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 Ubb CASH TRUST 3 years nett 6-8% pa anyone?, UBB Amanah Bhd

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MUM
post May 26 2022, 11:25 PM

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QUOTE(TOS @ May 25 2022, 07:53 AM)
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.
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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...
MUM
post Jul 15 2022, 01:06 PM

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QUOTE(annyeongabe @ Jul 15 2022, 01:01 PM)
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>
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Hope you could attach it with the link to the source of it,... Else....
MUM
post Jul 15 2022, 01:55 PM

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QUOTE(ee7han @ Jul 15 2022, 01:27 PM)
https://www.gripeo.com/ubb-amanah-berhad/
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👍👌 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.




MUM
post Jul 29 2022, 05:55 AM

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QUOTE(xCM @ Jul 29 2022, 01:50 AM)
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?
hmm.gif 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.

hmm.gif 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)


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Any way,
Industry groups say cash trust issue made known to regulators
Izzul Ikram/theedgemarkets.com
May 24, 2022

MFPC, Financial Planning Association of Malaysia (FPAM) and others in the IPG ....had known about it and informed SC and BNM

https://www.theedgemarkets.com/article/indu...nown-regulators
As per posted earlier in post 201

If there is/are really no possible potential issues about cash trust funds,... Why do they inform the regulators like BNM & SC? 🤔🤔

This post has been edited by MUM: Jul 29 2022, 07:43 AM
MUM
post Jul 30 2022, 11:34 PM

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QUOTE(aeiou228 @ Jul 30 2022, 11:15 PM)
Update from the parliament.

https://www.parlimen.gov.my/files/jindex/pdf/JDR26072022.pdf
» Click to show Spoiler - click again to hide... «

» Click to show Spoiler - click again to hide... «

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Thanks for the updates....

"....... setakat 30 Jun 2022 terdapat 41 syarikat amanah yang berdaftar dengan SSM.
SSM mendapati ‘Cash Trust’ adalah satu skim pelaburan di mana syarikat amanah atau syarikat mengutip deposit daripada orang awam dan perkara ini adalah di luar bidang kuasa undang - undang yang ditadbir oleh SSM.
Pengambilan deposit tanpa memiliki lesen adalah merupakan satu kesalahan di bawah Akta Perkhidmatan Kewangan 2013 yang ditadbir oleh Bank Negara Malaysia.
SSM tidak mempunyai kuasa bagi menjalankan siasatan melibatkan syarikat - syarikat amanah dan syarikat - syarikat sendirian berhad yang
berpakat mengutip deposit awam secara haram dengan skim ‘Cash Trust’.
SSM telah merujuk isu ‘Cash Trust’ ini kepada Bank Negara Malaysia sekiranya terdapat perlanggaran di bawah Akta Perkhidmatan Kewangan 2013.
Selain itu, SSM juga telah merujuk kepada Suruhanjaya Sekuriti sekiranya skim pelaburan tersebut melanggar peraturan di bawah Akta Pasaran Modal dan Perkhidmatan 2007."

This post has been edited by MUM: Jul 30 2022, 11:39 PM
MUM
post Jul 31 2022, 10:22 AM

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QUOTE(TOS @ Jul 31 2022, 09:44 AM)
Good to see the right regulator is referred this time lol

Always suspected SSM isn't supposed to be the right regulator for such "schemes".

But with the report it seems that Amanah Raya is also doing something illegal then since their "cash trust" started much earlier than the heavy promotion from UBB and others.

How can Amanah Raya's "illegal" cash trust stays around for so long and under the radar...
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I think amanahraya are holding license to offer and operate unit trust funds,... Thus maybe they also hv license to take in deposits and manage for that "cash trust" too?
MUM
post Jul 31 2022, 10:45 AM

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QUOTE(TOS @ Jul 31 2022, 10:33 AM)
Uhmm cash trust is a different product though. Their UT business is definitely legit with proper licensing from SC. But I don't think that automatically makes it "legit" to offer cash trust.

But I could be wrong, just saying.
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If they don't hv a license for that.....
Maybe, just maybe, they too can,

Structure that cash trust into holding money from unit trust funds?
Ex: take deposit for "cash trust", then buy unit trust fund, put the unit trust asset into that "cash trust".
If the owner of that "cash trust" dies, amanah will redeem unit trust funds and channel that money out as "cash trust"?

This post has been edited by MUM: Jul 31 2022, 10:47 AM
MUM
post Jul 31 2022, 11:11 AM

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QUOTE(TOS @ Jul 31 2022, 10:57 AM)
Looking at the brochure, they just hold cash and that's it.  tongue.gif

https://www.amanahraya.my/wp-content/upload...ust_ENG_CS6.pdf (page 5)

» Click to show Spoiler - click again to hide... «

.....
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🤔🤔Shouldn't this be considered as cash
AmanahRaya Syariah Cash Management Fund?
If it only hold cash and nothing else,.. It will not generate $$.
MUM
post Jul 31 2022, 12:00 PM

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QUOTE(TOS @ Jul 31 2022, 11:24 AM)
I think it depends on how you structure the product and market it. Cash management fund is UT, cash trust is a trust. Underlying asset is cash but governed via different legal entities.

Cash entrusted usually is invested in government bonds/bill/notes (if amount is large) or fixed deposit (less amount), so still some $$ there.
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👍👍If can put property into a trust, so it should be able to put cmf into it too.
As long as it is liquid n able to preserves the value....

I think the main obvious marketing variance of this amanah n ubb... The emphasised of ROI value as part of the enticement.

MUM
post Aug 13 2022, 02:05 PM

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QUOTE(SatayRojak21 @ Aug 13 2022, 01:35 PM)
Response to the Edge’s Article: ‘Several Cash Trusts said to be Ponzi Schemes’

    Jocelline Chee
    May 30, 2022
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If you meant this article from this link..
https://www.wglegacy.com/response-to-the-ed...-ponzi-schemes/

That response was an old response to that "old" article from the edge, as there was a more canggih one as posted in post 211 with emphasis directed at UBB from gripeo.
Ever wonder why Jocelline Chee did not response to that article this time?


Then again,
You should read the latest from parliment regarding the latest abt cash trust... Read post 219, page 11 by forummer aeiou288.

Better get the $$ out now and stop selling it too

This post has been edited by MUM: Aug 13 2022, 02:16 PM
MUM
post Feb 22 2023, 07:00 PM

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QUOTE(green_algae @ Feb 22 2023, 06:46 PM)
Lim Lip Eng brought the issue up again during yesterday's (21/02) parliament sitting.

No actions being taken since his last statement?
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There were some action made by the parliament about the then "trust funds" products. Refer to Page 11, post 219 by forummer aeiou228.
Now, ....
My guess, Most probably now "some of them have changed the product's packaging", from offering previous cash trust product to new products. Some of them labelled their new products as "asset based solution investment" instead of trust funds.

Something like in this recent thread.
Asset Backed Solutions ABS
https://forum.lowyat.net/topic/5328189

This post has been edited by MUM: Feb 23 2023, 11:16 AM
MUM
post Jul 10 2023, 05:38 AM

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QUOTE(Evertraveler @ Jul 10 2023, 01:09 AM)
Just received new cash trust program from UBB. Projected return is 9-11%. Got pay every 3 months. Should I join?
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Any mention of any penalty for early termination of agreed duration?
(Withraw money/close account before the agreed duration?)
MUM
post Jul 24 2023, 06:01 AM

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QUOTE(ikki9394 @ Jul 24 2023, 12:54 AM)
I think u are referring to this?

» Click to show Spoiler - click again to hide... «


Any1 any thoughts?
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Previously for their other trust scheme, it did state the "annual fees" amount.
The returns of this this current scheme is said to be 9-11%, IF, PLUS Annual fees of 4.5%, ...then for this current trust scheme, the company will hv to make a return of about 13.5% - 15.5%pa for money deposited.

This post has been edited by MUM: Jul 24 2023, 06:03 AM


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MUM
post Jul 26 2023, 04:59 AM

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QUOTE(ikki9394 @ Jul 26 2023, 12:35 AM)
I don't know but by searching the company name there are some red flags here and there since 2018. However I don't see any actual reported scam made official. It's really a dilemma.
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Just a note though,
There had been past postings from forummers mentioning that they had been receiving returns from UBB without issues.

This post has been edited by MUM: Jul 26 2023, 05:26 AM
MUM
post Aug 3 2023, 02:31 PM

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QUOTE(il0ve51 @ Aug 3 2023, 02:19 PM)
UBB got many red flag on the internet, but surprising those who actually signup their package have no negative comment from them. so i guess all this red flag on the internet is very much competitor sabotage .
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There were some action made by the parliament about the then "trust funds" products.
Refer to Page 11, post 219 by forummer aeiou228.
MUM
post Aug 4 2023, 12:50 PM

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QUOTE(il0ve51 @ Aug 4 2023, 11:59 AM)
i saw the issue is raised, but i dont see anyone objecting it. Because this industry seem to have many unqualified/unregulated agent it seem it is the cause that makes trust company with bad name.
yea it is estate planning, but typical malaysian dont know what is estate planning some layman even think is is estate agent (sell house). i guess the agent promote it in Fixed Deposit/investment style to approach customer for them to understand the concept of estate planning. but the question is are the red flag really a red flag? cause people that subscribe to cash trust so far have no issue. market have many trust company other than ubb, i dont see other trust company have issue as well. so far everyone seem to get back their promise on trust deed.

sorry guys to ask so much, my dad want to invest in their product but ask me to do research, when i search online i found these so seeking some help around here.
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I am not saying UBB will hv issue or not hv issue in future.

Just that I am very cautious when /if someone uses this phrase to make decision or promotes it.
" the question is are the red flag really a red flag? cause people that subscribe to it so far have no issue?"

Real example,
There was a company established in 2009 and since 2013 had for investment product that had been giving consistent 3%-7% roi every 5 weeks without any withdrawal issue.
Many red flags had been raised by many people and even authorities had also tell its citizens to be alert about that company.
Alert is just alert, not a ban.
Red flags are just warning without proof of imminent sure failures.

So investors keep on investing in it and had been compounding and adding more to reap the rewards.
1k USD if keep compounding for 10 years will most likely become a million usd.
If keep for another 10 yrs will become about a billion USD too.
That was what were told and projected to be.

In reality, .... in about a decade later, in Dec22, it, .....

BTW, that company even till now is still operating, platform still active for people to exit and the company is still promoting new investment products too

This post has been edited by MUM: Aug 4 2023, 01:09 PM


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MUM
post Sep 9 2023, 01:45 PM

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Definite can boost confidence of those promoters.

It is for "Best brand" award.
Not a cannot run away or close down award....so investors may be sceptical too when they ponder of how the company can sustain the said returns or where to look for where or how they invest or why no annual audited report
MUM
post Sep 12 2023, 10:58 AM

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Just beware, ...already published in May 2022.
https://theedgemalaysia.com/article/several...e-ponzi-schemes




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MUM
post Sep 12 2023, 01:23 PM

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QUOTE(cloudy_eye @ Sep 12 2023, 11:44 AM)
yes saw this last year too. including the MP lim lip eng statement in parliament. it does bug me in the beginning, almost terminate one of the account, but decided not too and wait, so have receive back my capital and replace it again for this promo.
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Good for you.
Just be wary and do control you own acessment. It is you own money and your own decision.

I am not saying this ubb is a sure scam.
But many investors of MGs had also received the returns many times before the added in more money or let their money compounded over time.
There was a platform that had been operating and giving out consistent roi every 5 weeks since 2013 without withdrawal issue, ...just that in DEC22, it did the unbeliever able things.
MUM
post Dec 7 2023, 01:17 PM

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https://www.google.com/url?sa=t&source=web&...d_cFxIL3AcWezKh



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