Rhodzariah Bujang FCJ:

[1] The appellant in this appeal before us is a wholly owned subsidiary of Nabors Drilling International II Limited and registered under the Labuan Companies Act 1990 ("the Act"). The respondent, on the other hand is the central regulatory, supervisory and enforcement authority set up under the Labuan Financial Services Authority Act 1996 ("the Financial Services Authority Act") which is empowered under s 4 of the said Act to enforce not just that Act but as per its Schedule, seven others, including the Act and they are:

1. Labuan Business Activity Tax Act 1990 [Act 445];

2. Labuan Trusts Act 1996 [Act 554];

3. Labuan Foundations Act 2010 [Act 706];

4. Labuan Islamic Financial Services and Securities Act 2010 [Act 705];

5. Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 [Act 707];

6. Labuan Financial Services and Securities Act 2010 [Act 704].

[2] On 17 June 2002, the respondent granted a licence to the appellant to undertake a leasing business in Labuan under s 92 of the Labuan Financial Services and Securities Act 2010 ("Financial Services and Securities Act") and also gave its approval to the appellant to deal with Pool Internat