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Country Heights' unit to appeal against RM22.5m tax liabilities

KUALA LUMPUR (Dec 30): Country Heights Holdings Bhd says its subsidiary Country Heights Sdn Bhd (CHSB) is appealing against the High Court's order to pay RM22.49 million worth of tax liabilities to the Inland Revenue Board (IRB).

Country Heights said the order came following IRB's application for summary judgment, which was allowed by the Shah Alam High Court with RM2,500 cost.

"As the tax liabilities of CHSB were incurred during the Asian Financial Crisis in 1997 and 1998, the company has written to the current Minister of Finance to appeal against the Inland Revenue Board's (IRB) decision," Country Heights told Bursa Malaysia in a filing yesterday.

In the same filing, Country Heights said three other subsidiaries of the group had settled their tax liabilities totalling RM10.76 million this month. 

They were tax liabilities incurred by Mega Palm Sdn Bhd (RM5.89 million) for years of assessment 2011, 2013 and 2014; Mines Waterfront Business Park Sdn Bhd (RM1.09 million) for 2008 and 2009; and Tindak Murni Sdn Bhd (RM3.78 million) for 2014.

“The above payments are financed [by] an interest-free loan from a major shareholder of Country Heights, namely Tan Sri Lee Kim Tiong @ Lee Kim Yew,” the group said.

According to the group's Dec 22 filing, it owed the tycoon, who is the executive chairman and major shareholder of the group, RM67.2 million as at Dec 21. — theedgemarkets.com

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