The founder of the Malaysian investment giant, Country Heights Holdings stepped down from his position with the company to focus on issuing a cryptocurrency.
According to a September 28 article in The Edge Markets news agency, the billionaire, Lee Kim Yew, also known as Lee Kim Tiong, As of January 2021, he will no longer be Country Heights CEO.
“I am handing over the business of the listed company to the new directors and will focus on cryptocurrencies.” Said Lee.
The 65-year-old man display in 2018 this would look Country Heights the development of a first coin offering (ICO) for the company’s own cryptocurrency, allegedly called “horse currency”.
Although the investment firm’s shareholders initially approved the plan for an ICO at a meeting in 2018, Lee’s decision to step down is currently one of the few options available that would allow him to legally pursue an ICO. In January, the country’s financial watchman, The Malaysian Securities Commission stated that ICOs should only be issued through approved cryptocurrency exchanges, not through listed companies.
Under those regulatory rules, once authorized, one of Lee’s private firms can instead take control of the Country Heights project and issue tokens while the investment firm can continue to legally accept them. He claims “got all the permits” required by one of his investment firms and plans to get the horse currency on the market by the end of the year.
“My investment banks are up and running and a white paper is being issued,” said the manager of Country Heights.
If successful, Lee’s ICO would make Country Heights one of the first companies listed on the Malaysian Stock Exchange to accept payments in cryptocurrencies.
Before the regulatory change Initial ICO reports claimed Lee had planned to issue 1 billion tokens. The Subsidiaries of the company, including a luxury resort called Palace of the Golden Horses and the Golden Horses Health Sanctuary, allegedly where the name of the crypto-asset came from, would accept these tokens for payment for products and services. However, the executive said it would continue to pursue other aspects of the crypto space, including the offering of security tokens.
Read, who has been CEO of the investment firm since 2016, It is the largest shareholder in Country Heights and owns more than 27% of the company’s 275 million shares.
The company currently has a market capitalization of approximately $ 72 million.