Ivory Properties says group CEO cooperating with MBI investigations

• Ivory Properties has been in Practice Note 17 (PN17) status since 2022 after its auditor flagged its ability to continue as a going concern.

KUALA LUMPUR (Aug 21): Ivory Properties Group Bhd (KL:IVORY) said its group chief executive officer Datuk Low Eng Hock is cooperating with the authorities in the ongoing MBI investigation.

The investigation has not had any financial or operational impact on the company to date, the property developer said in a bourse filing on Thursday. Ivory Properties has been in Practice Note 17 (PN17) status since 2022 after its auditor flagged its ability to continue as a going concern.

"The company further wishes to state that it has no additional information at this juncture pertaining to the said investigation," Ivory Properties said.

The company did not elaborate further.

Low is a substantial shareholder of the company, holding a 23.01% stake as at July 25, 2025 after selling 49 million shares, equivalent to about 10% stake in the company, according to an exchange filing last month.

More than two dozen people have been arrested as part of an investigation into MBI that drew hundreds of millions of ringgit in deposits from investors as far as China who were promised lucrative returns.

The pyramid scheme collapsed in Penang in 2018 but continued in Danok in Thailand for a few more years until mastermind Tedy Teow was arrested in 2022. China had Teow extradited from Thailand to face charges in its courts.

At that time, MBI’s money was primarily evident in the property sector, particularly in Penang and Kedah. In Penang, MBI was closely related to Ivory Properties. Teow and his family were investors in Ivory Properties’ cornerstone project—the Penang Times Square development.

MBI was an anchor tenant of Penang Times Square until the scheme’s collapse. The deserted property is now under receivership.

Shares of Ivory Properties meanwhile have been on a downward spiral since 2017. The stock was untraded on Thursday with its last price at two sen, giving the company a market capitalisation of just RM10 million.

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