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 AHAM Capital, (Formally Affin Hwang Asset Management)

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csbong87
post Apr 11 2023, 05:57 PM

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QUOTE(xander2k8 @ Apr 11 2023, 05:10 PM)
Standard fund disclaimer hence it is already proven that the fault is not in AHAM hands

Do you have any written or actual recorded verbal communication on capital guarantee as you can file a civil claim against the bank manager and CIMB for product disclosure return misleading and confusing to customers?

Most likely you have file via tribunal 1st and if the tribunal is not able to make a decision satisfactory to both parties then you drag to civil court claim

Make them feel the pain for product and putting customer negligence on handling of your funds and only worth it if you are talking of losses more than tm100k which I am sure it is even higher
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No written or recorded verbal communication on our CIMB's bank manager says that bond principal is guaranteed.
csbong87
post Apr 12 2023, 07:31 AM

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QUOTE(Cubalagi @ Apr 11 2023, 05:16 PM)
Did cimb represent to you a capital guarantee?
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Given only the below document, but did not disclose AHAM's side on capital not guaranteed as stated in it's PRODUCT HIGHLIGHTS SHEET for AHAM Single Bond Series 4 (Formerly known as Affin Hwang Single Bond Series 4)

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This post has been edited by csbong87: Apr 12 2023, 07:36 AM
MUM
post Apr 12 2023, 07:48 AM

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QUOTE(csbong87 @ Apr 12 2023, 07:31 AM)
Given only the below document, but did not disclose AHAM's side on capital not guaranteed as stated in it's PRODUCT HIGHLIGHTS SHEET for AHAM Single Bond Series 4 (Formerly known as Affin Hwang Single Bond Series 4)

user posted image
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Sorry, just kay poh and just for talking kok only.

Do you mean the word "back to par value" written on that paper?
I think this is none admissive legally, as there is no company chop, no name of person writing it, etc etc.
And also it did highlight Feb 2027, ...so have to wait till then to be back to value?

Cubalagi
post Apr 12 2023, 09:18 AM

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QUOTE(csbong87 @ Apr 12 2023, 07:31 AM)
Given only the below document, but did not disclose AHAM's side on capital not guaranteed as stated in it's PRODUCT HIGHLIGHTS SHEET for AHAM Single Bond Series 4 (Formerly known as Affin Hwang Single Bond Series 4)

user posted image
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So the bank did not share with you the Aham prodict disclsoure sheet?

I think you should still complaint on the basis of misleading sales practice as you were not made fully aware of the risk of the product, in addition to the not following instructions to liquidate.

Right now follow up on the banks response.

After that, if unsatisfactory, get ready to escalate to the relevant authorities.


xander2k8
post Apr 12 2023, 11:44 AM

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QUOTE(csbong87 @ Apr 11 2023, 05:57 PM)
No written or recorded verbal communication on our CIMB's bank manager says that bond principal is guaranteed.
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Then you can file an internal dispute with CIMB via CRU

If not next steps report BNM if CIMB cannot give satisfactory answer

There is so much you can do and a learn lesson to be learn never buy any financial products from a 3rd party and buy it as directly as possible to avoid such thing whenever bad things happened
xander2k8
post Apr 12 2023, 11:49 AM

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QUOTE(csbong87 @ Apr 12 2023, 07:31 AM)
Given only the below document, but did not disclose AHAM's side on capital not guaranteed as stated in it's PRODUCT HIGHLIGHTS SHEET for AHAM Single Bond Series 4 (Formerly known as Affin Hwang Single Bond Series 4)

user posted image
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Wah before you bought it you never check the rating itself it is already red flagged as it shown on your sheet 🤦‍♀️

QUOTE(Cubalagi @ Apr 12 2023, 09:18 AM)
So the bank did not share with you the Aham prodict disclsoure sheet?

I think you should still complaint on the basis of misleading sales practice as you were not made fully aware of the risk of the product, in addition to the not following instructions to liquidate.

Right now follow up on the banks response.

After that, if unsatisfactory, get ready to escalate to the relevant authorities.
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Not possible now because the proof of product mislead 🤦‍♀️

The CIMB officer itself confuse him to submit the bond based on what he is shown and practice from this discussions

The red flagged itself was the bond rating which in hindsight it should be check and verified before buying it especially those in B range rating which can be very confusing itself
csbong87
post Apr 12 2023, 12:09 PM

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QUOTE(MUM @ Apr 12 2023, 07:48 AM)
Sorry, just kay poh and just for talking kok only.

Do you mean the word "back to par value" written on that paper?
I think this is none admissive legally, as there is no company chop, no name of person writing it, etc etc.
And also it did highlight Feb 2027, ...so have to wait till then to be back to value?
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Ya, because it's a bank and it's CIMB and it's what the bank manager said to us.
xander2k8
post Apr 12 2023, 12:24 PM

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QUOTE(csbong87 @ Apr 12 2023, 12:09 PM)
Ya, because it's a bank and it's CIMB and it's what the bank manager said to us.
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Because the CIMB thinks that perpetual bonds are safe and won’t defaults 🤦‍♀️

Be careful as well next time because nothing last forever as perpetual bonds are risky as well
csbong87
post Apr 14 2023, 07:13 AM

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MUM
post Apr 14 2023, 07:36 AM

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What to do if you suspect a mis-selling has occurred?
https://www.sidrec.com.my/publications/guid...ssion-malaysia/



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csbong87
post Apr 14 2023, 10:10 AM

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xander2k8
post Apr 14 2023, 12:44 PM

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QUOTE(csbong87 @ Apr 14 2023, 10:10 AM)
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Pressure AHAM to join the lawsuit

Even if Swiss Parliament votes against the merger no point because the regulator have the final say 🤦‍♀️
csbong87
post Apr 17 2023, 03:08 PM

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Alerting forum members whose friends or relative that has purchased AHAM SINGLE BOND SERIES 2 AND 4 through CIMB to kindly leave a contact info, we are forming a WhatsApp group to keep each other updates relating to this recent bond write off to zero. Thanks.
Cubalagi
post Apr 17 2023, 03:47 PM

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QUOTE(csbong87 @ Apr 17 2023, 03:08 PM)
Alerting forum members whose friends or relative that has purchased AHAM SINGLE BOND SERIES 2 AND 4 through CIMB to kindly leave a contact info, we are forming a WhatsApp group to keep each other updates relating to this recent bond write off to zero. Thanks.
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Many Japanese holders with this CS bond

https://www.bloomberg.com/news/articles/202...peout#xj4y7vzkg

This post has been edited by Cubalagi: Apr 17 2023, 03:48 PM
csbong87
post Apr 17 2023, 04:58 PM

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https://chng.it/DmjfcnLDDg

4 have signed. Let’s get to 5!


This post has been edited by csbong87: Apr 17 2023, 04:58 PM
xander2k8
post Apr 21 2023, 05:11 PM

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QUOTE(csbong87 @ Apr 17 2023, 03:08 PM)
Alerting forum members whose friends or relative that has purchased AHAM SINGLE BOND SERIES 2 AND 4 through CIMB to kindly leave a contact info, we are forming a WhatsApp group to keep each other updates relating to this recent bond write off to zero. Thanks.
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Finally lawsuit is in already suing the regulators

https://www.reuters.com/business/finance/cr...-ft-2023-04-21/
csbong87
post Apr 23 2023, 04:51 PM

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QUOTE(xander2k8 @ Apr 21 2023, 05:11 PM)
Finally lawsuit is in already suing the regulators

https://www.reuters.com/business/finance/cr...-ft-2023-04-21/
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AHAM filing lawsuit ?
xander2k8
post Apr 23 2023, 04:56 PM

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QUOTE(csbong87 @ Apr 23 2023, 04:51 PM)
AHAM filing lawsuit ?
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Not sure AHAM is in the court filings but I doubt because if they do CVC would have filed it already

csbong87
post Apr 23 2023, 05:02 PM

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QUOTE(xander2k8 @ Apr 23 2023, 04:56 PM)
Not sure AHAM is in the court filings but I doubt because if they do CVC would have filed it already
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AHAM no money to file lawsuit ?
xander2k8
post Apr 23 2023, 05:13 PM

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QUOTE(csbong87 @ Apr 23 2023, 05:02 PM)
AHAM no money to file lawsuit ?
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You should pose the question to them 🤦‍♀️

Firstly are they direct holders of the AT1 bonds or through are other means and if they are is the bonds still in their holdings or has been sold and written off as losses as you and I won’t know unless they have disclosed it publicly

Filing this lawsuit is not just about the money 🤦‍♀️ It is whether you have the legal expertise to fight this in Swiss courts which is why those big foreign institutions like in US and Japan are banding to fight it in those courts

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