Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Aug 16): Country Heights Holdings Bhd executive chairman and major shareholder Tan Sri Lee Kim Yew has paid RM22.7 million to settle the tax liabilities including penalties claimed by the Inland Revenue Board (IRB) against Country Heights Sdn Bhd (CHSB), a wholly-owned subsidiary of the property group.

In a filing with Bursa Malaysia today, Country Heights said the settlement was made by Lee as the major shareholder of the company and not his personal liability.

The company said that the IRB has also withdrawn its winding up petition against CHSB, which was accordingly struck out by the Shah Alam High Court.

To recap, Lee said in May that his fixed deposits of some RM126 million placed in a foreign-owned bank had been seized by the IRB.

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 CHSB.

The tax liabilities were accrued from the years of assessment of 1997 and 1998, during the Asian Financial Crisis.

Lee had said then that he is agreeable to allow his fixed deposits seized by the IRB to be used to settle the tax liability.

This is provided that the company acknowledges the sum used to settle the tax liability as an amount due and owing to Lee, and that the company undertakes to settle the amount as soon as it has sufficient funds to do so.

Lee, who has a 58.3% stake in Country Heights, had also agreed that the sum will be non-interest bearing. Country Heights had agreed to this.

Country Heights shares fell two sen or 1.7% to RM1.16 today, for a market capitalisation of RM317.33 million.

      Print
      Text Size
      Share