Lee Kim Yew claims he is still solvent, says US arbitration court decision used in bankruptcy notice

SERDANG: Tan Sri Lee Kim Yew says that he is still "solidly solvent" and that it was a US arbitration court decision which was used to file a bankruptcy notice against him at the Malaysian Insolvency Department (MDI).

The founder of Country Heights Holdings Bhd, said that he had resigned from all boards of directors of his companies due to his bankruptcy status.

"I am far away from insolvency. I am solidly solvent as an entrepreneur in Malaysia. I don'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 on Thursday (April 13).

ALSO READ: Country Heights founder Lee Kim Yew declared bankrupt

He said the bankruptcy notice was filed by a US citizen by the name of 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 here 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.

Lee also said because of his and Healy's characters, he refuses to pay the RM3mil, which he deemed as a "small amount".

"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".

Checks with the Chief Secretary to the Government's office, however, showed no such letter from Lee had been received.

Lee, who has a 57.64% stake in Country Heights Holdings and 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 (April 12) that Lee had been declared bankrupt, and MDI notices to that effect also went viral on social media.