THE Penang Development Corporation (PDC) has cooperated fully with the Bukit Aman Special Task Force (Anti-Money Laundering) into the Penang World City project probe, where the now defunct Mobility Beyond Imagination (MBI) Group invested.
Chief Minister Chow Kon Yeow said the police special team under Bukit Aman visited PDC earlier this month, and the state's key development agency handed over several documents to the police.
This concerns payments made by the previous developers of the World City project to PDC for the purchase of land by Mutiara Metropolis Sdn Bhd, formerly known as the Tropicana Ivory Sdn Bhd.
The purpose of the investigation was to determine if the land sales may be linked to the alleged MBI scam, Chow told a press conference.
He read out a prepared text on the matter, saying that PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the investigations.
PDC reiterates its commitment to transparency, integrity and full cooperation with the relevant enforcement agencies regarding the matter, said Chow.
As of now, no senior PDC executive has been held for questioning, but the investigation is still ongoing.
The MBI scandal is regarded as one of the biggest in the state with up to RM527 million in assets seized, involves a total RM3.8 billion garnered from money laundering proceeds.
The alleged founder of MBI, Tedy Teow, is currently held in China after two million of its nationals were alleged to have been defrauded by the MBI scam, which the locals here called a money-game venture. - July 21, 2025.
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