At a press conference, Lee said he held assets amounting to more than 100 times the sum sought by his former officer, a US citizen named Patrick Healy.

“But as a Malaysian citizen, I respect and observe the rule of law,” he said, adding he met with insolvency department officials on Monday.

Healy was the director of a now wound-up US-based company, Club Excellence Inc.

Lee, the Country Heights Holdings Bhd founder, again said he was “far away from insolvency”, adding this would be proven once he had submitted his statement of affairs.

“I will not feel ashamed of being bankrupted by this case, but I will be ashamed if I allow Healy to take RM3 million away from me or from Malaysian soil. My position is that I do not personally owe him money.”

Last Wednesday, it was reported that Lee was declared bankrupt by the Shah Alam High Court. Checks made by FMT on the e-Insolvensi website found that he was declared bankrupt on Jan 26.

Subsequently, Lee said he had not personally filed for bankruptcy but was made a bankrupt by Healy.

Lee also said Healy had since agreed to negotiate with him for a settlement and to set aside the court order.