Bank’s bid to get sale order for businessman’s property dismissed

 

The Shah Alam High Court ruled that Country Heights founder Lee Kim Yew had successfully demonstrated cause to the contrary.

PETALING JAYA: 

The Shah Alam High Court has dismissed a bank’s application for an order for sale of a residential property in Seri Kembangan owned by businessman Lee Kim Yew.

In a statement, Lee’s office said the court also ordered Bank of China (Malaysia) Bhd to pay RM5,000 in costs to him.

It said judicial commissioner Elaine Yap declined to grant the order for sale to allow for the property to be auctioned off as she found that Lee successfully demonstrated cause to the contrary.

Bank of China, represented by lawyer Karen Tan, has filed a notice of appeal with the Court of Appeal.

“Bank of China had previously auctioned several of Lee’s properties at questionable valuations despite the outstanding loan amounts being relatively small,” Lee’s office said.

“A Cameron Highlands property belonging to Lee was auctioned for over RM60 million, even though the amount owed to the bank was less than that figure.

“This case has raised serious concerns regarding the bank’s foreclosure approach and the potential undervaluation of assets in such proceedings.”

Lee, the founder of Country Heights Holdings Bhd, was declared bankrupt in January 2023. However, he has contended that he was “far away from insolvency”. - FMT