The parent company said its board of directors decided to proceed with legal action following a review of recent developments in the liquidation process.

“The group will take all necessary steps to safeguard the interests of the company and its shareholders, as well as to uphold the public interest,” the company said in a statement, calling for “all parties to act with full professionalism and accountability”.

Yesterday, Country Heights founder Lee Kim Yew said the liquidation process could not continue as the RM3.5 million debt had been fully settled, with a final payment of RM1.73 million to the liquidator Baker Tilly Insolvency PLT on Wednesday.

Lee said Baker Tilly had advertised in local newspapers on Nov 11 to invite private negotiations for the sale of the Mines Waterfront flagship office building at Mines Resort City in Seri Kembangan, Selangor.

He said demand letters had been issued for Baker Tilly to cease seeking expressions of interest in the sale, pending hearing of an application to terminate the winding-up order, scheduled for February next year.

Lee also challenged the liquidator’s valuation of Mines Waterfront’s total debt of RM99.35 million.

He said the figure included loans from MBSB Bank, its largest creditor, although the bank had confirmed it had not filed any proof of debt 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.

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