‘Relinquishing to Preserve’ - Business Succession, Legacy Planning & Wealth Preservation (Penang) - Labuan IBFC Inc

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‘Relinquishing to Preserve’ - Business Succession, Legacy Planning & Wealth Preservation (Penang)

Who will take over the reins of your business when you leave?

The greatest legacy you can leave your business is a clear and comprehensive succession plan, ensuring its growth for years to come. Succession is one of the greatest long-term challenges Asian businesses face and is often one of the key factors determining its very success.

It’s arduous navigating the differing interests of business owners, the company, and the family thus for the sake of business continuity and preservation, a well-structured and systematic approach to succession planning is crucial.

So, if you or your clients are considering how to best structure a lasting succession plan, this Masterclass may be of interest to you.

SPEAKERS

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ADERI ADNAN
Aderi Adnan is Labuan IBFC Inc’s Business Development Director, specialising in Islamic finance and wealth management. Prior to joining Labuan IBFC Inc, Mr Aderi was the Director of Islamic Finance at the Dubai International Financial Centre (DIFC) where he was responsible for its business development activities.

Mr Aderi started his career with the Maybank Investment Banking Group, with extensive work experience within the group’s corporate finance and advisory team and private equity and fund management subsidiaries.

Mr Aderi is a charter holder of the Chartered Institute of Management Accountants (CIMA), UK and graduated from Kingston University, UK in Accounting and Finance.
CAROLYN OH
Carolyn Oh is the principal of Carolyn Oh and Co, a boutique law firm based in Penang, Malaysia which serves a select group of international and local clients. Her firm focuses on high value private/commercial property conveyance, family law, estate and wealth management/succession planning.

Ms Oh has had significant experience in the areas of advising private families and individuals with regards to structuring, establishing, managing and monitoring their family structures and assets therein, which includes the formation of private trust companies, trust and foundation vehicles as required by such clients. She is a strong advocate of “bespoke-structures” which she feels is “key” because each individual and/or each family is different with different sets of consideration all of which should be catered for specifically.

With regards to onshore practices, Ms Oh has from her earliest years in practice been a regular will writer for most of her clients and her clients’ other family members and has todate written countless of wills. Ms Oh also regularly instructs and/or represents clients in estate dispute cases.

Ms Oh is regularly invited as a speaker at various conferences and seminars in the region to speak about the trends and developments in wealth management from the Malaysian perspective.

Ms Oh read law at the University of Kent at Canterbury, UK attaining her Bachelor of Law degree with Honours [LLB (Hons)] in 1993 and thereafter went on to qualify as a Barrister-at-Law from Middle Temple, UK in 1994. Ms Oh was admitted as an Advocate and Solicitor of the High Court of Malaya in 1995 and has continuously practised over 20 years in the legal profession. Ms Oh currently also holds the following positions:

1.Chairperson of the Penang BAR’s Conveyancing Practice Committee;

2.Panel Member of the Malaysian BAR’s Disciplinary Committee;

3.Committee Member of the BAR Council’s Conveyancing Practice Committee;

4.Notary Public admitted under the Notary Public Act, 1959;

5.Specialist Consultant for the Labuan International Business and Financial Centre (LIBFC); and

6.Registered Trust and Estate Practitioner with STEP UK.
FARAH DEBA MOHAMED SOFIAN
Farah Deba Mohamed Sofian has been in practice since 1993. She has been actively involved in estate planning and inheritance work and is currently a partner of Messrs Wong Lu Peen & Tunku Alina. She has advised wide range of clientele including various financial institutions (both Islamic and conventional) on corporate banking and trade facilities, property developers in respect of mixed integrated development (residential, commercial and industrial projects), foreign clients on foreign acquisition and disposal of assets, body corporates on long-term lease and land development arrangements concerning infrastructure and privatized projects locally and internationally (including in the Middle East).

Farah also has first-hand experience in setting up an Islamic financing unit of a co-operative society including the provision of training for the staff and preparation of the standard operating procedures for the financing unit. She is also involved in advising clients on special projects for the development & construction of transportation hub, hotels & medical centers. Additionally, she advises clients from time to time on various ad-hoc corporate and regulatory issues including the recently introduced regulatory regimes relating to competition, data protection and privacy issues.

Special Focus

She was instrumental in establishing the Inheritance and Succession Practice Group in the Firm. The Firm now provides a full range of inheritance & succession advisory services with special focus in asset protection & preservation, estate & business succession planning, probate & administration affecting Muslims & non-Muslims. Her clientele include various high net worth individuals, trust companies, foundations (family holdings & charitable), professional will-writing companies & other body corporates. Her team’s practice includes:
calculating & computing distribution computation for Muslims & non-Muslims;
determination of heirs (forced heirship rule);
attendance in Shariah courts;
Wills writing & review;
Structuring & preparing wealth and estate planning instruments including trusts & business succession instruments, preparation of buy- sell arrangements;
Creation & formation of trust foundations (charitable or otherwise);
probate & estate administration including assisting & facilitating legal representatives with the administration and management of the deceased’s estate, calling in of assets, attending to transmission until distribution of assets to beneficiaries
application for letter of representation and resealing thereof including obtaining distribution order & order for sale

Qualification
graduated from International Islamic University, Malaysia
Masters of Laws from King’s College, University of London
Advocate & Solicitor of the High Court of Malaya since 1992
Registered Mediator with the Bar Council Malaysian Mediation Centre
STEP Malaysia, Chairman
LINDA WONG
Linda is one of the Founder Members of the Group. She is a graduate of Monash University, Australia, with a Bachelor of Economics degree majoring in Accountancy.

She was trained as an Auditor with one of the top 4 auditing firm. She went on to join the hospitality industry as an accountant before moving on to the trust business.

She was attached with a global independent Trust company for 15 years, where her last position held was as Managing Director of the Singapore office with more than 50 employees and the office had asset under administration of well over USD100 million. She was also the Resident Manager for the licensed Singapore trust company.

Among her accreditations are: Chairman of Society of Trust and Estate Practitioners (STEP), Singapore Branch for the Year 2015/2016; Member of the Singapore Trustee Association; Member of CPA Australia; Chartered Accountant registered with the Malaysian Institute of Accountants; Certified Financial Planner with the Financial Planning Association of Malaysia; Registered Filing Agent with ACRA Singapore; Treasurer of PRYME Society (Potential Realised in Youth through Mentoring and Education) for the year 2016/2017; President of Rotary Club of Labuan for the Year 2004/2005 and President of Rotary Club of Sentosa, Singapore for the Year 2010/2011.