
PDC cooperating with investigation into MBI scheme, says CM
Chow said the documents, which included minutes of meetings and financial records related to the Penang World City (PWC) project, have been submitted to the Bukit Aman special task force on July 18.
The task force had visited PDC on July 9 and had handed over a letter on the same day requesting PDC to surrender the documents as part of the investigation to trace the flow of funds associated with the MBI investment scheme, he said.
'The request was specifically for documentation concerning 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,' Chow told a press conference yesterday.
Chow, who is also PDC chairman, was responding to questions by the media on whether PDC was being investigated by the police concerning the MBI scam.
He said PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the probe.
The chief minister also noted that the visit by the task force was part of a broader effort to track financial flows nationwide, involving the efforts of multiple entities and jurisdictions.
Currently, he said there are four agreements signed pertaining to the PWC project which are the Purchase and Development Agreement between Chief Minister of Penang (Incorporation) (CMI), PDC and Ivory Properties Group Berhad (IPGB) on Nov 11, 2011.
The First Supplemental Agreement between CMI, PDC and IPGB was dated Oct 24, 2013.
The Second Supplemental Agreement between CMI, PDC and IPGB was dated June 23, 2014 and a Novation-cum-Supplemental Agreement between PDC, CMI, IPGB and TISB was dated Nov 1, 2019, he said.
Chow said as of July this year, MMSB stated that the reclamation works pertaining to the PWC project is about 68% completed, while the overall development progress (encompassing both existing and future phases of reclaimed land) has reached an estimated 44% completion.
He reiterated PDC's commitment to transparency, integrity, and to provide full cooperation with all relevant enforcement agencies.
Chow was quoted in news reports in March, explaining that PDC has no link to the defunct pyramid scheme MBI.
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a day ago
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Penang livestock revenue hits RM1.906 million with poultry leading growth
KEPALA BATAS: Penang recorded a Livestock Revenue Value (NHT) of RM1.906 million 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