Free Malaysia Today (FMT). According to the report, checks on the e-Solvency website reportedly found that he was declared bankrupt on Jan 26.
Subsequently, other local media outlets also reported that he was declared bankrupt.
Lee was previously a prosecution witness in Deputy Prime Minister Ahmad Zahid Hamidi’s Yayasan Akalbudi corruption trial.
The property tycoon also made headlines during the 2022 Johor state polls when he campaigned with former prime minister Tun Dr Mahathir Mohamad to urge the Chinese community to vote for Parti Pejuang Tanah Air.
Lee also is the largest shareholder of CHHB with a 57.64 per cent stake.
He reportedly resigned as executive chairman of the company on Feb 3, citing a need to “cater for a change in management for the transformation of the group”.
