Labuan FSA Denies Involvement In I-Asset Trust

By Jailani Hasan

LABUAN, Aug 28 (Bernama) -- The Labuan Financial Services Authority (Labuan FSA) has denied any involvement with MPV Capitals Ltd, IDC Capital Sdn Bhd, and Eramas Trustee Bhd in the launch of the I-Asset Trust financial product.

Responding to recent media reports, Labuan FSA Director-General Nik Mohamed Din Nik Musa also said it did not sign memoranda of understanding (MoUs) with the three companies and neither is it involved in I-Asset Trust.

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“Labuan FSA takes this matter seriously and is actively conducting a thorough investigation,” Nik Mohamed said in a statement issued to Bernama only.

It is also “prepared to take stringent measures and legal action, if necessary, to safeguard its reputation and interests,” the statement said.

To recap, it was reported earlier this week that MPV Capitals, IDC Capital, Eramas Trustee and Labuan FSA are working together to deliver financial product I-Asset Trust with an investment target of RM100 million by the end of this year.

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Nik Mohamed emphasised that the unauthorised use of Labuan FSA’s name and logo constitutes an infringement under the Malaysian Trademark Act 2019. 

“As a regulatory authority, Labuan FSA only enters into MoU with peer regulators. It does not enter into MoUs with entities under its regulation to maintain its independence and impartiality, thereby avoiding any conflicts of interest,” the statement said. 

Nik Mohamed Din cautioned the public to rely on official communications from the Labuan FSA website.

Labuan FSA was set up a statutory body under the Finance Ministry. It is the central regulatory, supervisory, and enforcement authority for the international business and financial services industry in Labuan

-- BERNAMA