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.

Yesterday you highlighted that.

Today it came out with this new article... In UBB company letter head & UBB amanah Berhad name at the end of that article

UN“TRUST”WORTHY REPORTING BY THE EDGE
https://www.ubbamanah.com/untrustworthy-rep...ng-by-the-edge/

But I just dont like page 2 where it used TnG Gopinjam 36% pa interest as a comparison to cash trust 36%..
1 is a trust while the other one is an unsecured loan facility...

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?

DCS also popular besides UBB.
is UBB newest rate only 6%?
I saw from the website.

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?

Yes 6% for their cash trust, i receive previously.

i saw on their website on new liquidity trust, since entry is low. im gonna place it. but only this time im gonna walk into the office n speak to their officers.

lets see what they have to say or show this time around.

guys, I found something regarding UBB Amanah.
Do have a look:
<a href='https://pictr.com/images/2022/07/15/BqT9yU.md.png' target='_blank'>https://pictr.com/images/2022/07/15/BqT9yU.md.png </a>

Hope you could attach it with the link to the source of it,... Else....

👍👌 Thanks for that link,...
But not good, not good for forummers on lyn.
That articles uses snap shorts of our comments/postings and images attached in lyn,.... For part of the content of the article to support his argument to justify the topic of his article.

Cash trust UBB Amanah sues webinar platform, Rockwills for allegedly equating it to a Ponzi scheme
Izzul Ikram
/
theedgemarkets.com

July 21, 2022 08:30 am +08

Cash trust UBB Amanah sues webinar content producer, Rockwills for equating it to a Ponzi scheme



KUALA LUMPUR (July 21): Cash trust UBB Amanah Bhd has filed a suit against online business training webinar provider Learnabee International Sdn Bhd and three others for a webinar series which allegedly maliciously portrayed and equated cash trust companies, and particularly UBB Amanah, as being Ponzi schemes.

In court documents sighted by The Edge, UBB Amanah said that the 15-session webinar series launched by Learnabee also insinuated that the cash trust is involved in illegal and fraudulent business operations with the intent of cheating its clients and customers of their money.

UBB Amanah has also named Learnabee directors Evanna Low Fei Ting (Low) and Johari Low Abdullah as well as its parent company Rockwills Corp Sdn Bhd — an alleged direct competitor of UBB Amanah of which Johari is also a director and its largest shareholder — as defendants in the suit.

The trust company said that the defendants’ actions in interfering with its business resulted in UBB Amanah suffering losses in the sum of RM8.615 million from July 2021 to June 28, 2022.

It alleged that Low — who is also a content producer for Learnabee — in a webinar series had demonstrated a forensic investigation on a particular trust company described as “A Trustee Company”, which UBB Amanah noted bore striking similarities to itself.

“[Low] asserted that the said 'A Trustee Company' has been operating in the trust industry and business for nearly three decades, with more than RM2.5 billion worth of assets under their trust.

“The said assertion directly refers to [UBB Amanah] and its business, as [UBB Amanah] was established in 1988 and at the material time, had more than RM2.5 billion worth of assets under their trust,” UBB Amanah said in its statement of claim.

Elaborating on its allegation, UBB Amanah said that Evanna had also made references to its corporate structure via the adoption of acronyms or abbreviations which are purportedly identical to the initials, acronyms or abbreviations of its directors.

UBB Amanah also alleged that through webinars, Learnabee and Low had repeatedly instigated fear and concern among the webinars’ participants that their money held under UBB Amanah was being mismanaged and was at risk.

“[Learnabee and Low] also provided participants of the webinars with samples of termination letters and inquiries letters, which can be adopted by them for the purpose of terminating their trust deeds or raise queries with [UBB Amanah],” it added, claiming that the defendants had actively persuaded the webinars’ participants to terminate their trust deeds with UBB Amanah.

The cash trust claimed that the aforesaid fear and concern among the public was further enhanced after an article entitled “Several cash trusts said to be Ponzi schemes” was published by The Edge. 

It alleged that the article contains “various references” which insinuated UBB Amanah and its business.

“The Edge article was either drafted by [Learnabee and/or Johari] and arose from the webinars conducted by [Learnabee, Low and Johari],” it also purported.

Meanwhile, it claimed that Rockwills had taken a series of marketing moves — via a video, write-up, and “aggressive” marketing of Learnabee — to bolster its reputation while damaging UBB Amanah’s.

It alleged that the publication of webinars, The Edge article and Rockwills’ marketing were calculated to damage UBB Amanah’s business and reputation as an established and reputable trust company — which it asserted would directly benefit Rockwills’ business, due to the latter’s purported position as a direct competitor.

As a result of the defendants’ acts and/or conduct, UBB Amanah claims it has suffered losses amounting to RM8.61 million between July 2021 and June 2022, due to termination payments paid to its clients and/or customers, cancellation of trust applications and refunds of trust applications.

UBB Amanah is seeking several court declarations, including that the defendants had unlawfully interfered with its business, and that they had misrepresented the company’s business.

It also sought orders for the removal of the content which interfered with its cash trust business, damages, aggravated damages, exemplary damages as well as costs.

In June this year, Low was reported as saying that she had received notices of demand to remove her webinar content that discussed how one should do due diligence on high-return cash trust products.

She told a press conference on June 14 that she had received a total of five such notices from law firms alleging that their clients had been defamed by her educational webinar content, and demanded that she remove the content immediately.

Read also:
Content producer claims she was harassed, threatened after conducting webinars about high return cash trusts
Several cash trusts said to be Ponzi schemes

Ahmad Naqib Idris

However, the firm claims to offer returns of 6-8% p.a. but fails to specify how it is able to do so.
The article writes long, a fairly experience finance person, but he didn't find out that UBB amanah is doing backend financing to banks and other creditors?
banks need to borrow at such a high rate to finance themselves? i think if they really needed money, they could easily raised them by offering some FD promo rate. (which will definitely be much lower than 5%)

UBB is a registered Trust Company under the Trust Companies Act (1949). Also, their regulator is the Companies Commission of Malaysia (SSM).
Quick search gives this, UBB is a registered Trust Company under the Trust Companies Act (1949) and is regulated by the Companies Commission of Malaysia (SSM). It does distort the meaning by a fair bit. The company is Malaysian company and its domicile in malaysia hence registered with SSM.

 in that gripeo article,...it did mention/question:,
However, it’s worth noting that SSM is not a financial regulator. It only oversees companies in general.

SSM Malaysia is an agency to incorporate businesses and to make registered companies’ data available to the public. That’s it.

They don’t govern the sale or purchase of any financial investments.

The financial regulator in Malaysia is the Securities Commission Malaysia (SC) and there is no mention of SC on UBB’s website. Clearly, they don’t have a license from SC which makes them a highly suspicious firm.


In regard to the % return, I see net returns of 6% which is fair. The article writes a management fee of 3%, which might be old/outdated. I personally saw the latest trust to be a net percentage return excluding management fees.
:thumbsup: btw,..could you reference the link to that info about that CASH TRUST fund with the "the latest trust to be a net percentage return excluding management fees."? also did it removes the word "projected returns" and mentioned "exclude all fees" iNSIDE the to be signed agreement too? (as per mentioned in the gripeo article)

Update from the parliament.

https://www.parlimen.gov.my/files/jindex/pdf/JDR26072022.pdf