logo
Penang chief minister: PDC will fully cooperate with investigations into MBI investment scheme

Penang chief minister: PDC will fully cooperate with investigations into MBI investment scheme

Malay Mail6 days ago
GEORGE TOWN, July 21 — Penang Development Corporation (PDC) has submitted documents to Bukit Aman Special Task Force on Anti-Money Laundering (AMLA) to assist in investigations into the MBI investment scheme.
Penang chief minister Chow Kon Yeow said the Bukit Aman Special Task Force visited PDC on July 9 as part of investigations to trace and verify the flow of funds associated with the MBI money scheme.
He said the special taskforce submitted an official request letter on July 9 for documents such as meeting minutes and financial documents related to the Penang World City (PWC) project.
They also requested documentation of payments made to PDC for the purchase of land by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd (TISB).
'The focus of the investigation, as conveyed to PDC, is to examine whether any of the funds paid to PDC by MMSB between 2011 and 2019 may have been linked to the MBI scam,' he said.
Chow, who is also PDC chairman, said PDC submitted all required documents to the Bukit Aman Special Task Force on July 18.
'It is important to highlight that PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the probe,' he said.
He said the visit by the Bukit Aman Special Task Force is part of a broader effort to track financial flows nationwide, involving multiple entities and jurisdictions.
'PDC has acted in accordance with due process throughout the period in question,' he said.
Chow said there are four agreements signed pertaining to the PWC project, namely, the purchase and development agreement between Chief Minister of Penang Incorporation (CMI), PDC and Ivory Properties Group Berhad (IPGB) on November 11, 2011, first supplemental agreement on October 24 in 2013, second supplemental agreement on June 23 in 2014 and novation cum supplemental agreement on November 1 in 2019.
He said MMSB stated that the reclamation works for PWC project is now at about 68 per cent completion as of July this year while the overall development progress is about 44 per cent completion.
He reiterated PDC's commitment to transparency, integrity and full cooperation with all relevant enforcement agencies.
In March this year, Chow said PDC does not have any direct links to the defunct pyramid scheme MBI.
He had explained that PDC sold the RM1.07 billion Bayan Mutiara land through a request for proposal back in 2011 to Ivory Properties Group.
He said the sale of the land was for a mixed development project to be built on 102.6 acres of reclaimed land, now called the PWC project.
The Bayan Mutiara land sale was finalised in 2018 and the group appointed Tropicana Ivory Sdn Bhd to implement the project.
On November 1 in 2019, PDC signed a supplemental agreement for the change in equity for Tropicana Ivory where Hemat Tuah had bought over 100 per cent of the company so TISB was renamed as MMSB.
The scheduled completion for PWC is by November 11 in 2028.
It was reported earlier this year that a brother of MBI founder Tedy Teow Wooi Huat is the major shareholder of Hemat Tuah while another individual, holding 15 per cent share, is said to be Teow's brother-in-law.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Penang livestock revenue hits RM1.906 billion with poultry leading growth
Penang livestock revenue hits RM1.906 billion with poultry leading growth

The Sun

time5 hours ago

  • The Sun

Penang livestock revenue hits RM1.906 billion with poultry leading growth

KEPALA BATAS: Penang recorded a Livestock Revenue Value (NHT) of RM1.906 billion last year, marking an increase of RM41.54 million compared to the previous year. Chief Minister Chow Kon Yeow revealed that poultry and duck products, including meat and eggs, were the largest contributors, accounting for 91.75 per cent of the total NHT. 'The livestock industry remains a vital source of protein for the people of this state,' Chow said during his speech at the opening of the Penang Farmers, Livestock Breeders, and Fishermen Day at the Malaysian Agricultural Research and Development Institute (MARDI). Interim results from the Penang Agricultural Census 2023 showed that the livestock sector contributed 44 per cent of the state's total agricultural sales, valued at RM3.514 billion. Chow emphasised that the Livestock Enactment aims to modernise self-sustaining industries like poultry and pig farming, shifting them toward large-scale, technology-driven operations. The event, held from Friday until today, was also attended by State Agrotechnology, Food Security, and Cooperative Development Committee chairman Fahmi Zainol. Chow highlighted the adoption of closed-house farming to improve production quality and environmental sustainability while ensuring support for small-scale traditional livestock farming through the Livestock Industry Development Project. Efforts to control zoonotic diseases remain a priority to safeguard public health and industry sustainability. Chow added that Penang's agricultural strategy aligns with the National Agro-Food Policy (DAN 2.0) 2021-2025, focusing on food security. The state is also developing strategic agricultural parks like Ara Kuda and Mayfield, which utilise advanced farming technology. The federal government's Integrated Agricultural Development Area (IADA) initiative further strengthens the rice industry through 12 key programmes aimed at boosting efficiency and resilience. – Bernama

Driver on rampage hits 2 cars, 2 motorcycles in George Town
Driver on rampage hits 2 cars, 2 motorcycles in George Town

Free Malaysia Today

time6 hours ago

  • Free Malaysia Today

Driver on rampage hits 2 cars, 2 motorcycles in George Town

The driver crashed into a car on Jalan Perak and continued his rampage until he reached the Tun Dr Lim Chong Eu Expressway, police said. GEORGE TOWN : A driver on a rampage collided with two cars and two motorcycles before he himself was hospitalised along with four others here last night. Five people were seriously injured and one slightly hurt in the incident that stretched from Jalan Perak to the Tun Dr Lim Chong Eu Expressway, police said. Northeast district police chief Abdul Rozak Muhammad said the car driven by the 50-year-old man hit the back of another car driven by a 44-year-old woman at the Jalan Perak traffic light junction at about 8.30pm. 'The man continued driving and hit two motorcycles at separate locations on Jalan Perak before rear-ending a second car on the Tun Dr Lim Chong Eu Expressway,' he said in a statement today. He said the driver suffered serious injuries. Also seriously injured were the two motorcyclists and one pillion rider, and the driver whose car he crashed into on the Tun Dr Lim Chong Eu Expressway. He said the case is being investigated under Section 42 of the Road Transport Act 1987 for dangerous driving.

2 motorcyclists killed in Kota Tinggi accident
2 motorcyclists killed in Kota Tinggi accident

Free Malaysia Today

time6 hours ago

  • Free Malaysia Today

2 motorcyclists killed in Kota Tinggi accident

The victims, aged 18 and 19, sustained serious head injuries and were pronounced dead at the scene, according to police. (PDRM pic) JOHOR BAHRU : Two motorcyclists were killed in an accident involving three vehicles at Km60.5 Jalan Sungai Rengit, Kota Tinggi, early today. Kota Tinggi district police chief Yusof Othman said the two men, aged 18 and 19, sustained serious head injuries and were pronounced dead at the scene. He said police received information regarding the crash, which involved two motorcycles and a lorry, at 1.24am. 'The accident is believed to have occurred when both motorcycles crashed into the rear of the lorry. However, the case is still under investigation. 'The victims' bodies were taken to the Kota Tinggi Hospital, while the lorry driver has yet to be traced,' he said in a statement. Yusof appealed to witnesses to contact traffic investigation officer Fairuz Abd Malek at 012-7415886.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store