Asean Union Incorporated
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Civil Enforcement Action Taken Against Asean Union Inc for Offering Illegal Investment Scheme
Category / Tag: General
21 January 2016
CIVIL ENFORCEMENT ACTION TAKEN AGAINST ASEAN UNION INC FOR OFFERING ILLEGAL INVESTMENT SCHEME
The High Court of Malaya in Kuala Lumpur today ordered illegal proceeds amounting to RM3.5 million gained by Asean Union Incorporated and its directors through unlawful activities under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 to be forfeited by the Federal Government of Malaysia. The order was made by the High Court on 14 December 2015.
Asean Union Inc was found to have solicited from the public to subscribe to a mutual fund without the approval of Labuan Financial Services Authority.
In this respect, Asean Union Inc have been compounded RM 1 million under Section 31 of the Labuan Financial Services and Securities Act 2010 i.e. offering of public mutual fund without approval.
The above serves as a reminder that Labuan Financial Services Authority will not tolerate any non-compliance of the law by any Labuan entities and a stern action will be taken against any non-compliance without any fear or favour.
The public is advised not to make any deposit or investment with individuals and entities that are not regulated and licensed under the relevant laws and should conduct appropriate due diligence including the necessary checks with the relevant authorities if there are doubts regarding any schemes offered.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Corporate Communications & External Relations Unit
Tel: 087-591 200
Fax: 087-428 200
Labuan Financial Services Authority
21 January 2016