Lee Kim Yew, founder of Country Heights Holdings Bhd (CHHB), parent company to MWBP, said GWH had issued a final payment of RM1.73 million to MWBP’s liquidator, Baker Tilly Insolvency PLT, yesterday, to close out the debt.

He said the liquidation process could not continue following the full settlement of the RM3.5 million debt.

Lee said Baker Tilly had advertised several expressions of interest (EOI) in local newspapers on Nov 11 to invite private negotiations for the sale of the MWBP Tower, the company’s flagship office building located at Mines Resort City in Seri Kembangan, Selangor.

He said both GWH and CHHB had issued demand letters for Baker Tilly to cease the EOI process with immediate effect pending hearing of an application to terminate the winding-up order, scheduled for February next year.

Lee, currently an adviser to CHHB, also challenged Baker Tilly’s valuation of MWBP’s total debt of RM99.35 million, as published by the liquidator on July 31.

He said the figure included loans MWBP took from MBSB Bank, its largest creditor, although the bank had on Nov 21 confirmed in writing that it had not filed any proof of debt (POD) with either Baker Tilly or the insolvency department.

He said MBSB had not surrendered its charge on the land owned by the company, and therefore remained a secured creditor.

“GWH and CHHB reiterate that all legally admitted PODs have been fully settled. No business entity or individual should fear losing their rights after fulfilling their obligations,” he said during a press conference at The Mines Resort & Golf Club.

On May 9, 2023, the Shah Alam High Court ordered for MWBP to be wound up after the company failed to repay Amy Siew RM1.08 million following the termination of an agreement for the sale and purchase of a deluxe suite in the development.

According to an NST report, MWBP is the beneficial owner of assets valued at RM196 million (book value) as of May 9, 2023.

FMT has reached out to Baker Tilly for comments.