KUALA LUMPUR – Property tycoon Tan Sri Lee Kim Yew was declared bankrupt by the Shah Alam High Court several months ago.
According to documents from the Insolvency Department, Lee, who is also County Heights Holdings Bhd (CHHB) founder and adviser, was declared bankrupt on January 26.
The prominent businessman, however, has since downplayed news of his bankruptcy, claiming instead that the issue involves only RM3 million.
“I did not file for bankruptcy. This particular (third) party declared me bankrupt over an RM3 million suit.
“I will provide more details about this matter at a press conference tomorrow,” New Straits Times reported him as saying today.
Earlier in February, Lee had announced that he would step down from his role as CHHB executive chairman to allow for management changes as part of the group’s transformation.
CHHB, a property conglomerate focusing on development and investment holdings, is the developer behind the Mines Resort City in Seri Kembangan, which includes the Mines Resort and Golf Club, Mines Beach Resort and Spa and Mines International Exhibition and Convention Centre.
During the Johor election last year, Lee made headlines when he campaigned alongside then Pejuang chairman Tun Dr Mahathir Mohamad to urge the Chinese community to cast their votes for the party.
In one of his campaign speeches, Lee praised Dr Mahathir’s leadership in steering the country out of the 1997 Asian economic crisis, while condemning former prime minister Datuk Seri Najib Razak, saying those who have been convicted should not be allowed to roam around freely.
Pejuang had later dismissed speculation of links between the party and Lee, asserting instead that the latter was only present during campaigns to offer his moral support to Dr Mahathir.
The appointment of Lee’s daughter – Datin Dian Lee – as one of Muda’s central executive committee members had also drawn substantive criticism, with quarters accusing the youth-based party of being a proxy to Lee’s development empire.
Lee was also a prosecution witness in deputy prime minister Datuk Seri Ahmad Zahid Hamidi’s corruption trial involving Yayasan Akalbudi. – The Vibes, April 12, 2023
