Check out this story in The Edge about the MBI pyramid scheme which emerged about a decade ago: The Ponzi scheme that rocked Penang
(I remember back then there were questions about whether Ivory Property had the financial muscle to handle the ‘Penang World City’ project in Bayan Mutiara. It had acquired the land from PDC for RM1.07bn – in several instalments. Today, Ivory Property has fallen to PN17 status.)
Anyway, this paragraph in the Edge story caught my attention:
[Tedy] Teow fled the country, resurfacing in Thailand, where he continued running the scheme until his arrest in July 2022. After a prolonged legal process, he was extradited to China in August 2024 to face charges of defrauding an estimated two million Chinese nationals of roughly RMB500 billion, or more than RM300 billion, cementing MBI’s place among the largest alleged Ponzi schemes ever uncovered.
RM300bn? Even if the investors’ losses were less than RM300bn, the amount involved was staggering and rival if not dwarf the sums involved in the 1MDB losses. The only difference is that these losses hit individuals whereas 1MDB hurt the national kitty.
This raises the question why no serious action was taken earlier to nip the MBI scandal in the bud. Weren’t the authorities aware of what was going on, given that MBI was operating in broad daylight in the heart of George Town?
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Teddy was too greedy to expand his Ponzi scheme to China. Now extradited to China awaiting trial. Those associated with him like many property developers are now under the radar, but if China wants to recover billions of his people money, then we have a shoe to watch 2026
Daim wore $5 sandals and a cheap digital watch, but he secretly controlled the pulse of a nation. This is the story of Malaysia’s “Grey Man” – the Godfather who built a shadow empire and took its secrets to the grave.
All abuse and theft could be done under the “umbrella” of pretext of Malay unity and protection?
Plenty of costume drama among chameleons. Another leader used to walk around in kampung clothes and slippers, and serve only simple nasi lemak and teh o at home. When he reached the top, he switched to foreign business suits and speeches to please Mat Salleh.
Who are you referring to?
Care to elaborate to clear any ambiguity?
A few Datuks were questioned by the police but not charged in court. Possibly no strong evidence?
Those Datuks may spill the beans and implicate more influential people thus no further court action?
Ivory Properties’ official website still lists ongoing and ready-to-move-in projects for sale in Penang and Kuala Lumpur:
City Residence (Tanjung Tokong) – Ready to move in
The Wave (George Town) – Final units for sales
Island Resort (Batu Ferringhi) – Available
Tropicana Bay Residences (Bayan Lepas) – Available
Moonlight Bay (Batu Ferringhi) – Available
Is Penang the new Dubai?
Watch what the Hutchinson family has to say:
Penang airport queues caused by increased arrivals, flights landing too close together, says AKPS
https://www.thestar.com.my/news/nation/2026/02/06/penang-airport-queues-caused-by-increased-arrivals-flights-landing-too-close-together-says-akps
Justification for airport expansion.
More direct flights from China cities means more passengers. More tourist dollars injection to Penang economy as these tourists savour Penang food and stay in Penang hotels and airbnbs.
Chinese investors pour nearly RM16bil into Penang in last 10 years.
Chief minister Chow Kon Yeow says Penang recorded RM4.2 billion in approved manufacturing investments from China in 2025.
https://www.freemalaysiatoday.com/category/nation/2026/02/05/chinese-investors-pour-nearly-rm16bil-into-penang-in-last-10-years
The China investors may consider setting up high tech pig farming industry with environmental controls in Malaysia?
A Sarawakian MP today urged all parties to respect others’ food preferences, expressing his frustration over continuous criticisms against those who consume pork.
Speaking from the perspective of a Dayak, Willie Mongin (GPS-Puncak Borneo) said his community has never condemned other people’s food choices but has instead been subjected to name-calling for what they savour.
While pig rearing without addressing health, environment and appropriate location issues is inappropriate, it also a powerful tool used by politicians to exploit Malay Muslim voters. Are they not shameful racist religious fanatics who think that exploiting the dilemma is good for their vote bank?
In 2025, Malaysian police launched “Ops Northern Star” and arrested more than 17 individuals, including several high-profile figures with “Datuk” and “Tan Sri” titles, suspected of acting as proxies to launder money through various businesses and properties. Investigations are still ongoing, with authorities freezing assets worth billions of ringgit, but no final convictions have been announced as the matters are still under investigation. The complex nature of money laundering through a web of legitimate-looking businesses and the alleged political connections and (alleged) links to senior police officers of Teow have been cited as factors that complicated the local legal process.
The Malaysian Anti-Corruption Commission has set its sights on IJM Corporation Bhd over allegations of a money laundering scheme involving RM2.5 billion.
A member of the company’s top management, who holds a Tan Sri title, and a company advisor have been identified as persons of interest…
Why [certain] property developers tend to be associated with money laundering?
What happened to the propaganda on building before selling?
The onus is with the buyers – choose the right developers based on past records, not based on fancy brochures with promises. Remember Penang Times Square featured LRT on its brochure, today the confirmed LRT station did not even nearby.
Thank you for the free advice to the public. By propaganda, I meant government propaganda.
What government propaganda?
Do not leave us guessing.
Need to be specific, otherwise pure speculation.
LGE’s days is over, with so many legal issues, starting from the bungalow gate, undersea tunnel, connections with the tainted typhoons. I think the Penang people and DAP members no longer respect him, he should just step down and concentrate on preparing for his legal battles, leave Sim alone.
Lim Guan Eng is losing influence in Penang due to the rising star of Steven Sim? He is really jealous of Steven Sim?
Lim Guan Eng has shifted the blame for removing a Seberang Perai city councillor to Penang DAP chairman Steven Sim, saying the decision did not originate from chief minister Chow Kon Yeow.
Bloomberg reported that Malaysian Anti-Corruption Commission (MACC) chief Azam Baki is listed as holding 17.7 million shares (worth about RM800,000) in a financial services company, according to a corporate filing with the Companies Commission of Malaysia (SSM).
https://www.freemalaysiatoday.com/category/nation/2026/02/10/azam-baki-listed-as-holding-shares-in-financial-services-firm-says-report
MACC chief is facing the heat before he could nail the ex leader with hidden wealth in West Asia? Cannot trust Bloomberg fully…
Malaysian Penang singer Jeryl Li Peiling sings Malay song《Gemuruh》on a China show
Video now only on Instagram
https://www.instagram.com/reel/DUYU9iej3LZ/
KL is no longer a Chinese town like in 1970. Bumis are now the biggest group.
Bumis 47.7%, Chinese 41.6% Indian 10%
Data from Jabatan Statistik year 2020.
By now, bumis would be over 50% with higher birth rate, migration from other states, Chinese going overseas etc
So why is Umno protesting democractic rights of bumis to vote a mayor?…
Another danger Umno cannot tolerate is genuine successful multiracial cooperation in running KL. So they must kill it(?)
Why being majority with all kinds and all levels of protection still feel insecure? Cannot progress if continue to live in fear or unnecessary things.
There are no more good leaders. When an opportunity presents itself to do something wrong, such as corruption, even those seen as “good” will steal, cheat, and lie, and try to get away with it. They do all this while carrying out their public duties. They pretend to display integrity and claim to be morally upright, until they are caught. They show no shame, feel no shame and there is no remorse. Some hide behind the practice of religion and pretend to be pious. They assume the Almighty cannot see them or does not know what they are doing, and yet… Read more »
One super-thief constantly announced all sorts of KPIs. He even set up an “integrity institute” and went abroad repeatedly for religious visits. If most of us accept selective privilege, selective law and hypocrisy instead of demanding service, not much can improve. Some departments use apps to keep the public away.
What do you mean by “Some departments use apps to keep the public away”? Can elaborate?
Usage of Apps (self help) means that the headcount of civil service could be reduced?
Still remember the time there was nothing, nothing at all not even the Tesco!!!
Straits Quay was opened in 2010, Tesco a year later.
I also still remember the day we met Anil.
There happened a lot since that day and definitely not to make things right.
But the Ho’oponopono prayer set things right in time at that time in 2017 for Pulau Jerejak
Time have changed as the landscape of Penang has changed a lot. But Anil is still strong and steadfast with his beliefs! Hope to see my writings from Anil, not those regurgitated comments from Rakyat 8 as he is no tunglang!
Disagreement does not make a view “regurgitated,” nor does repetition make it unthinking. Public issues—political, economic, or social—are often repeated year after year precisely because they remain unresolved.
Many political leaders speak freely but fail to follow through on their promises, which is why the same concerns resurface again and again.
By comparison with previous administrations, we now have the worst Chief Minister to date.
Consolidated funds have been depleted, budgets are increasingly unbalanced with persistent deficits, and state taxes – including water rates, quit rent, and assessment rates – are being raised, further squeezing the Rakyat as they struggle to meet basic needs.
Nothing wrong if funds are utilised for development for the benefits of Rakyat like you. Unless you have evidence of fund misappropriation or wastage, you should be more careful with your statement.
The original comment is a critique of governance, not an accusation of corruption.
It points to clear outcomes, consolidated funds are depleted, budgets show persistent deficits, and state charges such as water rates, quit rent, and assessment rates have increased, adding pressure on the Rakyat.
These are policy results, not claims of theft, abuse, or misappropriation.
Calling someone the worst Chief Minister to date is an opinion, not a criminal allegation, and political opinion is valid when it addresses performance and outcomes.
Your reply shifts the issue by implying corruption must be proven before criticism is allowed.
That is a straw man and a deflection. A government can act lawfully and still be fiscally irresponsible, inefficient, or short sighted.
Governance is judged by outcomes, not only by whether money was stolen.
A household can go broke without theft, a company can fail without fraud, and a state can mismanage finances without corruption.
Funds may be spent on development and still leave finances strained and Rakyat under pressure. Criticizing fiscal management does not require alleging wrongdoing.
Good governance is measured by balance, sustainability, and impact on the people.
There is nothing wrong with using public funds for development that benefits the Rakyat.
The question is: what funds, and what development, have actually benefited a Rakyat like me?
With roughly 750,000 people on the island and about 1 million on the mainland, where does most of the revenue collected go,and where is most of the mega development actually taking place?
The Madani government agreed to expand the Sara product category to include frozen food. This addition brings the total to 15 basic product categories. The inclusion of the frozen food category also increases the number of products eligible to be purchased using Sara credit to 140,000 types of products.
The Penang government allocated funds for various welfare programs in 2025:
i-Sejahtera Programme: for senior citizens, persons with disabilities (OKU), single mothers, homemakers, and newborns. Phase 1 RM49.45 million for 274,151 recipients.
Senior Citizens Appreciation Programme: RM200 per person.
Suri Emas Programme: RM100 per person.
OKU Assistance Programme: RM200 per person.
You did not qualify?
Why? If the federal government is already running these welfare programmes, why is the state duplicating them?
Is the state genuinely flush with surplus funds, or is this a vote-driven exercise?
Duplications no issue if rakyat get double payouts. You should be thankful unless you did not qualify for such goodies.
If consistency is mistaken for echoing others, that says more about the reader’s impatience than the writer’s intellect. Engage the argument, not imagined labels.
Arguments must be supported by facts, not just personal unverified opinions and imagination. Otherwise it is a waste of time to engage in further discussion.
Did you read Sia Boey Boy’s comment in context?
My reply addressed the manner in which the argument was framed, not the facts themselves. In essence, it said: stop labeling the writer and engage the argument.
Fixating on a single word and calling the response an “unverified opinion” does not rebut that point. It simply avoids it.
Declining to engage while sounding principled is not engagement.
Tesco is already history.
Lotus’s today is more expensive.
Pray hard for better offerings.
Supermarkets suddenly rebranded as Grocers, to justify the price increase. Young people prefer the cool factor to shop in fancy grocery stores, never mind the higher price for the same basic stuff.
Post on M’sian who regrets taking up S’porean citizenship, says he will have to ‘work until he dies’, sparks debate
Envisioning a comfortable retirement in Singapore feels out of reach for him, he said.
https://mothership.sg/2026/01/man-malaysian-citizenship-sporean-regrets/
Need to think carefully before giving up your citizenship. Singapore is a good place to earn money, but not a place to retire as the cost of living is very high.
The ringgit has strengthened to its highest level in nearly eight years on the back of stronger investor confidence, rising investment inflows and firmer economic fundamentals, says Finance Minister II Datuk Seri Amir Hamzah Azizan.
He told the Dewan Rakyat that the local currency had appreciated to RM3.92 against the US dollar as at Jan 28, 2026, making it one of the better performers in the region.
The EPF has estimated that one needs a basic savings of RM390,000 upon retirement to meet Retirement Income Adequacy level, but this only highlights the gap between ideal and reality.
Projected over a 20-year retirement period, it generates a modest monthly income of around RM1,300 to RM1,625, still short of minimum wage. According to the retirement fund, this is enough only to cover basic needs, but far from a comfortable lifestyle.
Recent data shows that nearly 74% of active EPF contributors have less than RM100,000 in their accounts upon retirement — a sum that will last just over five years for a single person or only three to four years for a couple.
EPF expected to announce dividend distribution between 5.5 to 6.3%.
The expected rate was also reasonable based on the nine-month performance and the EPF’s governance approach which emphasises the sustainability of the fund.
Too bad those who have withdrawn large amount from their EPF will not get this high dividend.
About half of the Employees Provident Fund (EPF) members have less than RM50,000 in their retirement savings. This amounts to roughly RM210 a month if spread over 20 years, according to Retirement Fund Inc (KWAP).
Singapore’s median monthly household income crosses S$12,000, up 6.8% after adjusting for inflation
Singapore’s definition of household income now includes income from non-work sources, including rental and investment income.
High salary is the positive side, but any advantage is neutralised by higher cost of living. Easy in easy out. No wonder many Singaporeans now buy their groceries in JB to cut costs.
Recent investigations by the MACC have identified several prominent individuals, including a former top national leader, as owning luxury assets in a West Asian country.
The person is believed to have purchased the assets in cash, possibly using funds that were not declared in Malaysia.
Legal constraints in the country have also made it difficult for individuals wanted for corruption or financial crimes to face legal action, allowing them to remain at large.
https://www.nst.com.my/news/nation/2026/01/1358542/west-asian-country-emerges-safe-haven-malaysian-dirty-money-says-macc
MACC needs to be more specific.
A lot of talk but will the former top leader be identified?
MACC has listed Johor, Selangor, Penang, Sabah, and Sarawak as its “gold mines”.
The term refers to states requiring strategic intervention to tackle economic and corruption issues as part of efforts to help Malaysia become a high-income nation.
Because MACC is targeting big fish, now the chief himself Azam Baki has been accused of corruption by a foreign media Bloomberg?