This cover story from the Edge caught my attention:
According to news reports, more than two million victims in China are estimated to have been deceived into investing in MBI. The investments reportedly totalled RM300 billion, way more than what was siphoned away in the 1Malaysia Development Bhd (1MDB) scandal.
A banker points out that it would have been difficult for so much money to come into Malaysia without attracting the attention of Bank Negara.
“This incident happened after 2015, when Bank Negara was already under scrutiny for not raising a red flag when money came into the account of former prime minister Datuk Seri Najib Razak. Surely, if that kind of money flowed into MBI’s accounts in Malaysia, it would have caught the attention of the central bank,” he says.
Bank Negara investigated companies under MBI and its principal officers for money laundering activities and other offences related to financial services. Finally, Teow, his son, another director and two companies — MFace International and MBI Marketing — were fined a total of RM20 million in August 2018 for undertaking unauthorised payment activities.
How was this allowed to happen? Didn’t anyone know what was going on?
| Please help to support this blog if you can. Read the commenting guidlelines for this blog. |
Ivory is the collateral damage in MBI fiasco?
Penang Times Square could not recover after the demise of MBI!5
Ivory has handed “The Crown” to Chin Hin
https://www.penangpropertytalk.com/2023/05/chin-hin-and-ivory-properties-to-develop-crown-penang/
Ivory signed an agreement to proceed with its disposal of a 1.22-acre (0.49-hectare) freehold land in George Town, Penang to Chin Hin Group Property Bhd for RM40 million.
https://theedgemalaysia.com/node/696951
A tech executive’s journey to preserve Cheong Fatt Tze Mansion in Penang
https://cnaluxury.channelnewsasia.com/people/cheong-fatt-tze-blue-mansion-penang-malaysia-shen-loh-lim-interview-249421
Managing director of Penang’s Cheong Fatt Tze Mansion Shen Loh-Lim on modernising a historic Malaysian mansion while blending digital innovation with cultural preservation.
” I accepted Najib’s apology as an example of good leadership’ says Anwar ” dd 28 Oct 2024 10:42AM https://www.thevibes.com/articles/news/103885/i-accepted-najibs-apology-as-an-example-of-good-leadership-says-anwar ======== Good leadership? Sorry, but whatever claims are made, we, the Rakyat, have lost trust in the words and statements issued by those in power. The last time, we heard this phrase ‘innocent until proven guilty,’ it resulted in an alleged corrupt individual seeking legal representation, which led to a decision of ‘Discharge Not Amounting to Acquittal’ (DNAA). We believe that a similar outcome will occur regarding the second issue, though it may involve a different political leader and a different… Read more »
A whopping RM3.17bil worth of assets have been seized following investigation into Mobility Beyond Imagination (MBI) scam that has led to the arrest of eight people including four Datuks.
” All abuzz over MBI founder ” by Alex Teng dd Monday, 26 Aug 2024
https://www.thestar.com.my/news/nation/2024/08/26/all-abuzz-over-mbi-founder
========
” While Chinese investors will now get the chance to scrutinise Teow when he appears in court later, Malaysians will have to continue gossiping about the good, the bad and the ugly of MBI at coffee shops and markets. ”
>>> As well as we, here. Look at the names of these 2 companies. One is MBI and the other is 1MDB.
uncle rakyat – it is gone. move on, dont cry over spilled milk
What is gone ? Move on to where ? What milk has been spilled that we should not cry over ?
uncle rakyat, you invest your money there? you still bitter over it/
…. probably invested in Red Cafe?
https://cilisos.my/coffee-macau-scams-and-bitcoin-how-tedy-teow-ended-up-being-named-jho-low-2/
Those on MBI pyramid apex made money from MBI scheme but those late entries at the bottom lost everything. Red Cafe is a painful memory, as is the sight of Penang Times Square!
The pyramid scheme of MBI under the brainchild Teddy Teow: