[UPDATED] Solidly solvent: Lee Kim Yew says bankruptcy issue under negotiation

KUALA LUMPUR – Property tycoon Tan Sri Lee Kim Yew has doubled down on his claims of not being bankrupt, asserting that he is “solidly solvent” despite a declaration by the court in January.

The 68-year-old said that the January 26 declaration by the Shah Alam High Court which made the rounds on social media yesterday, was the result of actions by his former “ill-willed” officer, a US citizen by the name of Patrick Healy. 

According to Lee, Healy, an ex-officer in Lee’s now-liquidated US based company, Club Excellence Inc, had secured a RM3 million judgment in Healy’s favour at a US arbitration court over “personal issues” unrelated to the corporation. 

“(Healy) had then made use of the Malaysian bankruptcy law to make me bankrupt in Malaysia. 

“After January 26, however, he (Healy) felt that it was a mistake (to bring the matter to Malaysia). 

“Up until April 10, negotiation terms were being discussed by lawyers from both parties to set aside the matter,” Lee, who is also Country Heights Holdings Bhd (CHHB) founder and adviser, said at a press conference today. 

Lee said he felt as if he had become Healy’s “personal target” when there had been “many other alternatives” to settle the matter. 

“We are friends…he could have sat down with me and talked it out, but he chose to resort to bankruptcy laws. 

“I have built my karma (against) him, (as) I have aided many people during the Covid-19 pandemic,” he said.

Lee added that he had never received a notice from the Insolvency Department informing him of his bankrupt status nor was he told of a travel ban by the Immigration Department. 

He questioned the timing of the documents on his bankruptcy status leaked online, saying this made him a “victim of attacks from a foreign citizen”. 

“Who paid RM100 to purchase, on April 10, the document from the Insolvency Department (on my bankruptcy declaration)? Who is using dirty tricks instead of following Malaysian laws?” he said.

Touching on negotiations with Healy, Lee shared images of legal letters between both parties’ lawyers on February 16 and April 10. 

He said he had written to the government “for protection” and had appealed to Putrajaya to allow his lawyers to continue negotiations with Healy’s legal team for an “amicable set aside order”.

“Failing which, I will file my statement of affairs to the Insolvency Department and deposit RM3 million in cash (to the department) to deal with Healy.”

Yesterday, news on Lee’s bankruptcy was reported by local media after screenshots of a document on the matter went viral.

In February, Lee announced he was stepping down from his role as CHHB executive chairman to allow for management changes as part of the group’s transformation. – The Vibes, April 13, 2023