Clarification on the Restriction of Business imposed on UW Global Inc.
NOTIFICATION
In response to queries regarding the publication of the Investor Alert* on 6 December 2023 on the Business Restriction (ROB) imposed on UW Global Inc (UWGI), Labuan FSA would like to clarify that:
  1.  The ROB imposed on UWGI was made pursuant to section 4B of the Labuan Financial Services Authority Act 1996 (LFSAA) and section 193 of the Labuan Financial Services and Securities Act 2010 (LFSSA), due to contravention of several provisions of the LFSSA and relevant guidelines issued by Labuan FSA.
  2. For the avoidance of doubt, pursuant to the ROB, UWGI is required to comply with the following:
        i. UWGI is restricted from undertaking any new business or to seek renewal of business of its existing clients except to attend to request for 
           refund for withdrawal and closure of account.
       ii. UWGI to take immediate action to honour and pay all overdue payments to its existing clients.

Note: 
*https://www.labuanfsa.gov.my/general-info/investor-alerts/business-restriction-on-labuan-licensed-entities


For further information, please contact:
Corporate Communication & External Relations Unit
Tel : 603 - 8873 2000
Fax : 603 - 8873 2209
Email: communication@labuanfsa.gov.my
Labuan Financial Services Authority
08 January 2024
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