Penang Development Corporation provided documentation to federal anti-money laundering investigators examining the MBI investment scheme. Authorities visited the corporation on July 9 to request financial records and meeting minutes related to the Penang World City development project. Chief Minister Chow Kon Yeow confirmed investigators sought verification of fund transfers from Mutiara Metropolis between 2011 and 2019. The corporation delivered all requested materials to the special task force by July 18. Investigators aim to determine whether payments received by the development corporation connected to the fraudulent MBI operation.
The Penang World City project remains under development with reclamation work reaching 68 percent completion. Overall construction progress stands at 44 percent as of July this year. The development corporation maintains it has no direct involvement with the MBI pyramid scheme. Four separate agreements govern the project between various parties from 2011 through 2019. Construction completion is scheduled for November 2028.
The Penang World City project remains under development with reclamation work reaching 68 percent completion. Overall construction progress stands at 44 percent as of July this year. The development corporation maintains it has no direct involvement with the MBI pyramid scheme. Four separate agreements govern the project between various parties from 2011 through 2019. Construction completion is scheduled for November 2028.
