THE Inland Revenue Board (IRB) has seized Country Heights Holdings Bhd’s executive chairman and major shareholder Lee Kim Yew’s fixed deposits amounting to RM126 million held in a foreign-owned bank.

The seizure is related to RM22.5 million worth of tax liabilities incurred by Country Height’s wholly owned unit, Country Heights Sdn Bhd (CHSB), according to CHHB’s Bursa Malaysia filing yesterday.

The tax liabilities are for the assessment years 1997 and 1998, CHHB said. It said Lee was notified via a letter dated May 8 and had requested a confirmation from the IRB of the seizure but was waiting for a response.

Despite the absence of acknowledgement from the IRB, Lee informed Bursa that he is agreeable to allow his fixed deposits seized by the IRB to be used to settle the tax liability.

Lee owes a 58.3% stake in CHSB and the board of CHHB met yesterday and agreed to the above settlement.

Lee, 62, rose to prominence during the Mahathir administration. – May 10, 2017.