Lee claims US arbitration court decision and Malaysian bankruptcy law used against him by former consultant and friend.
Country Heights Holdings Berhad (CHHB) said today its financial standing and operations were untouched by its founder, Tan Sri Lee Kim Yew, being declared bankrupt by the High Court.
CHHB managing director Datuk Mircle Yap Ching Chai said the matter was a private dispute involving a shareholder and has no bearing on the listed company’s finances as well as day-to-day running.
“We appreciate the contributions of all our shareholders, but we want to emphasize that their personal incident is a confidential matter and will not affect CHHB’s operations.
“We have a competent management team, and a strong corporate governance structure in place to ensure that our business operations continue without interruption,” he said in a statement.
Yap sought to assure investors that the company’s financial performance and outlook were based on strong business fundamentals, including a diversified real estate portfolio, strategic investments, and a proven track record of creating value for shareholders.
“We remain committed to our growth strategy and believe that we will continue to generate long-term value for our investors.
“The group acknowledges and appreciates the robust corporate governance policies of Bursa Malaysia and remains dedicated to maintaining the utmost standards of ethics and professionalism,” he said.
News emerged yesterday that Lee was the subject of a bankruptcy order issued earlier this year, before he stepped down as the chairman of CHHB.
At a press conference earlier today, Lee insisted he was still “solidly solvent” despite the Adjudication Order and Receiving Order (AORO) declaring him bankrupt by the High Court in January.
Lee said the AORO on January 26 stemmed from a petition a former consultant based in the United States filed against the tycoon over RM3 million allegedly owed to the latter.
The former consultant, Gerald Patrick Healy, is a US citizen with a legal background and a former officer of Lee’s US-based Club Excellence Inc, which has since wound up.
Following the winding-up of the company, Lee said Healy sought an arbitration order against him without his presence due to existing Covid-19 travel restrictions at that time.
Lee said Healy later obtained a judgment in the latter’s favour, who then used Malaysian bankruptcy law and the US court order to make him a bankrupt.
He insisted he never chose to be a bankrupt or intended to file for bankruptcy, claiming the dispute between him and Healy was a “dirty trick” the consultant used to personally attack him as both men were once friends. – MMO