THE Penang Development Corporation (PDC) reiterates its commitment to transparency, integrity, and full cooperation with all relevant enforcement agencies regarding the investigation into the Penang World City (PWC) project.
Chief Minister Chow Kon Yeow, who is also the PDC chairman, said the corporation remains guided by the principles of good governance and continues to support the authorities in the execution of their duties.
“On July 9 this year, officers from the Bukit Aman Special Task Force on Anti-Money Laundering (AMLA) visited PDC as part of a broader nationwide investigation into the Mobility Beyond Imagination (MBI) investment scheme.
“This visit was carried out in accordance with AMLA procedures and forms part of the authorities’ wider efforts to trace and verify the flow of funds potentially associated with the scheme.
“An official request letter by the Special Taskforce dated July 9 was also submitted to PDC on the same day, seeking the submission of meeting minutes and financial documents related to the PWC project, specifically 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),” Chow told a press conference when asked about the matter in Komtar today.
Chow added that 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.
“On July 18, in full compliance with the request and in support of the ongoing investigation, PDC submitted all required documents, including minutes of meetings and financial records, to the Bukit Aman Special Task Force.
“It is important to highlight that PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the probe.
“The visit by the Special Task Force is part of a broader effort to track financial flows nationwide, involving multiple entities and jurisdictions, and PDC has acted in accordance with due process throughout the period in question,” said Chow.
Chow also outlined the four key agreements related to the PWC project:
1. Purchase and Development Agreement between Chief Minister Incorporated (CMI), PDC, and Ivory Properties Group Berhad (IPGB) dated 11 November 2011.
2. First Supplemental Agreement between CMI, PDC, and IPGB dated 24 October 2013.
3. Second Supplemental Agreement between CMI, PDC, and IPGB dated 23 June 2014.
4. Novation cum Supplemental Agreement between PDC, CMI, IPGB, and TISB dated 1 November 2019.
“As of July this year, MMSB stated that the reclamation works about the PWC project have attained approximately 68% completion, whereas the overall development progress (encompassing both existing and future phases of reclaimed land) has reached an estimated 44% completion,” he said.
Chow further mentioned that PDC is willing to cooperate with the investigation authority to provide the necessary information within its capability to assist the investigation.
Story by Riadz Akmal
Pix by Muhamad Amir Irsyad Omar
Video by Darwina Mohd Daud