Penang Development Corp cooperating with police in MBI probe

GEORGE TOWN: Penang Development Corporation (PDC) will cooperate with Bukit Aman’s anti-money laundering division on the investigation into the Mobility Beyond Imagination (MBI) investment scheme, says Chow Kon Yeow.

The Penang Chief Minister said the Bukit Aman special task force visited PDC as part of a broader nationwide investigation into the MBI investment scheme.

“This visit was carried out in accordance with Anti-Money Laundering Act procedures and forms part of the authorities’ wider efforts to trace and verify the flow of funds associated with the scheme.

“An official request letter by the special task force was submitted to PDC on July 9, 2025, seeking the submission of meeting minutes and financial documents related to the Penang World City (PWC) project.

“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.

“The focus of the investigation 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 during a press conference held at his office on Monday (July 21).

Chow, who is also PDC chairman, was asked if PDC was being investigated over the MBI scam.

He said on July 18, 2025, PDC submitted all required documents, including minutes of meetings and financial records, to the Bukit Aman special task force.

“PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the probe,” he said.

Chow said there are four agreements signed pertaining to the PWC project.