The founder of Malaysian investment giant Country Heights Holdings is retiring to focus on issuing cryptocurrencies.
According to a September 28 article in The Edge Markets, billionaire Lee Kim Yoo, also known as Lee Kim Tiong, will no longer be the chairman of Country Heights as of January 2021.
He told me, “I will transfer the general company’s business to new managers and focus on cryptocurrencies.”
In 2018, the 65-year-old announced that Country Heights would develop an initial coin offering, or ICO, for the company’s cryptocurrency, allegedly called horse coins.
Although the investment firm’s shareholders originally agreed to the ICO plan at a meeting in 2018, Lee’s decision to withdraw is currently one of the few options available that will allow him to legally implement the ICO. In January, the country’s economic watchdog, the Securities Commission of Malaysia, said ICOs should only take place through accredited crypto exchanges and not through public companies.
Under these regulatory requirements, a Lee-licensed private company may alternatively control Country Heights by issuing tokens, while the investment firm can legally accept them. He claims to have obtained “all the permits” needed to keep an investment firm running, and plans to launch horse coins by the end of the year.
“My investment banks are in operation and a white paper will be issued,” said Country Heights CEO.
If successful, Lee’s ICO would make Country Heights one of the first companies listed on the Malaysian stock exchange to accept crypto payments.
Before the law change, first ICO reports stated that Lee intends to release 1 billion tokens. The company’s subsidiaries, including the luxury resort called the Palace of Golden Horses and the health reserve – which is said to be named after cryptocurrencies – will accept tokens for products and services. However, the CEO said he will continue to pursue other aspects of the crypto space, including the introduction of security tokens.
Lee, who has held the position of chairman of the investment firm since 2016, is the largest shareholder in Country Heights, owning more than 27% of the company’s 275 million shares.
The current market value of the company is around $ 72 million.