The Labuan Financial Services Authority (FSA) has revoked the trust company licence of EC Trust (Labuan).
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 licensed entity and issues having to do with the way the company may have carried out business during its time as a licence holder.
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Further to the revocation, the authority has appointed Ooi Woon Chee of KPMG Transaction & Restructuring, to act on its behalf in assuming control of the affairs of EC Trust (Labuan).
"The appointment is made pursuant to section 193(1)(C) of the LFSSA," the authority said in a statement.
Labuan FSA urged all Labuan companies and entities or its beneficial owners under the management of EC Trust (Labuan) to contact the appointee immediately.
Labuan is a cluster of islands off the coast of Malaysia which is sometimes described as Malaysia’s offshore financial centre.
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