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NOTIFICATION: Enforcement Actions taken by Labuan Financial Services Authority (Labuan FSA) on Labuan Licensed Entities July 2019
NOTIFICATION

Labuan Financial Services Authority (Labuan FSA) has taken enforcement actions on these Labuan Licensed Entities from December 2015 to July 2019.  


Please be advised accordingly. 

No.
Name of Entity
Date of Enforcement Action
Enforcement Action
1
HIH Casualty & General Insurance (Labuan) Limited (LL 01243)
3.12.2015
Revocation of License

2

Petchem International Trading Commodity (LL 09462)
3.12.2015
Revocation of License

3

Careful Line Ltd (LL 08251)
3.12.2015
Revocation of License

4

Asia Development & Investment Bank Ltd   (LL 07549)
28.9.2017
Revocation of License

5

Quantum Wealth Group Ltd (LL 06579)
5.6.2017
Revocation of License

6

Cameron Asia Reinsurance Brokers Ltd       (LL 07536)
3.12.2015
Revocation of License

7

EC Trust Labuan Ltd (LL 03637)
11.6.2013 

3.2.2017
Revocation of License

Issuance of Warrant of Arrest issued against the Directors

8

Asean Union Foundation (LAF 00095)
8.10.2015
14.12.2015
Compounded
Forfeiture of Assets under AMLATFAPUAA

9

Faidzan Hassan
14.9.2016- 2.2.2018

Suspended from acting as Trust Officer, Resident Director and Resident Secretary

10
Saba Capital Inc (LL 08360)
21.11.2017
Compounded
11

PI Ltd (LL 03272)

27.07.2018
Revocation of Labuan Insurance Broker Licence
12

Golden Sunrise Finance Broking Company Limited (LL 03570)

27.07.2018
Revocation of Labuan Insurance Broker Licence
13

BX Financial Group Limited (LL 11819)

25.09.2018
Suspension of Money Broking License
14

MGK Global Limited (LL 08755)

25.09.2018
Suspension of Money Broking License
15

MONTPELIER (LABUAN) LTD.  (LL 01844)

09.11.2018
Revocation of Life Insurance Broker License
16

BLUE INVESTMENT BANK INC  (LL 13561)

28.03.2019

(1) Disqualification & Removal          from acting as Director of            Blue Investment Bank Inc

      I.  Dario Item

      II.  Andrea Mezzi

      III. Mauro Giacomo Silva

(2) Disqualification & Removal          from acting as Principal              Officer of Blue Investment           Bank Inc

       I.  Dario Item

(3) Restriction of Business of            Blue Investment Bank Inc

*Note: Blue Investment Bank Inc, Dario Item, Andrea Mezzi and Mauro Giacomo Silva have obtained, on an ex-parte basis, Leave to file a Judicial Review application and a Stay Order against the above actions on 25 June 2019. Labuan Financial Services Authority is in the process of responding to the said application accordingly*

17

BLUE WEALTH MANAGEMENT LTD (LL 12322)

06.05.2019

(1) Disqualification & Removal          from acting as Director of            Blue Wealth Management            Ltd

      I.  Dario Item

      II.  Andrea Mezzi

      III. Mauro Giacomo Silva

(2) Disqualification & Removal          from acting as Principal              Officer of Blue Wealth                   Management Ltd

       I.  Dario Item

(3) Restriction of Business of            Blue Wealth Management            Ltd 

*Note: Blue Wealth Management Ltd, Dario Item, Andrea Mezzi and Mauro Giacomo Silva have obtained,on an ex-parte basis, Leave to file a Judicial Review application and a Stay Order against the above actions on 25 June 2019. Labuan Financial Services Authority is in the process of responding to the said application accordingly*

For further information, please contact:
Corporate Communication & External Relations Unit
Tel : 6087- 591 200/ 215
Fax : 6087-428 200
Email: communication@labuanfsa.gov.my

Labuan Financial Services Authority
08 July 2019
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