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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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?
The previous PM caused so much financial damages to the nation through his [allegedly] corrupt acts and created stories trying to cover up while the current clean PM is trying to use Azam to recover billions from the deceased tychoon’s family and the two ex PM’s sons. For the cari makan journalists, both local and abroad, this is the golden opportunity to make some money.
… The most high-profile seizure is the 60-storey Ilham Tower in Kuala Lumpur, valued at several hundred million ringgit. This skyscraper was seized in December 2023.
In early 2024, Daim and his wife, Na’imah Khalid, were charged for failing to declare 71 assets. These included:38 companies, 25 properties and plots of land across Kuala Lumpur, Selangor, Pahang, and Perak and 7 luxury vehicles
Toh Puan Na’imah Abdul Khalid, widow of former Malaysian finance minister Daim Zainuddin, filed a lawsuit on March 6, 2026, against Prime Minister Anwar Ibrahim, the MACC chief, and the government, challenging investigations into her family as “unlawful,” “malicious,” and an abuse of power. More drama awaits?
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
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?
A lot of talk about “influencial people” in Malaysia who are “black hand” behind many manipulations but nobody even Bukit Aman dare to reveal them. Why?
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
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.
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?
The agriculture and food security ministry is formulating a pig farming blueprint that will provide industry players comprehensive guidelines to tackle environmental and social issues related to the sector.
Deputy minister Chan Foong Hin says the pig farming issue, at its core, concerns the environment.
Anaerobic Digesters (Biogas Systems):
Instead of leaving manure in open lagoons that emit methane and hydrogen sulfide, modern farms use covered anaerobic digesters. These systems capture methane to generate electricity and heat, reducing greenhouse gas emissions by up to 50-70% compared to traditional methods.
Solid-Liquid Separation: Technologies like screw press separators (e.g., OptiPress) separate manure into solid and liquid components.
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.
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.
Public Inspection of Penang’s Mutiara LRT is now at designated booths of Komtar, Penang Sentral, and KTM Station Butterworth. The details are also accessible online at http://www.mymrt.com.my.
Eight-minute Macallum-Penang Sentral LRT ride will offer a reliable alternative to Penang Bridge traffic.
https://youtube.com/shorts/4LF2V5t-GWg
The revised Penang Mutiara LRT line plan (Macallum to Penang Sentral) is available for public inspection from February 24 to May 24, 2026. You can view the plans online at https://laluanmutiara.mymrt.com.my or in person at booths in Komtar, Penang Sentral, KTM Butterworth.
This comment is a reply to Loong Huat comment dd 15 Feb 2026 @ 7.56pm ======== The current state government has reportedly drawn down most of the RM2.2 billion consolidated reserve fund, funds that were built up over years of fiscal discipline by the previous administration under ex CM LGE. On top of that, it borrowed another RM100 million from the federal government, with repayments to be offset against future federal development grants. That means today’s spending is being pushed onto tomorrow’s allocations. If this is not reckless fiscal management, what is? A reserve fund exists for genuine emergencies or long… Read more »
Now the Rakyat are told quit rent must increase ( a whopping 29 to 200 % increase, which is 3 to 4 times the current rate ) because there has been no revision for 30 years. At the same time, the state openly declares it is “working on strategies to increase revenue”, specifically through land tax revisions. So the pattern is clear, reserves are spent, borrowing increases, and taxes rise to fill the gap. Meanwhile, politicians continue to hold multiple positions and draw multiple incomes. Where does that income ultimately come from? Public funds. From taxpayers. From the same Rakyat… Read more »
The stated reason, “I hope to hand over the state in strong financial standing, what I call surrendering the state in a battle ready condition.” Now we, the Rakyat, ask again, battle ready against what? Are we at war? Budgets are not battlefields. They are balance sheets. If the objective is strong financial standing, why then deplete reserves and increase borrowing first, only to raise taxes later? Financial strength is built through disciplined management, not by exhausting savings and then asking the Rakyat to refill the coffers. Calling it “battle ready” may sound dramatic, but fiscal responsibility is not a… Read more »
The real issue is not whether revenue should increase. Governments do need revenue. The issue is this, was the reserve responsibly managed? Was borrowing necessary? Was spending prioritised? And are citizens now being taxed to compensate for policy choices?
Fiscal discipline is not optional. It is the foundation of trust between a government and its people.
Also we, the Rakyat, notice that if 90 % of development focus and spending is concentrated on the island while mainland taxpayers contribute equally, then accountability must follow allocation. Public money demands public scrutiny.
end.
Penangites weigh in on cross-sea LRT extension
https://www.thestar.com.my/metro/metro-news/2026/04/01/penangites-weigh-in-on-cross-sea-lrt-extension
The 500m distance between Penang Sentral LRT station, train station and ferry terminal would be a challenge for pedestrians.
“ Rightists remind 60-year-old DAP “Malaysia is still Tanah Melayu, not Tanah Cina or Tanah India “
https://focusmalaysia.my/rightists-remind-60-year-old-dap-malaysia-is-still-tanah-melayu-not-tanah-cina-or-tanah-india/
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Terms like “leftist”, “rightist” and “centrist” are increasingly used in public discussion, but they are often not properly understood.
In simple terms, a leftist generally supports change, equality, and a stronger role for government in helping society.
A rightist usually values tradition, stability, and preserving existing institutions, with less government interference in the economy.
A centrist takes a middle position, balancing ideas from both sides depending on the issue.
However, applying these labels in the Malaysian context can be misleading.
Malaysia’s political landscape is not defined purely by left or right ideology. It is shaped by a mix of factors such as race, religion, history, and practical governance. As a result, most political parties and individuals hold a combination of positions that do not fit neatly into these categories. Because of this, using broad terms like “rightists” or “leftists” to describe reactions or opinions can create confusion and give the impression that there is a clearly defined group, when in reality there may not be. A more accurate way to report such views would be to state that “some members… Read more »
“ International law must apply equally to all nations, says Anwar “
https://www.thestar.com.my/news/nation/2026/03/16/international-law-must-apply-equally-to-all-nations-says-anwar
========
A sound principle, and one few would dispute. But principles lose their authority when applied selectively. They carry weight only when applied consistently.
If international law must apply equally to all nations, should the same standard of consistency not also apply at home?
“ Jelutong landfill project: Four EIA rejections should mean the end “
https://www.malaysiakini.com/columns/770279
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It is difficult to see how PDC can be described as “neutral” in this matter.
PDC is not only the land owner but also the project manager for the proposed development. These roles make it a key stakeholder in the project itself.
In situations involving environmental assessments, parties with direct involvement in the project are usually not regarded as independent or neutral evaluators.
Experience in land development is certainly valuable, but experience alone does not automatically make an organisation an impartial reviewer of issues that affect its own project.
If the objective is to properly evaluate the Department of Environment’s concerns after four EIA rejections, the process would be better served by involving parties that are clearly independent of the project.
That would help ensure Rakyat confidence that the assessment is objective and not influenced by vested interests.
“ EIA for Jelutong landfill project rejected “ https://www.freemalaysiatoday.com/category/nation/2026/03/10/eia-for-jelutong-landfill-project-rejected ======== The rejection of the Jelutong landfill project’s EIA should give the Penang state government pause. For months, we Rakyat was told that the project was safe and necessary. Yet the Department of Environment has now rejected the environmental assessment. That decision alone shows that the concerns raised by residents, environmental groups and marine scientists were not baseless. Public consultation also revealed overwhelming opposition. When such a large number of people raise concerns, it should not be brushed aside as mere resistance to development. It reflects genuine worries about health, environmental damage… Read more »
What is troubling is the recurring tone whenever opposition arises. Instead of acknowledging these concerns with empathy, the response often appears dismissive, as though the public simply does not understand what is best for them. Leadership requires more than confidence in one’s decisions. It requires the willingness to listen, especially when the public, experts and regulators raise serious questions. The Jelutong landfill certainly needs proper rehabilitation. But rehabilitation must prioritise environmental safety, transparency and public trust. Perhaps this rejection is an opportunity to rethink the approach and engage the community more meaningfully. Progress is not only about building projects; it… Read more »
When evidence contradicts a belief, the belief must adjust, not the evidence. The history of governance is full of leaders who were absolutely certain, right up to the moment reality proved otherwise. True progress is measured not by how firmly leaders insist they are right, but by how seriously they listen when the Rakyat they govern raise concerns. The strange thing about politics is that confidence is cheap, but humility is expensive. Systems of democracy exist precisely because no leader, however brilliant, is immune to being wrong. The EIA process itself is one of those guardrails, where science taps the brakes on political… Read more »