SERDANG: While declaring he was “solidly solvent”, Tan Sri Lee Kim Yew says it was a US arbitration court decision which was used to file a bankruptcy notice against him at the Malaysian Department of Insolvency (MDI).
The Country Heights Holdings Bhd founder said he had resigned from all boards of directors of his companies due to his bankruptcy status.
“I am far from insolvency. I am solidly solvent as an entrepreneur in Malaysia.
“I didn’t choose to be bankrupt. I don’t want to be bankrupt. I never declared myself to be bankrupt nor filed for bankruptcy,” said Lee, who wore a fedora at the hour-long press conference at the Mines Beach Resort here yesterday.
He said the bankruptcy notice was filed by a US citizen, named Patrick Healy, a former employee of a company of his in the United States called Club Excellence Inc, which was wound up.
Lee said Healy had sued him personally for RM3mil at the US arbitration court, which ruled in his former employee’s favour.
The property tycoon said negotiations were ongoing and that Healy’s lawyer had used the US arbitration court decision to file for bankruptcy against him in Malaysia.
Lee also presented various slides saying why he would not pay Healy the sum claimed and even recited a Chinese poem.
He also said he had done a lot of charitable deeds during the Covid-19 pandemic and said that he hoped his good “karma” would work in his favour over this matter.
“Based on the fact that I was attacked on social media and it is not in the best interests of the country, I have written to the Malaysian government to allow my lawyer to continue negotiating with Healy’s lawyers for an amicable settlement,” said Lee.
He said that if negotiations fail, he would file an appeal with the MDI and “deposit RM3mil cash for MDI to deal with Healy”.
Lee, who has a 57.64% stake in Country Heights Holdings and is its largest shareholder, resigned as its executive chairman on Feb 3.
A filing with Bursa Malaysia cited the reason for his resignation as “to cater for a change in management for the transformation of the group”.
It was reported on Wednesday that Lee had been declared bankrupt, and MDI notices to that effect also went viral on social media.
