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Return Labuan RM600m yearly: Support for SC Chief’s proposals
Published on: Sunday, May 12, 2024
By: Sohan Das and Lorena Binisol
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From left to right: Datuk Seri Dr Awang Adek Hussin, Datuk Chin Chee Kee and Daniel Doughty.
LABUAN: The Association of Labuan Trust Companies (ALTC) and Labuan Chamber of Commerce urged Federal to consider Securities Commission Malaysia (SC) Chairman Datuk Seri Dr Awang Adek Hussin’s call for Labuan to retain half its annual income from financial services for the island’s development.
They said the views of Awang Adek, who is no stranger to Labuan having been the first Director-General of Lofsa (Labuan Financial Services Authority) for two years beginning in 1996, also reflect that of the island’s residents.
Delivering a keynote address at the Labuan Rejuvenation High Level Roundtable in KL, Awang Adek said Labuan should be allowed to retain at least half its income from financial services yearly (RM600 million) for development purposes.
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