- In a press conference on Thursday (April 13), Lee -- who is property developer Country Heights Holdings Bhd's founder and largest shareholder -- said the issue was escalated by Patrick Healy, a former officer of US-based Club Excellence Inc which had already been wound up.
- “I am solidly solvent as an entrepreneur in Malaysia. From the last 50 years of my experiences, I have accumulated tangible and intangible assets.”
KUALA LUMPUR (April 13): Tan Sri Lee Kim Yew (pictured) claimed that he did not file for bankruptcy, and is still far from insolvency, after news that the Shah Alam High Court had declared him bankrupt went viral on Wednesday (April 12).
In a press conference on Thursday (April 13), Lee -- who is property developer Country Heights Holdings Bhd's founder and largest shareholder -- said the issue was escalated by Patrick Healy, a former officer of US-based Club Excellence Inc which had already been wound up.
Healy, who is an American citizen and a lawyer, went to the US arbitration court to seek RM3 million from Lee.
Lee claimed that the court had granted a court judgement in favour of Healy without him being present, owing to the distance between Malaysia and the US, and the Covid-19 pandemic, among others.
Subsequently, Healy brought the US court’s judgement to Malaysia and made use of local bankruptcy laws against him, leading to the Shah Alam High Court issuing the adjudication and receiving orders on Jan 26, which appeared on the Malaysian Department of Insolvency's (MDI) website e-insolvensi.
“After Jan 26, he felt it was a mistake and the negotiation on the terms to ‘set aside’ was ongoing between both parties’ lawyers until April 10,” Lee said.
Lee said he had offered Healy a sum of RM300,000 on March 3, but Healy did not accept the offer. As such, the negotiation with Healy’s lawyers continues, he added.
“Based on the fact that I was attacked on social media, and it is not in the best interest of the country, I have written to the Malaysian government to allow my lawyer to continue negotiating with Patrick Healy’s lawyers, for an amicable set-aside order.
“Failing which, I will file my statement of affairs to the Department of Insolvency Director General, by depositing RM3 million cash for MDI to deal with Patrick Healy,” Lee said.
Nonetheless, Lee claimed he is still far away from insolvency.
“I am solidly solvent as an entrepreneur in Malaysia. From the last 50 years of my experiences, I have accumulated tangible and intangible assets.
“The reason and objective I call for this PC, as my news yesterday (April 12) has gone so viral on social media, it has disturbed the peace and harmony of our Malaysian society and affected a lot of my friends who are very concerned about me,” he said.
Lee also listed reasons for not paying the RM3 million to Healy, including his unhappiness at the American taking what he deemed as an unprofessional approach to the matter, instead of negotiating amicably to reach a settlement.
"I hope, with today’s explanations, for the RM3 million, is just merely a greedy character which I have met in my life. A smart lawyer from the US, after the Jan 26 incident, broke his promise with his original lawyers.
"On April 10, he changed to a new lawyer. Who was the one on April 10 who paid RM100 and downloaded from the Department of Insolvency [MDI]? I leave it for the Malaysian press to judge. Who is the one using this dirty trick instead of following the law of Malaysia?" he asked.
Lee added that Healy had already benefitted from consultancy fees of US$570,000 (RM2.5 million) while he was an officer at Club Excellence.