Koh, the former chief minister of Penang, hinted of an "extraordinary" investment by an American multi-national in Penang, to be revealed when Datuk Seri Najib Abdul Razak landed in New York.

Without identifying the multinational, Koh was quick to emphasise that its decision was made due to the tireless efforts of the federal government, in particular the Malaysian Industrial Development Authority.

What made his announcement especially curious was the context in which it was delivered. For Koh, who is also Gerakan president and Penang Barisan Nasional (BN) chief, had chosen to get the local press somewhat agog, by making the statement during a state BN meeting in Penang.

It became even more intriguing when Koh went on to stress that he had played a role as an adviser to the company in coming to its decision. He even hit back at his critics and detractors who have alleged that Penang under his 18-year tenure as chief minister had regressed.

"This is not just unfair against me, but all the people and professionals who have worked hard during this period," he said emphatically.

As it turned out, the company announced by Najib was none other than Motorola, which has had a base in the Bayan Lepas Free Industrial Zone since the 70s. It was now going to invest a whopping RM4 billion to set up a Global Excellence Centre in Penang.

The deal must have been really sweet for Koh and the BN, in more ways than one. One may remember that during the run-up to the general election in March 2008, when Koh was the chief minister, the DAP had accused him of trying to get the federal government to "bribe" Motorola with projects, to make the company stay in Penang.

In one of the most intriguing junctures of the campaign, DAP’s Jeff Ooi (now the MP for Jelutong) alleged that Koh had in 2007 sent a letter to then Prime Minister Tun Abdullah Ahmad Badawi asking that Motorola be given a RM1 billion contract to supply two-way radios and relevant equipment for the police force. In return Motorola would make sizeable investments over the next five years, the letter had supposedly stated.

Koh had reportedly cautioned in the letter that if Motorola had no such incentive, it would pull out from Penang, creating negative political repercussions for BN.

As it so transpired, the exposure of the letter’s content is said to have hit Koh badly in the election. He was depicted as a chief minister who needed to offer "inducements" for companies to stay in Penang. Worse still, he was painted as being too reliant on the Umno-led federal government.

So it must have been with some pretty strong sense of triumph that Koh came back to Penang as a federal minister three years later, to announce the clinching of the "extraordinary" Motorola deal based on his years of experience and, yes, advice.

But there was something else. When Najib announced the initiative, it was one among several new US investments, all totalling about RM6 billion. Uncannily enough, of the other five companies that had reportedly decided to plough in new investments in Malaysia, three were also to be in Penang.

These three giants – avionics specialist Honeywell Aerospace, medical devices manufacturer St Jude Medical, and National Instruments – are already operating in Penang, as Najib grandly proclaimed their new projects and plans.

The DAP-led state government, meanwhile, has been quietly watching this fanfare of announcements by the BN federal leaders with perhaps a little smirk. For as long as the money tumbles into the state, let the BN take all the credit they want, seems to be the silent approach as it looks on from the wings.

For just as Najib was happily making the proclamations, the state itself announced that it had set a target to achieve RM6.1 billion in new investments this year. A journalist with a business weekly was heard to be cheekily commenting on the irony in this affair – that much of the target had already been fulfilled with Najib’s New York announcements.

In truth, however, the current state target is a far cry from the record RM12.2 billion Penang achieved in 2010 in topping investment charts in Malaysia. The state now insists that the world’s latest economic climate, especially for electronics, has compelled it to lower the investments forecast for this year

Whatever the case may be, one cannot help but notice the colourful political undercurrents of this entire investment episode, and the flavour it adds to the ever-percolating intrigues between the rival political forces of this country.