Country Heights Holdings Bhd says its executive chairman and major shareholder Tan Sri Lee Kim Yew’s fixed deposits of some RM126 million placed in a foreign-owned bank has been seized by the Inland Revenue Board.

Lee notified the company via a letter dated May 8 that he “understands” the seizure was in relation to RM22.5 million worth of tax liabilities incurred by Country Height’s wholly-owned unit, Country Heights Sdn Bhd (CHSB), according to Country Height’s Bursa Malaysia filing today.

The tax liabilities were accrued from the years of assessment of 1997 and 1998, it said. CHSB is a major subsidiary of the company.

“Tan Sri Lee further informed that he has requested a confirmation from the IRB of the seizure, and whether the seized funds have been or will be applied to settle the tax liability, but the IRB has yet to respond,” the filing said.

“Notwithstanding the absence of acknowledgement from the IRB, Tan Sri Lee has informed that he is agreeable to allow his fixed deposits seized by the IRB to be used to settle the tax liability, provided that the company acknowledges the sum used to settle the tax liability as an amount due and owing to Tan Sri Lee, and that the company undertakes to settle the amount as soon as the company has sufficient funds to do so,” the filing added.

Source : The Edge

Country Heights founder Lee Kim Yew declared bankrupt

Tan Sri Lee Kim Yew, founder and adviser of Country Heights Holdings Berhad (CHHB) has been allegedly declared bankrupt by the High Court.

Free Malaysia Today said checks on the e-Insolvency website found that Lee was allegedly declared bankrupt by the Shah Alam High Court on January 26 this year.

On February 3, Lee had announced that he would step down as CHHB executive chairman to accommodate a change in management for the group’s transformation.

When contacted later by Malay Mail, an aide to Lee briefly said the businessman would not be responding to the latest disclosure at the time of writing.

Source : Malay Mail

MCA Asks Lee Kim Yew To Leave Party

MCA requested the founder of The Mines Resort and Country Heights Holdings, Tan Sri Lee Kim Yew to leave the party.

The MCA Youth Chief, Datuk Nicole Wong urged the property tycoon to quit MCA after seeing his closeness with the Chairman of Pejuang, Tun Dr. Mahathir Mohamad.

According to Nicole, MCA received many complaints on Kim Yew’s action who allegedly went to the field and campaigned for Pejuang during the Johor state election.

“Dear Tan Sri Lee Kim Yew, if you are in love with Tun Mahathir and Pejuang is where your heart truly lies, please quit from MCA.

“The party has rules too and many members have made complaints about you campaiging with Tun Mahathir and Pejuang in the recent Johor state elections,” she wrote in her Facebook post.

Source : Malaysia Gazzettee

Lee Kim Yew To Meet Wee Ka Siong Over MCA Suspension

Tycoon Lee Kim Yew will be meeting MCA president Wee Ka Siong to discuss his one-year suspension from the party for campaigning with Pejuang chairman Dr Mahathir Mohamad before the Johor state elections.

In a statement, Lee said that MCA secretary-general Chong Sin Woon will help arrange his meeting with Wee.

He added that he disagreed with MCA’s decision to suspend him and would be making an official appeal to its central committee.

According to the suspension letter, Lee violated the party’s code of conduct by “supporting or working for the opposition in any capacity” as well as “participating in or supporting any activities organised by the opposition”.

Source : FMT

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