MBI Ponzi: Zaid Ibrahim requests Anwar Ibrahim to explain completely, comprehensively

Talk was rife that the MBI Ponzi started in Penang and spread like wildfire to China

I would like the Prime Minister himself to give a complete and comprehensive explanation about the MBI Ponzi scam instead of a statement of asset seizures valued at 6.7 billion by the Deputy Minister, who is from DAP.

Talk was rife that the MBI Ponzi started in Penang and spread like wildfire to China. Political leaders from Penang were said to be friendly and publicly seen with Tedy Teow, the master fraudster, in local Chinese papers.

The slow-paced investigation by the authorities lends credence to the suspicion that the multibillion-dollar Ponzi scheme was strongly connected to politicians in power. In fact, there was hardly any investigation for many years when the scandal broke out in 2010.

Only after the visit by Xi Jinping was Operation Northern Star launched in 2025, and some well-known corporate figures and Tan Sris were arrested and questioned, but not charged until today.

The bizarre aspect of this scam is not just its international scale, but also the fact that no one was criminally charged after 15 years of investigation. 

Contrast with the speedy and thorough investigation ( with daily briefing from Bukit Aman) for the Ikwan Muslim group, which was doing a much smaller food business and a chain of grocery stores.

Contrast that with the urgency of bringing money laundering and corruption charges against a few Malay generals and their three wives. That the DPP had to say “ it’s an uphill battle for us”, whatever that means.

For MBI, hundreds of millions of dollars in Chinese “investment” went up in smoke, leading the Chinese government to extradite Tedy. I believe this extradition was necessary partly because we were slow to bring the culprits to justice.

The Prime Minister must explain to the public the full extent of the fraud and why the initial lack of enthusiasm to investigate meant that no one was charged in court.

The Prime Minister must disclose the 23 corporate figures and well-known proxies of Tedy who were reported to be arrested and questioned, but none were charged.

There is a need to dispel the notion that well-connected persons in Malaysia who are politically acceptable can indulge in money laundering because a compromise or a deal is possible.


Adapted from the article written by Datuk Zaid Ibrahim, via his Facebook account yesterday.

Zaid Ibrahim is a former Malaysian law minister. A former member of UMNO, PKR, Kita and DAP. It's unclear whether he has become an UMNO  member again for now.

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