Home Economy Malaysian finance/business Wikileaks: Bankers speak of Labuan’s “declining prospects”

Wikileaks: Bankers speak of Labuan’s “declining prospects”

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A cable on the Wikileaks website cites bankers as saying that Labuan is losing out to Singapore and Hong Kong.

Despite poor market conditions, the bankers interviewed say non-commercial reasons influence their decision to maintain small offices there.

Read especially the last section of the cable.

Speaking of Labuan, it reminds me of the case of the 400 Aussie-NZ investors, many of them retirees, who lost their savings in an investment firm in Labuan.

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Christy
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Christy

According to a WikiLeaks report released on Malaysia Today, Pak Lah had enjoyed a publicly-financed holiday in the Caribbean in 2006 as PM. He had been given a red-carpet welcome in the tiny island of St Vincent by its Prime Minister Ralph Gonsalves, as a follow-up to the latter’s Southeast Asia trip.

He may be Zzzing but he is certainly capable of secret dealings like the Limbang oil field trade that not revealed to rakyat because of OSA.

tunglang
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tunglang

The Asians are better at developing Guanxi than the KweiLos. Even at desperate economic times, business relations are kept close and cordial at the expense of some fleeting profits or minor self interest. These foreign international KweiLo banks or O-Bladies cannot build a day of cordial customer relationship when things go bumpy or unfavorable to the interest of long range myopic management HQ. What they learnt doing business in Asia is to win unilaterally at all cost, which means maximizing profits and losing friendship or long time loyal customers along the way. They O-Bladies don’t seem to learn Asian business… Read more »

LBJ
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LBJ

It is inconvenient to use the banks in Labuan. Transfer of funds from Labuan to US or Europe is a pain in the .. Unlike using HK or Singapore, when transferring funds form Labuan requires detail explanation of the sources of fund because these countries have low trust on Labuan. Why would anyone use Labuan.