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NOTIFICATION: Enforcement Actions taken by Labuan Financial Services Authority (Labuan FSA) on Labuan Licensed Entities July 2020
NOTIFICATION

Labuan Financial Services Authority (Labuan FSA) has taken enforcement actions on these Labuan Licensed Entities from December 2015 to July 2020.  


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
-
24.03.2020

[SEE UPDATES BELOW]

(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*

Update [24.3.2020]
Blue Investment Bank Inc. was imposed with an administrative penalty of RM10,000.00 with no action taken against the Directors. Blue Investment Bank Inc. has paid the penalty. Accordingly, the case has been settled administratively with no further actions to be taken against Blue Investment Bank Inc. Case closed, disqualification & removal from acting as Director and/or Principal Officer of Blue Investment Bank Inc, which was suspended by virtue of the above mentioned Stay Order of High Court, cease to be in effect on 24 March 2020. The Judicial Review Application is withdrawn with no liberty to file afresh and no order as to costs.


17

BLUE WEALTH MANAGEMENT LTD (LL 12322)

06.05.2019
-
24.03.2020

[SEE UPDATES BELOW]

(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*

Update [24.3.2020]
Blue Wealth Management Ltd was imposed with an administrative penalty of RM10,000.00 with no action taken against the Directors. Blue Wealth Management Ltd has paid the penalty. Accordingly, the case has been settled administratively with no further actions to be taken against Blue Wealth Management Ltd. Case closed, disqualification & removal from acting as Director and/or Principal Officer of Blue Wealth Management Ltd, which was suspended by virtue of the above mentioned Stay Order of High Court, cease to be in effect on 24 March 2020. The Judicial Review Application is withdrawn with no liberty to file afresh and no order as to costs.


18

AbaUnion Limited (LL 13405)

23.01.2020

Revocation of Licence

19

Better Place Strategic Investment Ltd (LL 05892)

23.01.2020

Revocation of Licence

20

FinFX Global Markets Limited (LL 13796)

23.01.2020

Revocation of Licence

21

Advisers Worldwide (Malaysia) Limited (LL 05459)

23.01.2020

Revocation of Licence

22

Opal Automart Pte Ltd (LL 09879)

23.01.2020

Revocation of Licence

23

Asian Trade Investment Bank (LL 07211)

21.02.2020

Revocation of Licence

24

Lombard Securities International Limited (LL02193)

20.05.2020

Revocation of Licence

25

MonexPro S.A (LL07090)

20.05.2020

Revocation of Licence

26

Asean Retakaful International (L) Limited (LL01129)

20.05.2020

Revocation of Licence

27

AGO Energy 47 Inc. (LL09410)

15.06.2020

Revocation of Licence

28

APSA International Malaysia Pte Ltd (LL12679)

15.06.2020

Revocation of Licence

29

Arina Offshore Labuan Limited (LL10876)

15.06.2020

Revocation of Licence

30

Avolon Aerospace AOE 3 (Labuan) Limited (LL08641)

15.06.2020

Revocation of Licence

31

Efogen Nuha Limited (LL07558)

15.06.2020

Revocation of Licence

32

Ekspres Bahagia Group (L) Bhd (LL08249)

15.06.2020

Revocation of Licence

33

Floatech (L) Ltd (LL08400)

15.06.2020

Revocation of Licence

34

Harbour-Link (Labuan) Limited (LL07749)

15.06.2020

Revocation of Licence

35

Haven Marine (L) Inc (LL06709)

15.06.2020

Revocation of Licence

36

IES Pioneer Ltd (LL09558)

15.06.2020

Revocation of Licence

37

Malaysia Refined Gas & Oil Limited (LL10784)

15.06.2020

Revocation of Licence

38

Mersing Corporation (LL03146)

15.06.2020

Revocation of Licence

39

NBB Ijarah Limited (LL07673)

15.06.2020

Revocation of Licence

40

Puspa Marine 1 (L) Ltd (LL07349)

15.06.2020

Revocation of Licence

41

Sea Weasel Limited (LL07559)

15.06.2020

Revocation of Licence

42

Shapadu Marine Pte Ltd (LL09090)

15.06.2020

Revocation of Licence

43

Supreme Oilfield Services (Labuan) Ltd (LL09469)

15.06.2020

Revocation of Licence

44

Toprich Sources International Trading Limited (LL11646)

15.06.2020

Revocation of Licence

45

Tres Offshore Ltd (LL09150)

15.06.2020

Revocation of Licence

46

Qays Re Global Limited (LL08278)

29.06.2020

Revocation of Licence

47

Bullbell Limited (LL12695)

29.06.2020

Revocation of Licence

48

Ocean Project Limited (LL10547)

01.07.2020

Revocation of Licence

49

TAK Group Resources Ltd (LL10252)

01.07.2020

Revocation of Licence

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
01 July 2020
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