Well aside from the fact that it is a trust company established under companies commission Malaysia and not regulated by BNM or SC, the company itself is legitimate and furthermore it has been around for quite some time.

The issues here are:

1. the projected returns/profit sharing (whether net of fees or otherwise [when you read the fine print]), which is in fact a bait to get discussion or get you to the door;

2. transparency as to the instruments invested in, track record of returns and whether they have been successful; and

3. As long as you have given up all your rights and powers to the trustee, and they have invested in accordance with your instruction, gain or loss, you will underwrite all the risk, save whether there is fraud/negligence on part of the trustee. Which in other words, is a very tall order. Technically, if in that 36 months, they have invested all your monies in Fixed Deposit, there is nothing wrong with it, even if it doesn’t reach the projected returns/profit sharing.

Based on the random stuff I gathered in the internet, I suspect UBB investment is mainly as a venture capitalist, private equity or equity funding. They pump in equity into the firm, in return they will get preference shares and dividend payments from the firm. Alternatively, they might also behave like equity crowd funding, giving out short term loans for operational or working capital. They hint at guarantee because the underlying instrument maybe collaterized.

It would be good to know what they actually invest in and they show their track record all this while, it would inspire some confidence. Then again, I believe once they disclose their secret source, it might be something that is very easy to replicate by potential competitors in the market.

In any case, I wouldn’t invest into such product especially if it aint regulated by SC or BNM.

Thanks your for this!

This Affidavit is going to carry a lot of weight especially since its from Mr. Christopher Foo. Definitely going to do a deep dive on this subject matter.

Read here:
https://theedgemalaysia.com/article/cash-tr...it-ponzi-scheme

https://theedgemalaysia.com/article/content...ars-high-return

So far I am relying on open source information for my updates on this case, haven't seen anything so far.

As for the case winning/losing, not sure. Have to wait for final verdict and for the decision to be issued by the court.

First of all, have to understand the purpose of an injunction. It is mainly to preserve status quo and prohibit further damage/loss caused by the defendant. In this case, it was to prohibit the defendants from publishing further defamatory statements.

Had the defendant continue to do what they do, UBB may suffer significant damage/loss even before the trial ends.

The injunction was obtained on 17 April and yet the defendants ignored the injunction and posted allegations on 23 April and 4 May. Hence, in breach of the terms of the injunction, the defendants were fined.

The other interesting bit here, is whether committal proceedings (civil prison) will also be taken against the defendants, noted that the fine was paid (rich!, didn't even appeal).

Conclusion is that this is just a side show, we haven't even entered the main show yet. Nevertheless, the defendants lawyers should have advised the defendant what to do and what not to do in a defamation suit and being slapped with an injunction, if the defendant still proceeded to what they did, then its more a less a self inflicted wound.

At the moment is just allegations. UBB has taken the defendants to court yet they continue to make allegations.

Whether its defamation or not, it still needs to play out in court.

Settlements are normally confidential but it would be something for both parties to reach an agreement and stop the proceedings. Broadly (not saying i know all) speaking it encompasses some form of compensation, promise not to publish further defamatory and an apology.

The fellas sounded so confident going into the fight and I am surprised they "pulled out prematurely" .

I guess they see the futility of the legal proceedings and the cost that was pilling up. Normally, for defamatory action, you will need both parties equally rich and stubborn to see it to its conclusion. They they will deploy their strategies, bring in experts, delay and appeal all the way to federal court before settling.

The settlement seem to suggest that one party might have given up, a weak case (ermm?) or they lack the financial muscle especially being slapped with a hefty fine.

Yes, it seems some got cold feet. In any case, prospective investors should always carry out their own due diligence and read the fine print. If you are unsure or sounds too good to be true, its most likely too good to be true.

Hope regulators will look into this to ensure that all investments are supervised and to protect the integrity of the financial system.

Any idea what their underlying investments are in? Do you get like statement or annual report of your investments?

Ok cool. Always wondered what the invest in...

Tell me from your understanding which part of UBB trust is estate planning and what do you understand about estate planning?

The question here is the underlying investment, even if it may not be investable by a bank, an investment bank can pick up the product, if its so good and beneficial for investors, why arent we seeing it more?

Not all trust companies are the same.

Zico trust provides similar services to those like RockWill, Mtrustee, Cimb trustee etc... they have corporate truste services (for bonds, unit trust funds, family office) or personal trustee services (estate, trust administraion (as executor/administrator)).

Country Heights schemes are known as "interest schemes", Nirvana has their DurianPlus Scheme. (full list of schemes here: https://www.ssm.com.my/lists/list%20of%20up...-fa8ab6a561d3=).