Country Heights founder Lee Kim Yew declared bankrupt

KUALA LUMPUR: Country Heights Holdings Bhd founder Tan Sri Lee Kim Yew has been declared bankrupt by the Shah Alam High Court.

A check with the Malaysia Department of Insolvency website, e-insolvensi, revealed that Lee had received the bankruptcy notice on Jan 26.

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However, when contacted by a local news portal, the 68-year-old said he had not filed for bankruptcy, and that he had been deemed bankrupt by a third party over a RM3mil legal suit.

Lee told the news portal he will hold a press conference to address the issue tomorrow (April 13).

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Lee, who is the largest shareholder of Country Heights with a 57.64% stake, resigned as executive chairman of the company on Feb 3.

A filing with Bursa Malaysia cited the reason for his resignation was "to cater for a change in management for the transformation of the group".