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Penang Development Corp cooperating with cops on probe into PWC project—Chow

Bernama July 22, 2025 | Updated 2 months ago

Chow said the investigation focuses on payments made to PDC by Mutiara Metropolis Sdn Bhd, formerly known as Tropicana Ivory Sdn Bhd, for the purchase of land involved in the PWC project between 2011 and 2019.

GEORGE TOWN (July 22): 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 on Monday.

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% complete, with overall development progress — including current and future phases — reaching 44%.

“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.

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Penang Development Corp cooperating with cops on probe into PWC project—Chow

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Penang Development Corp cooperating with cops on probe into PWC project—Chow

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