The revocation was carried out in line with section 167 of the Labuan Financial Services and Securities Act 2010, which states that the authority has the right to revoke licences for a range of reasons, including the request of the licenced entity and issues having to do with the way the company may have carried out business during its time as a licence holder.
The Labuan FSA said it had turned over the handling of EC Trust (Labuan) to Ooi Woon Chee of KPMG Transaction & Restructuring, and disqualified Peter Kent Searle as a director and trust officer of the company.
The authority urged all EC Trust (Labuan) companies, entities and beneficial owners to contact Chee “immediately”.
Labuan is a cluster of islands off the coast of Malaysia which is sometimes described as Malaysia’s offshore financial centre, although, as in certain other island financial centres, there is some local dislike in Labuan of the “offshore” term.
Labuan was first designated an “international financial centre” by Malaysia in 1990, and in 2008, the Labuan International Business & Financial Centre was established, overseen by the Labuan Financial Services Authority (Labuan FSA).
To read how Labuan is working to establish itself as a regional insurance centre, click here.
