MBI Group founder Tedy Teoh, whose mall and company headquarters were raided by the authorities yesterday, has said he will cooperate in the investigation into his company affairs.

However, he declined to comment beyond saying he “respected the authorities’ right to hold a probe.

“If the authorities want to investigate because of some complaint, we can only respect their right to probe. 

“We will cooperate. We also must think of our many MBI members,” he said when contacted by The Malaysian Insight. 

Yesterday, M Mall in George Town and the MBI International head office in Ampang were raided by the authorities, including the police, Bank Negara Malaysia, Companies Commission of Malaysia (SSM), and Domestic Trade, Cooperatives and Consumerism Ministry. 

The raids occurred simultaneously and lasted hours as officers searched the premises and confiscated documents and equipment. 

It is believed to be the first time the company has been raided since it opened for business more than seven years ago. MBI International was also recently put on Bank Negara Malaysia’s financial consumer alert list. 

Today, business resumed in M Mall, which is managed by MBI International.

Retailers and food outlets were open as usual. 

“It’s business as usual. Yes, I know about the raid but I don’t think it is a big deal. 

“We are all registered with SSM. If the mall operator is under probe, it has nothing to do with us,” said the person behind a kiosk selling snacks.

The mall is popular with MBI members or investors, who shop there with bonus points they earn from their investments in MBI International’s electronic share platform. 

The points may be used to purchase goods and services in the retail outlets, cafes and restaurants at the mall. – May 30, 2017.