Country Heights founder Lee Kim Yew declared a bankrupt

• Country Heights announced the 68-year-old's resignation as the group's executive chairman on Feb 3, saying it was “to cater for change management for the transformation of the group.”

KUALA LUMPUR (April 12): Country Heights Holdings Bhd founder and largest shareholder Tan Sri Lee Kim Yew has been declared a bankrupt by the Shah Alam High Court.

According to Malaysia Department of Insolvency's website, e-insolvensi, the tycoon received the bankruptcy notice issued by the Shah Alam High Court on Jan 26 this year.

The group, in which Lee controls a 57.64% stake, declined to comment on the issue when contacted.

Lee reportedly told the New Straits Times that he had not filed for bankruptcy.

"I did not file for bankruptcy. This particular party declared me a bankrupt over a RM3 million suit. I will provide more details about this matter at a press conference tomorrow (Thursday, April 13)," he was quoted as saying.

Country Heights announced the 68-year-old's resignation as the group's executive chairman on Feb 3, saying it was “to cater for change management for the transformation of the group.”