Latest news with #MBI
New Straits Times
20 hours ago
- Business
- New Straits Times
Bukit Aman officers visit PDC headquarters as part of national MBI probe
GEORGE TOWN: Officers from the Bukit Aman Special Task Force on Anti-Money Laundering (AMLA) visited the Penang Development Corporation (PDC) headquarters on July 9, as part of a nationwide investigation into the Mobility Beyond Imagination (MBI) investment scheme. The visit, conducted in line with anti-money laundering protocols, was aimed at tracing financial flows possibly linked to the scheme. It included the formal submission of a request letter seeking documentation related to the Penang World City (PWC) project, particularly transactions involving Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd (TISB). Chief Minister Chow Kon Yeow, who also chairs the PDC, confirmed the visit. He said PDC would fully cooperate with the authorities and had already complied with the request. "On July 18, PDC submitted all the required documents, including minutes of meetings and financial documents, to the Bukit Aman Special Task Force. These pertain to payments made by MMSB to PDC for land purchases between 2011 and 2019," he said. Chow emphasised that PDC was not the subject of the investigation, but assisting as a stakeholder involved in earlier commercial transactions that might be relevant to the probe. "This engagement is part of a broader, multi-jurisdictional effort involving numerous entities across the country. "PDC remains committed to due process and has responded in full compliance with all procedural requirements," he added. The PWC project, a major development initiative, is governed by four key agreements between Chief Minister Incorporated (CMI), PDC, Ivory Properties Group Bhd (IPGB), and TISB. These agreements span from 2011 to 2019, including a Novation cum Supplemental Agreement signed on Nov 1, 2019, that brought MMSB into the project. As of July, MMSB reported that reclamation works had reached 68 per cent completion, with the overall development progress — covering both current and future phases — at around 44 per cent. Chow reiterated that PDC would continue to provide full assistance to enforcement agencies within its capacity and remain committed to the principles of transparency, accountability, and good governance. Last month, the Penang government told the New Straits Times that it would leave it to the police to probe the investment scam by the now-defunct MBI International Group, which preyed mainly on Chinese nationals. Chow had said that it was the responsibility of the police to investigate and charge, andstressed that his administration had nothing to do with the matter.
The Star
a day ago
- Business
- The Star
PDC cooperating with investigation into MBI scheme, says CM
GEORGE TOWN: Penang Development Corporation (PDC) has submitted all relevant documents to Bukit Aman's Anti-Money Laundering Division to assist in the investigation into the Mobility Beyond Imagination (MBI) investment scheme, says Penang Chief Minister Chow Kon Yeow. 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.
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Chow: PDC cooperating fully in AMLA probe into PWC project
GEORGE TOWN — The Penang Development Corporation (PDC) is giving its full cooperation to police in the investigation by the Bukit Aman Anti-Money Laundering (AMLA) Special Task Force into the Penang World City (PWC) project, which has been linked to the Mobility Beyond Imagination (MBI) investment scheme. Penang Chief Minister Chow Kon Yeow, who is also PDC Chairman, said the corporation has submitted all relevant financial documents and meeting minutes related to the PWC project to Bukit Aman, whose investigation is ongoing at the national level. 'On July 9, the Bukit Aman AMLA team visited PDC as part of a nationwide investigation into the MBI investment scheme. The visit was conducted in accordance with AMLA procedures as part of the authorities' efforts to trace and verify the flow of funds potentially linked to the scheme. 'PDC is giving its full cooperation to assist in investigating any possibility of suspicious fund movements connected to the MBI investment scheme,' he said at a press conference at the Chief Minister's Office in Komtar here today. Elaborating further, Chow said the investigation focuses on payments made to PDC by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd (TISB), for the purchase of land involved in the PWC project between 2011 and 2019. He said the probe is being conducted under AMLA procedures and involves multiple entities and jurisdictions across the country, with PDC being included as an interested party due to past commercial transactions carried out in accordance with proper processes during that period. 'PDC remains committed to the principles of transparency, integrity and good governance, and will continue to cooperate with all enforcement agencies. The submitted documents include four main agreements signed in relation to the PWC project to date,' he said. He said the four agreements comprise the Sale and Development Agreement between the Penang Chief Minister (Incorporated) [CMI], PDC and Ivory Properties Group Berhad (IPGB) dated Nov 11, 2011; the First Supplemental Agreement between CMI, PDC and IPGB dated Oct 24, 2013; the Second Supplemental Agreement dated June 23, 2014; and the Novation cum Supplemental Agreement involving PDC, CMI, IPGB and TISB dated Nov 1, 2019. He added that land reclamation work for the PWC project is currently about 68 per cent complete, with overall development progress — including current and future phases — reaching 44 per cent. 'This mega project is viewed as a catalyst for mixed development growth on the island side of the state and has involved collaboration among various parties over the past decade,' he said. In March, Chow had stressed that PDC had no direct involvement with the MBI scheme and that its land sale processes were carried out in accordance with prescribed procedures, and not through any MBI-related transactions. He was also reported as stating that the sale of land in Bayan Mutiara to Ivory Properties Group was conducted via a standard tender process in 2011. — BERNAMA
Barnama
2 days ago
- Business
- Barnama
PDC Cooperating Fully In AMLA Probe Into PWC Project
GEORGE TOWN, July 21 (Bernama) – The Penang Development Corporation (PDC) is giving its full cooperation to police in the investigation by the Bukit Aman Anti-Money Laundering (AMLA) Special Task Force into the Penang World City (PWC) project, which has been linked to the Mobility Beyond Imagination (MBI) investment scheme. Penang Chief Minister Chow Kon Yeow, who is also PDC Chairman, said the corporation has submitted all relevant financial documents and meeting minutes related to the PWC project to Bukit Aman, whose investigation is ongoing at the national level. 'On July 9, the Bukit Aman AMLA team visited PDC as part of a nationwide investigation into the MBI investment scheme. The visit was conducted in accordance with AMLA procedures as part of the authorities' efforts to trace and verify the flow of funds potentially linked to the scheme. 'PDC is giving its full cooperation to assist in investigating any possibility of suspicious fund movements connected to the MBI investment scheme,' he said at a press conference at the Chief Minister's Office in Komtar here today. Elaborating further, Chow said the investigation focuses on payments made to PDC by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd (TISB), for the purchase of land involved in the PWC project between 2011 and 2019. He said the probe is being conducted under AMLA procedures and involves multiple entities and jurisdictions across the country, with PDC being included as an interested party due to past commercial transactions carried out in accordance with proper processes during that period. 'PDC remains committed to the principles of transparency, integrity and good governance, and will continue to cooperate with all enforcement agencies. The submitted documents include four main agreements signed in relation to the PWC project to date,' he said. He said the four agreements comprise the Sale and Development Agreement between the Penang Chief Minister (Incorporated) [CMI], PDC and Ivory Properties Group Berhad (IPGB) dated Nov 11, 2011; the First Supplemental Agreement between CMI, PDC and IPGB dated Oct 24, 2013; the Second Supplemental Agreement dated June 23, 2014; and the Novation cum Supplemental Agreement involving PDC, CMI, IPGB and TISB dated Nov 1, 2019. He added that land reclamation work for the PWC project is currently about 68 per cent complete, with overall development progress — including current and future phases — reaching 44 per cent.
The Sun
2 days ago
- Business
- The Sun
Malaysia Blockchain Infrastructure set to catalyse systemic digital transformation
KUALA LUMPUR: Malaysia is laying the groundwork to establish itself as a regional leader in digital trust architecture with the launch of Malaysia Blockchain Infrastructure (MBI). This national initiative establishes the foundation for a future where public services are tamper-proof, halal products are traceable from farm to fork and businesses operate with full transparency and cost efficiency on secure digital platforms. Minister of Science, Technology, and Innovation Chang Lih Kang said the MBI initiative signals Malaysia's commitment to anchoring its future economy on interoperability, data integrity and innovation, thereby creating a trusted, technology-driven ecosystem across the public and private sectors. He emphasised that MBI is not merely a technological milestone but a catalyst for systemic digital transformation. 'Today's event is not just the launch of a new technology, but the dawn of a new era in the nation's digital economic development,' Chang said at the official launch of MBI during the opening of Malaysia Blockchain Week 2025 here today. 'Let us move forward, not as isolated actors, but as co-creators of a brighter, bolder digital Malaysia.' He said the initiative is designed to accelerate blockchain adoption by building a trusted and transparent infrastructure supported jointly by government and industry. 'With the launch of MBI, we hope to fast-track blockchain adoption in Malaysia, enabling broader usage built on trust and transparency,' he added. MBI, developed by Mimos Bhd in collaboration with Zetrix and Masverse, addresses persistent challenges in blockchain deployment, including fragmentation, high transaction costs and a lack of cross-platform compatibility. 'This trusted and inclusive national digital backbone will empower government, businesses and the public, strengthening Malaysia's digital economy for the future,' Chang said. He explained that MBI functions similarly to a financial clearinghouse, such as Mastercard or Visa, by enabling seamless interoperability across different blockchain systems. 'It acts like a clearinghouse, allowing smooth transitions between blockchain technologies. It simplifies transactions for everyone,' he noted. MBI is grounded in the National Blockchain Roadmap 2021–2025, which outlines Malaysia's ambitions to lead the region in blockchain adoption across various sectors, including public administration, finance, halal certification and trade. 'We see blockchain enhancing transparency in government, reducing costs in finance, and strengthening halal traceability and supply chain logistics,' said Chang. 'This is about embedding trust and efficiency at every level.' To date, the Ministry of Science, Technology and Innovation (Mosti) has achieved 60% of the objectives outlined in the roadmap, with additional milestones expected by the end of the year. 'We've reached 60%, and we aim to go even further by year-end,' Chang affirmed. The minister outlined a vision of a fully digital public infrastructure powered by blockchain, encompassing secure procurement, automated halal certification and streamlined financial services. 'Halal products verified from farm to fork, leak-proof procurement – all powered by MBI. This is not a distant vision; it is well within our grasp,' he said. While large enterprises are expected to benefit, Chang highlighted that startups, SMEs and underserved communities will also gain from reduced digital entry costs and greater access to secure data ecosystems. He said MBI would serve as a trusted platform for early-stage companies and blockchain startups to engage with verified partners. 'This platform enables startups to find trusted blockchain partners – whether service providers or platforms. It also serves as a form of government endorsement.' Chang underscored the importance of collaboration among government, industry and academia in unlocking MBI's full potential. 'Innovation isn't confined to institutions. It flows from startups, entrepreneurs, researchers, and public services. This embodies the Malaysia Malaysia vision, where innovation is guided by compassion, progress is rooted in trust and technology serves all levels of society,' he said. Chang disclosed that a new national roadmap is in development, focusing on explainable artificial intelligence (XAI) and blockchain through to 2030. The initiative will primarily involve local experts, with opportunities for international collaboration. 'We're working with the Ministry of Digital and relying largely on local experts. However, we remain open to input from foreign specialists,' he said. As other Asean countries move towards integrating blockchain in trade and governance, Malaysia aims to leap forward with a cohesive, government-backed framework, rather than relying on scattered pilot programmes. 'With MBI, Malaysia is positioning itself at the forefront of digital trust infrastructure – one that supports not only innovation but also real-world impact across industries and communities,' said Chang. The two-day Malaysia Blockchain Week 2025, organised by Lydian Labs and supported by ARC, features expert panels, technology showcases, and cross-border collaborations designed to scale blockchain innovation across Southeast Asia and beyond.
