GEORGE TOWN, July 21 — Penang Development Corporation (PDC) has submitted documents to Bukit Aman’s 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 task force 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 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.
