Tan Sri Lee Kim Yew (李金友) has always been a prominent figure in Malaysian society. Known for his philanthropical acts and for founding investment holding company Country Heights Holdings Bhd, there’s no denying his mark in Malaysia.
However, Malaysians received shocking news recently. Just yesterday (12th April), Tan Sri Lee Kim Yew was declared bankrupt! No further information was provided at the time regarding his bankruptcy. But, shortly after, the founder came forward to clarify the issue.
The property tycoon had reportedly been declared bankrupt by the Shah Alam High Court on 26th January. Immediately after the news was released, media reached out to Tan Sri Lee Kim Yew, however, they were told he would not be responding at the time.
Notably enough, Tan Sri Lee Kim Yew had announced on 3rd February that he would be stepping down as the CHHB executive chairman. He had previously mentioned the move, claiming he wanted to focus more on his philanthropy and investment career. His son-in-law was allegedly slated to take over leading the group.
CHHB reportedly had a net loss of RM68,291,000 at the end of last year, which is supposedly RM73,698,000 more than the previous year. Additionally, the net loss of CHHB for the full fiscal year of 2022 purportedly reached RM81,632,000 and it’s net profit previously was RM2.639,000.
Shortly after the news went viral, Tan Sri Lee Kim Yew responded to the issue. “I did not file for bankruptcy,” he clarified. “This particular party declared me bankrupt over a RM3 million suit.” The property tycoon then promised to reveal more details regarding the matter at a press conference around noon today (13th April).
Tan Sri Lee Kim Yew’s investment holding company, CHHB, is well-known for developing the Mines Resort City in Seri Kembangan. The property tycoon also made headlines last year when he campaigned with former prime minister Tun Mahathir Mohamad for the Johor state polls.
Sources: China Press (1)(2), New Straits Times
