KUALA LUMPUR – Property conglomerate Country Heights Holdings Bhd (CHHB) has assured that its financial standing and operations remain unaffected despite founder Tan Sri Lee Kim Yew’s recent bankruptcy declaration by the Shah Alam High Court.
In a statement to company shareholders today, CHHB’s recently appointed managing director, Datuk Mircle Yap, said that “personal incidents” involving shareholders are a confidential matter that has no consequence on the company’s operations.
“CHHB wants to stress that the personal financial situation or insolvency of any shareholder will not affect (the company’s) financial or operational performance,” said Yap, who assumed his post on Tuesday.
“We have a competent management team and strong corporate governance structure in place to ensure that our business operations continue without interruption.
“We remain committed to our growth strategy and believe that we will continue to generate long-term value for our investors.”
He also said that investors can be confident that CHHB’s financial performance and outlook are based on strong business fundamentals, including a diversified real estate portfolio, strategic investments, and a proven track record of creating value for shareholders.
“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.
“The group’s growth strategy remains a top priority and the group is eager to generate value for shareholders,” Yap said.
During a press conference earlier today, Lee, 68, insisted that he is “solidly solvent”, despite the bankruptcy declaration by the court in January.
He insisted that the declaration on January 26 was the result of actions by a United States citizen named Patrick Healy, a former officer of Lee’s now-liquidated US-based company, Club Excellence Inc.
The prominent businessman alleged that Healy had “made use of” Malaysian bankruptcy laws to “make” the former bankrupt here after a US arbitration court had awarded an RM3 million judgement in the latter’s favour.
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.
Yesterday, news of 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
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