The Malacca Gateway project on Malacca Island is still being developed by KAJ Development Sdn Bhd (KAJD), the master developer of the RM43 billion project, and there is no change in ownership, said the company in a statement today.

KAJD said the company was still operating as usual and had not sold off the project or any equity in it as widely speculated.

"Rumours are rife and this is fake news that has tarnished KAJD’s reputation,"  the statement said.

KAJD said it would not be responsible for the speculation and had the right to take legal action against those disseminating such false accusations.

KAJ signed a memorandum of agreement with Powerchina on Sept 1, 2016, to privately develop the 546.4-hectare mixed development on the Strait of Malacca, comprising three man-made islands and one natural island.

Malacca Gateway is expected to be completed in 2025 and attract some 2.5 million visitors, annually, with some 40,000 to 45,000 job opportunities created.

The islands would feature, among others, an international cruise passenger terminal, a commercial city, a liquid bulk terminal and a maritime industrial park.

- Bernama