ITMC Fiduciary Limited continues the work of Island Trust and Management Company Sdn Bhd, founded in Labuan in 1996. The same practice, same family of business, now on its 30th year of Labuan trust services.
In 1996, Colin Paul Seah co-founded Island Trust and Management Company Sdn Bhd as a joint venture with one of Australia's oldest accounting firms. It was registered as the 16th trust company in Labuan and grew steadily over the following years into one of the larger Labuan trust practices.
In 2003, following amendments to Labuan trust law (the Labuan Trust Companies Act 1990, since repealed and replaced by the Labuan Financial Services and Securities Act 2010), ITMC Fiduciary Limited was established to take over the business activities of Island Trust. The same team, same clients, same standards: now under the regulatory framework that governs Labuan today.
We are not a large bureaucracy. We are a 17-person firm in Labuan that serves over 200 active client structures across more than 10 countries. We have not advertised in 30 years. Our clients arrive through referral, and in our history fewer than two clients have ever asked to move their structure elsewhere. We have never been the subject of a complaint to the regulator.
"To provide the utmost in discretion, professionalism and proactive advising in trust company services, and continually seek to add value to the quality of our services."
ITMC Mission StatementBorn in Kuching, Sarawak, Colin completed his secondary education in the United Kingdom from 1977, followed by a Bachelor of Science in Aeronautical Engineering, a Master of Science in Computer Science, and a Diploma from the Chartered Institute of Bankers.
Colin began his banking career in 1991 at OCBC Bank Malaysia's Corporate Banking department, later transferring to OCBC's Sabah branch. He has been based in Labuan continuously since 1994 and founded Island Trust and Management Company Sdn Bhd in 1996, in joint venture with one of the oldest accounting firms in Australia. In 2004, following amendments to Labuan trust law, Island Trust's business was transferred to ITMC Fiduciary Limited.
Colin served as Chairman of the Association of Labuan Trust Companies (ALTC) from 2010 to 2012 and is currently its Deputy Chairman. He has over 30 years of experience in the Labuan trust industry.
Betty holds a B.A. Hons in Agribusiness and a law degree from the University of Canterbury, England. She was called to the English Bar at Gray's Inn, London in 1991, and was subsequently admitted to the Sabah Bar in Malaysia in 1993.
Betty is a founding partner of Foo Teo & Associates, a Labuan-based legal firm handling both domestic and Labuan corporate matters. Her dual background in law and business informs her work on complex offshore structures, corporate governance and compliance.
Ashley is a Tax Manager in Deloitte's Washington National Tax (WNT) group, Credits and Incentives team, based in New York. Her work focuses on environmental and sustainability-related tax credits including energy tax credits, renewable energy production credits, carbon capture and clean hydrogen production.
She holds a Bachelor of Laws (LL.B.) from the London School of Economics and a Master of Laws (LL.M.) in International Taxation from New York University and Peking University, where she was awarded the Beijing Municipal Scholarship and graduated with honors. Ashley is a qualified attorney licensed to practice law in New York, and brings international working experience from the United Kingdom, Malaysia, Singapore and Indonesia.
Kuan is an Associate Member of Institut Bank-Bank Malaysia (Malaysian Institute of Bankers). He joined ITMC's predecessor in February 1998 as a Manager and has been with the firm ever since.
Before ITMC, Kuan had over ten years of experience in the banking and financial sector at several Malaysian institutions including OCBC Bank Malaysia Berhad, MBf Finance Berhad (now part of AmBank) and The Pacific Bank Berhad (now part of Maybank).
Geraldine is a Chartered Accountant and a member of the Malaysian Institute of Accountants. She joined ITMC in April 2002 as an Accountant and now serves as Finance Manager.
She has over 13 years of experience in finance and accounting, including five years as an auditor at Arthur Andersen & Co. (Kota Kinabalu Branch) and three years as Group Accountant for a group of private companies.
ITMC Fiduciary Limited is licensed by the Labuan Financial Services Authority (Labuan FSA), the dedicated regulatory body overseeing all financial and business activity within Labuan IBFC.
Our licence authorises us to act as trustee, to provide company management services and to administer funds on behalf of our clients. Every engagement is conducted in strict accordance with the Labuan Business Activity Tax Act and the Labuan Companies Act.
Operating in Labuan since 2003, we have maintained a clean regulatory record throughout our history. We apply the highest standards of AML/CFT compliance and keep our clients' structures fully up to date with the jurisdiction's evolving regulatory requirements.
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