KUALA LUMPUR, June 27: Country Heights Holdings Bhd is resolute in recovering significant losses from arbitration proceedings involving its subsidiary, Borneo Heights Sdn Bhd.
Chairman Tan Sri Mohd Anwar Mohd Nor emphasized the company’s commitment to recouping the substantial investments, totaling over RM100 million, made in the Borneo Heights project over the past 28 years.
“The company is steadfast in its efforts to recover substantial losses through arbitration.
“Despite facing legal challenges, including the winding-up of Mines Waterfront Business Park Sdn Bhd and a loan dispute with MBSB Bank Bhd, Country Heights is on the path to profitability,” said Mohd Anwar during the annual general meeting (AGM).
The arbitration in Singapore involves the Land Custody and Development Authority (LCDA), a statutory body under the Sarawak state government.
The dispute stems from a 1994 joint venture agreement (JVA) to develop a hill resort with extensive tourism, recreational, and horticultural facilities.
The conflict arose in June 2020 when LCDA alleged non-compliance with certain JVA clauses and mismanagement by Country Heights.
Subsequently, in November 2020, LCDA issued a notice to terminate the JVA and forfeit the land without compensation.
As part of its transformation strategy, Country Heights plans to enhance and consolidate its resort and hospitality portfolio, aiming to become a premier grand wellness hub offering personalized wellness experiences for its exclusive members.
Additionally, the company is undergoing internal transformation to bolster its human resources and align with the evolving workforce ecosystem.
Founder and adviser Tan Sri Lee Kim Yew expressed confidence in overcoming the challenges and resolving disputes with MBSB Bank and the Sarawak government amicably.
He highlighted that the company, along with its subsidiaries and partners, including L1 Bank and Mines Resort & Golf Club, will upgrade facilities and integrate advanced technologies like blockchain and AI to ensure a secure and personalized user experience. – TVS
