KOTA KINABALU: The appointment of Rithuan Ismail as Labuan Corporation's chief executive officer is restoring the hope of bringing back economic vibrancy to the island.

The island's business community were confident that Rithuan, the first local man appointed to the post, would be more tuned to the needs of the people living in the international financial offshore centre.

Labuan Chinese Chamber of Commerce chairman Datuk Wong Kii Yii said that Rithuan's appointment augured well as they believed he would be able to understand the needs of the people and the business community.

"As a Labuan born, Rithuan fully understands the needs of the people as well as the issues and problems faced by the local business community.

"I am sure with his experience, he will be able to do a good job," he said in a statement Tuesday (Sept 20).

Rithuan is the first Labuan born to be appointed to the highest executive post in the local authority since it became a federal territory in 1984 when the Sabah government handed over the island.

His appointment takes effect from Oct 1 to Sept 30, 2024. He replaces Dr Fary Akmal Osman whose contract expired on Oct 8, 2021.

Rithuan had served with Labuan Corporation since 1994 when it was known as Lembaga Pembangunan Labuan before being elevated to the status of a corporation in 2001.

He holds a Bachelor in Business Administration from Mara Institute of Technology (now known as UiTM) and a Master in Business Administration (Economic and Accounting) from Universiti Malaysia Sabah (UMS).

Federal Territories Minister Datuk Seri Shahidan Kassim presented the appointment letter in Labuan on Sunday (Sept 18).

"Labuan has been going through a bad patch even before Covid-19 lockdowns due to policies insensitive to local business and community needs.

“With his capability and vast experience in the local authority, we are confident that things would improve," Wong said.

He said there was a need to focus on attracting more economic and tourism activities to the island, which has been affected by the curtailment of duty-free policies among other factors.

Labuan was handed over to the Federal Government by Sabah in 1984.

https://www.thestar.com.my/news/nation/2022/09/20/first-local-ceo-for-labuan-corporation-raises-hope-for-better-times