LABUAN (Bernama) -- The director-general of the Labuan Financial Services Authority (FSA), Datuk Danial Mah Abdullah has resigned, cutting short his second term at the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan.
His resignation took effect on April 9 and was followed by the resignation of chairman Datuk Azizan Abdul Rahman today (April 12).
Labuan FSA is a statutory body under the Ministry of Finance (MoF) and is responsible for the development and administration of the Labuan International Business and Financial Centre.
Labuan FSA, in its short notification circulated to all the industry players through association members, stated that in the interim period, pending the appointment of a new director-general, deputy director-general Datuk Iskandar Mohd Nuli will helm the role (director-general).
Labuan FSA assured that there is no interruption to its day-to-day operation and will continue to serve the industry.
The notification was circulated to the Association of Labuan Banks, Association of Trust Companies, Labuan International Insurance Association, Labuan Investment Banks Group and Labuan International Financial Exchange.
Mah was one of the pioneers in the Labuan FSA (the then Labuan Offshore Financial Services Authority or LOFSA) since 1997 and was the deputy director-general and appointed as director-general in 2017 for a three-year term until 2020 and was extended for another three-year term.
Azizan who was the director-general of Labuan FSA (retired in 2011), was appointed as the chairman from Nov 1, 2020 to Oct 31, 2023.