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Further Notice Pursuant To The Revocation Of Trust Company Licence Of EC Trust (Labuan) Bhd
PRESS STATEMENT
For immediate release
FURTHER NOTICE PURSUANT TO THE REVOCATION OF TRUST COMPANY LICENCE OF EC TRUST (LABUAN) BHD
Further to Labuan FSA’s Press Statement issued on 11 June 2013, Labuan FSA wishes to advise all parties that:

1. The powers of the Board of Directors of EC Trust (Labuan) Bhd had been suspended since 11 June 2013 with the appointment of the Appointee to assume control of the affairs of EC Trust (Labuan) Bhd. Mr Peter Kent Searle, who has been disqualified as Director and Trust Officer of EC Trust (Labuan) Bhd, no longer represents and does not act on behalf of EC Trust (Labuan) Bhd.

2. Concurrent with the appointment of the Appointee, the bank accounts of the following companies were also frozen pursuant to a Directive issued by Labuan FSA on 11 June 2013 (“Directive”):-
  • EC Trust (Labuan) Bhd 
  • Corporate Director Ltd 
  • Corporate Services Ltd 
  • EC Corporate Management Inc 
  • EC Corporate Services Ltd 
  • EC Secretarial Services (L) Bhd 
  • EC Trustee Services (L) Ltd 
  • North Borneo Education Co. Ltd 
  • Pacific Asset Management Inc 
  • Simple Solutions Limited 

3. Any payment from the bank accounts of the companies listed in items 2(i) to (x) above will require:-
  • an approval from Labuan FSA and/or an exemption to the Directive granted by Labuan FSA on a case to case basis; and 
  • authorisation from the Appointee and/or any person authorised by him, pursuant to the Directive. 

4. Labuan FSA has been given to understand that clients of EC Trust (Labuan) Bhd had previously made advance payments for various services (e.g. secretarial services) to one or more of the companies listed in paragraph 2 above.

5. Please be advised that on 3 July 2013 and 5 July 2013, Labuan FSA had written to EC Corporate Services Ltd (“EC Corporate Services”) on this matter and had requested for, amongst others, a schedule that details all of EC Trust’s clients who have paid monies in advance, the companies to which they had made payments to and the “unutilized portion” of amounts paid by each client where services were not rendered/performed.

6. Once Labuan FSA receives the above information (supported by the relevant documents), Labuan FSA will consider on a case by case basis, whether an exemption to its Directive issued on 11 June 2013 is merited, and whether a refund should be made for the “unutilised portion” of amounts paid by each client where services were not rendered/performed.

7. Further, the Appointee’s role is to assume control of the affairs of EC Trust (Labuan) Bhd, including facilitating the transfer of clients of EC Trust (Labuan) Bhd to other trust companies, in light of the revocation of EC Trust (Labuan) Bhd’s trust company licence. The Appointee’s role does not include recommending any trust company to clients of EC Trust (Labuan) Bhd. In this regard, all clients of EC Trust (Labuan) Bhd are free to select, at their own discretion, the trust company of their choice.

8. Accordingly, the Appointee, has not and will not, either on its own or together with the companies listed in items 2(ii) to (x) above, recommend or propose any trust company to clients of EC Trust (Labuan) Bhd.

9. All clients of EC Trust (Labuan) Bhd are advised to seek their own independent advice in relation to this matter.

For further information, please contact:
Corporate Communication & Event Management Unit
Tel: +6 087- 591200
Fax : +6 087- 428200

Labuan Financial Services Authority
16 July 2013
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