Malaysia announced on Friday tax breaks and incentives for the troubled Forest City development, a $100 billion project backed by Chinese developer Country Garden Holdings, in a bid to lure investments and spur economic growth in the area.

Malaysia is offering 0% tax rate for family offices to set up shop in its struggling mega-project Forest City, as it looks to revive investor interest in the $100 billion development near its border with Singapore.

Malaysia is offering zero per cent tax to attract wealthy Asians into setting up family offices in the troubled Chinese-led mega project Malaysia on Friday said it will offer a zero per cent tax rate to entice Asia's rich to set up family offices in the Forest City Special Financial Zone (SFZ),

Muslim conglomerate Global Ikhwan Services and Business Holdings (GISB) owns bakeries, minimarts and other businesses in Malaysia and elsewhere, with assets totalling around RM325 million (US$75.6 million) globally.

Malaysian authorities on Thursday arrested the chief executive and other senior managers of an Islamic conglomerate accused of running charity homes where children were allegedly sexually abused, amid a widening police dragnet in the case.

Malaysian police on Thursday detained the CEO and other top leaders of an Islamic business group that is under investigation after hundreds of children believed to be sexually abused were rescued this