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Labuan Financial Services Authority Caution Public Against Dealing With Unlicensd Labuan Entities When Applying For Financing In, From Or Through Labuan International Business And Financial Centre
PRESS STATEMENT
For immediate release
LABUAN FINANCIAL SERVICES AUTHORITY CAUTION PUBLIC AGAINST DEALING WITH UNLICENSED LABUAN ENTITIES WHEN APPLYING FOR FINANCING IN, FROM OR THROUGH LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
Friday, 20 January 2012 - Further to the notice issued by Labuan Financial Services Authority (Labuan FSA) on 22 August 2011, Labuan FSA would like to advise the public not to be deceived or entertains on any approach made by individuals or representatives or agents of certain companies registered as Labuan Company that offer to arrange or provide financial assistance or funding through so called "offshore financing", in, from or through Labuan IBFC.

Labuan FSA has received various complaints and queries from the public with regard to certain entities registered under the Labuan Companies Act 1990, expressing its financial capability to be a funder for local and/or overseas project by creating its own securities document as evidence of its funding capability that would enable the public to get local and/or overseas project. The funding would also involve a swap program whereby the Labuan company will hold a certain percentage of the total fund to be traded elsewhere.

Labuan FSA would also like to caution that no such approvals or licensed have been granted to these entities to promote and offer any financial products and services including accepting deposits or payment of any upfront fees from the public under the Labuan Financial Services and Securities Act 2010.

Members of the public are reminded to deal directly with banking institutions that are licensed by Labuan FSA in relation to financing in Labuan International Business and Financial Centre (Labuan IBFC). The list of banks in Labuan IBFC can be obtained from Labuan FSA’s website (http://www.labuanfsa.gov.my). 


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

Labuan Financial Services Authority
20 January 2012
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