That is a "UBB's client" response, not an official company response. Using your client (or client's identity) to stand in front of you is not really a professional response.

You would not expect (for example) Maybank or Affin Hwang (or any other financial institutions) to respond to a "crisis" in this manner.

This post has been edited by TOS: May 25 2022, 11:45 AM

my guess is they won't want to expose their 'secret" of how they do it.
as there is no legal obligation for them to do it.

i am sure they definitely won't tell it openly even when requested to

my guess is because, the article did not spell out or direct point it to UBB...

This post has been edited by MUM: May 25 2022, 08:04 AM

find it very weird, it should be explained.

This post has been edited by jayb2: May 25 2022, 09:26 PM

maybe those are not regulated in Malaysia.

regulated means no need explanation, good job Malaysia.

Even in this case, UBB should not drag its clients down to defend itself. They should issue their own statement.

A professional statement would have mentioned they are "cooperating with the relevant authorities", "safeguard client's interests" etc. None of these appear.

Funny still, the letter appears under "Our Insights" section in the UBB Amanah official page: https://www.ubbamanah.com/

The company can quote the client's open letter in its own response, but should not just put it bluntly there as if the client is answering on behalf of UBB.

Better still, answer the doubts raised in TheEdge, point by point, clearing the air. I guess mentioning the regulator would not be an issue, if accounts are to be kept secret.

The only part I agree with the open letter is to bring the issue to the relevant authorities rather than political parties.

This post has been edited by TOS: May 25 2022, 08:16 AM

if there is regulation required them to tell,...then they have to tell.
just like UT,...they have to tell..

the edge just tell in general basis....
it did not tell it is from UBB.

it tells there are Trust offering "possible scams" product.
it did not tell specifically or name any products...
there are many other trust products offered by many others.
This UBB Amanah is not the only one in Malaysia

Edge just tell like what some are doing in the forums too...speculates, highlights and trolls

thus, i guess UBB also doing the same....

This post has been edited by MUM: May 25 2022, 08:24 AM

Better hope this is the case. Their method of responding is already raising eyebrows.

This post has been edited by TOS: May 25 2022, 08:20 AM

luckily, their products offered just just 6~7% returns (not sure if that is nett of all fees)
the edge article mentioned products that offered way higher than that....
(too good to be true)

maybe UBB should get a better PR agency/person to draft that response

Even 6-7% guaranteed returns in the current low yield environment (before the recent Fed rate hikes) is just impossible. I work with insurance company, heck they're scared to even guarantee anything significantly more than 3% for their guaranteed products in Malaysia.

The thing about UBB Cash Trust is, I've seen their ads in KL on billboards (I think Federal Hwy has one). Also, if I'm not mistaken, they claim to have some kind of a relationship with one of the local banks.

This post has been edited by contestchris: May 25 2022, 09:28 AM

Previously, one of the forummers mentioned that they use the money for "commercial factoring".
(page 5, post 92 & 95)
Btw, I think they did not put it as "guaranteed" but it did states "projected returns" in their brochures.
Even if when some products did states guaranteed the returns, but in the fine prints may hv mentioned need to minus fees from that numbers too. 😳

This post has been edited by MUM: May 25 2022, 12:02 PM

i saw the post on the edge about cash trust.

but as a client for 6 years now. which i have renew my trust deed for another term, i can gladly say im happy with ubb. during the expiry of my contract, i have requested my capital and they just transfer to me without any issues.

i remember my payout was 7% for the first term, but the second term (expiring on 2023) about 6%. never was up to 36% p.a

if they theEdge claimed to be ponzi, how come all my friends that place with ubb all have good experience w them? i believe, authority will only take action if a group of ubb client go to complaint about the company, so far since that article come out, i dont see any client lodge a complaint.

so now my question is, how to know if they are ponzi or not if there is no official statement from the authority.

if really ponzi im gonna hantam my agent.

i am slightly worried if the rumors turn out to be true, but speaking from experience, i had a good one and im not sure about others.

beside ubb and amanah raya which other trust company provide cash trust service?

Did the company let you know what your money is invested in while it is held in trust? In other words, do you know what is the underlying securities/properties that are paying you your 6% or 7% p.a. returns?

And is your 6 and 7% p.a. figures after fees or ex-fees?

This post has been edited by TOS: May 26 2022, 12:39 PM

Did that article named UBB trust fund as a possible ponzi?

Well the only cash trust i know is from ubb. i also heard about DCS but that is called DCS private trust.

tho they did not mention it directly. but indirectly from reading it u know who already.

they mentioned 30 years in industry , also 2.5b trust assets. look up ubb website.

No they didnt tell me. also i know im putting there for estate planning and not for investment, i had my other investment somewhere else which give even higher returns.

yes i receive the 6% and 7% as pure profit. as claimed the return is a projection. since the projection is good thats why i continue placing there because they never failed to pay me.

also my dad been putting quite a large funds with them over the years and few insurance trusts aswell. so far so good . hopefully they keep it that way.

Now im still considering wether to place in new funds or not because of this matter.

Ok, in the mean time you better diversify your assets in multiple vehicles. I think settting up trusts for estate planning purposes are mostly done via lawyers and the underlying assets should be fixed deposits/gov. bonds etc. which means it is not possible to earn anywhere near the projected figures of 6-7% p.a. in the current environment.

So either the company must have taken risks somewhere or the whole thing is a scam/misleading projections. Try to ask the company if they can clarify further on the whereabouts of the money, i.e., the underlying assets. This is a crucial information to protect yourself.

This post has been edited by TOS: May 26 2022, 07:25 PM