Legal Action Initiated: UW GLOBAL INC. (UWGI), via their appointed lawyers Wajdi Mohamad Company, has served a writ summons initiating legal proceedings against three (3) high-ranking individuals, seeking redress for alleged grievances and damages incurred and outlining the nature of the claims.

• Unjust Restrictions Despite Cooperation: Despite UWGI's full cooperation with Labuan FSA's supervisory and audit measures, the issuance of an unwarranted Restriction of Business (ROB) reflects a lack of justification on Labuan FSA's part. UWGI's commitment to regulatory compliance remains unwavering, despite the unjustified actions taken by Labuan FSA.
• Regulatory Compliance: Despite past concerns, UWGI operates under Labuan FSA's money broking license, prioritizing client fund security.
• Commitment to Transparency: UWGI is dedicated to resolving issues transparently, communicating with customers, and upholding integrity and compliance standards.

LABUAN, May 11, 2024 - UW GLOBAL INC. (UWGI) via their appointed lawyers Wajdi Mohamad Company, has initiated legal proceedings against three (3) high ranking Labuan FSA officers, seeking justice and remedy of the financial losses incurred, due to unwarranted restrictions and reputational damage.

These individuals, Nik Mohamad Din Bin Nik Musa, Director General of Labuan FSA and Chairman of the Supervision Enforcement Committee (SEC) of Labuan FSA, Muhamad Hanafis Bin Borhan, Director of Supervision of Labuan FSA and SEC member of Labuan FSA, as well as Mohd Ridzuan Bin Zulkifli, Labuan FSA's Director of Law and Enforcement and SEC member of Labuan FSA, have been served with writs to initiate legal proceedings against them.

This action seeks redress for alleged grievances and damages incurred. The writ summons, filed by Wajdi Mohamad Company, solicitors of the UWGI, outlines the nature of the claims. Think’ap Consultancy D-8-01, Capital 4, Oasis Square, No 2 Jalan PJU 1A/7A, Ara Damansara, 47301 Petaling Jaya, Selangor, Malaysia. The named individuals are ordered to cause an appearance to be entered within fourteen (14) days from the date of service of this writ. Failure to comply may result in the UWGI proceeding to obtain judgment in default and execution. The writ specifies the Plaintiff's claims, seeking various remedies including General Damages, Special Damages amounting to RM3,000,000.00, interest at the rate of 5% per annum, costs of the action, and other relief deemed fit by the Court. The named individuals are urged to provide a timely and appropriate response to the allegations raised.

UWGI is a licensed Money Broker company issued by Labuan Offshore Financial Services Authority (LOFSA), offering a range of financial instruments including Forex, Indices, CFDs and money market. The company operates under a money broking license granted by Labuan FSA pursuant to the Labuan Financial Services and Securities Act 2010. Acting as an intermediary, the company matches customers with counterparties in the money market or foreign exchange.

Additionally, UWGI, the prominent money broking institution, had also taken a separate legal action against Labuan Financial Services Authority (Labuan FSA) seeking a judicial review of the decision of the authority to restrict UWGI’s business operations, alleging non-compliance with the Labuan Financial Services and Securities Act 2010, resulting in damages and losses.

 The measures imposed by Labuan FSA, allegedly instigated by the individuals within the organization, have adversely affected UWGI's business operations. These actions, including unwarranted business restrictions and placement on "Investor Alerts," are contested by the company through legal recourse.

Despite previous regulatory or supervisory concerns raised by Labuan FSA, UWGI remains committed to resolving issues transparently and lawfully, prioritizing integrity, transparency, and regulatory compliance.

UWGI acknowledges previous regulatory or supervisory concerns raised by Labuan FSA dating back to 2022, particularly regarding the company's engagement with Malaysian residents. In response, UWGI implemented regulatory and risk mitigation policies to address these concerns. Despite cooperating fully with Labuan FSA's audit in 2023 and disputing certain findings, the company has yet to receive satisfactory responses. Think’ap Consultancy D-8-01, Capital 4, Oasis Square, No 2 Jalan PJU 1A/7A, Ara Damansara, 47301 Petaling Jaya, Selangor, Malaysia.

The company underscores its commitment to integrity, transparency, and regulatory compliance. Despite facing challenges, UWGI remains dedicated to resolving issues in a transparent and lawful manner, while safeguarding the interests of its stakeholders. UWGI puts full effort to communicate with customers to clarify the matter and addressed their concerns. UWGI reiterates its commitment to upholding the highest standards of integrity and compliance. Moving forward, the company will continue working towards a swift resolution of this matter, guided by principles of fairness and justice. UWGI remains optimistic about overcoming current challenges and restoring trust in its business operations

Contact Media:

Contact Person: Lukas Muller

Company Name: UW GLOBAL INC

Website: uw-global.com

Business Gmail: lukas@vibepr.net

Targeted Location: Indonesia