KUALA LUMPUR – Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz has shot back at detractors again calling for an investigation after his name came up in the Pandora Papers in 2021.
He also questioned if his critics wanted the Malaysian Anti-Corruption Commission to investigate all directors of financial companies registered in Labuan or were implying that such firms were conducting illegal businesses.
“The Labuan International Business and Financial Centre (LIBFC) was set up by the Malaysian government (in 1990) to encourage local companies to set up their subsidiaries in Labuan.
“Are they (detractors) implying that the government is encouraging illegal activities?”
Tengku Zafrul added that there were more than 940 companies registered with the Labuan Financial Services Authority, which is the regulatory body for LIBFC, contributing more than RM1 billion in taxes in 2022.
“LIBFC is also the biggest white-collar employee in Labuan, with more than 9,000 workers and 20% of total employment on the island.”
The minister’s name was implicated during the leaks detailed in the Pandora Papers, pertaining to his role as director of Capital Investment Bank (Labuan) Ltd.
In 2021, Tengku Zafrul said he had been appointed director for the Labuan-based bank in his capacity as group director and member of the executive management committee at Kenanga Group from January 2009 to June 2010.
Later, he relinquished his roles at Kenanga upon being appointed CEO of Maybank Investment Bank Bhd.
The Pandora Papers involve 12 million documents and other records from offshore service providers around the world. – January 17, 2024