Did PDC sell Pulau Jerejak land to MBI Group?

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Penang Development Corporation Denies Involvement in Pulau Jerejak Development and Sale to MBI Group

The Penang Development Corporation (PDC) has stated that it is not involved in any proposed development on Pulau Jerejak, nor does it have records indicating the involvement of MBI Group International in the sale of its shares related to the island. PDC divested its entire stake in Tropical Island Resort Bhd to Q Islands, a subsidiary of Ideal Property Development Sdn Bhd, in 2016, thereby concluding its direct connection to the island's development.
Ownership Transfer of Tropical Island Resort Bhd

In 2016, the Penang Development Corporation completed the sale of all its shares in Tropical Island Resort Bhd to Q Islands. This transaction effectively transferred ownership and any associated development rights or responsibilities concerning the island to the subsidiary of Ideal Property Development Sdn Bhd. Consequently, PDC affirmed its non-involvement in any subsequent or proposed development activities on Pulau Jerejak following this divestment.
Allegations Regarding MBI Group International

Concerns were raised by Gerakan vice-president Oh Tong Keong regarding the potential sale of 80 acres of forest reserve land on Pulau Jerejak to MBI Group International. MBI Group International is a firm known for its cryptocurrency investments, which has faced legal scrutiny and corruption allegations in the past. Oh Tong Keong specifically questioned the state government about the status of this land and MBI's alleged involvement.
Details of Proposed Development Plans

Prior to the current inquiries, proposed development plans for Pulau Jerejak reportedly included the construction of approximately 1,200 residential units. The plans also encompassed the development of essential infrastructure such as a jetty, hotels, a theme park, and a bicycle lane. The lack of commencement of these projects over several years has fuelled speculation and questions surrounding the island's development trajectory and the recent emergence of MBI's name in discussions.

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Did PDC sell Pulau Jerejak land to MBI Group?

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