CIMB bank manager promise and say wont write down to zero, when we called him on the phone to liquidate that evening was 60 cents already.

Put it this way, if I don't see money in the bank, as the adage goes "money talks, bullshit walks".

Good luck in your recovery or claim, I will be watching this closely.

Thanks

Already mentioned earlier that is the CIMB Manager not the fund house manager as you didn’t read through 🤦‍♀️

The only action the trustee can take against the fund house is they deviate against the asset allocation stated deed nothing else 🤦‍♀️

You will have the bare losses no matter and they only thing they can recovered whatever left in the cash with any goodwill exit payment that is voluntarily top up by the fund house which is very low possibility

In way he is right because the fund won’t write down to 0 but can bear losses 🤦‍♀️

That is why I stay away from UT a lot because you don’t have control with whatever decisions especially exit hence why when you invest in anything always plan your exit strategy if things go wrong

It' a bond and purchase through CIMB Bank Malaysia and its bank manager guarantees customers that the principal is guaranteed. Unless if CIMB bank manager has follow proper procedures in selling (letting know customers that the bond can be written down to zero) than we might have second taught. Is misselling here that what Im trying to say as we are victims to the CIMB bank manager, and CIMB Malaysia must be responsible towards it's customers.

This post has been edited by csbong87: Apr 25 2023, 05:49 AM

Unless you have written legal binding guarantee from the bank manager you are not a victims in their eyes as they are doing their jobs 🤦‍♀️

1stly you got sucked into just by the bank manager as he has no right and power to guarantee as no one can guaranteed the principal other than issuer themselves 🤦‍♀️

This is a good lesson for you to learn that if you don’t understand don’t buy and don’t be greedy and get sucked into as there is nothing life is guaranteed other than taxes and death 🤦‍♀️

Its a bond, and its CIMB Malaysia. Its called cheating as what AHAM and the bank manager present its different. Not any customer btw, is Preferred.

Doesn’t matter if it is bond or CIMB or whatever status you are 🤦‍♀️ in their eyes they are doing the job just that you are unlucky lamb

I don’t know whether you dumb or ignorant because you could have say no but you greed tempt you in just because you say yes because it is a bond and the manager tempt you and say principal guaranteed when he does not have the right or power to do it 🤦‍♀️ take it as a lesson and move otherwise you will be still bitter as you got no control even to sue 🤦‍♀️

Again it's a bond, a bank CIMB and principal guaranteed as told by the bank manager.

Doesn’t matter if it is bond because bond is just lending paper to them while you are buying those papers 🤦‍♀️

Like I said CIMB and the bank manager cannot guaranteed because they do not issue the bonds 🤦‍♀️ Only Credit Suisse can tell you whether it is principal is guaranteed because they are issuers of those papers 🤦‍♀️ seems like you are still in lala land thinking bond are guarantee while it is not 🤦‍♀️ as you have not learnt the lesson

A lot of these Branch Managers and RMs are just simply pushing all forms of products without fully explaining the risks. Last few years, I have heard of uncles and aunties being sold equity linked Glove stocks, China tech stocks. All kena burn.

About time some people make these bankers accountable.

This post has been edited by Cubalagi: Apr 25 2023, 03:32 PM

Must be SI products 🤦‍♀️ they won’t be accountable so as long as the regulator’s doesn’t take any action 🤦‍♀️ hence why such product is still in the markets for those financial illiterates

Only you can see action on Leverage and Inverse products as one have to fulfill the conditions of Sophisticated Investor in order for them to purchase those products

Ya, that particular CIMB branch has senior citizens some amounting to a million in this bond.

Quinn Emanuel said it is working with the following firms:
-- US – Wollmuth Maher & Deutsch;
-- UK – Keidan Harrison;
-- Singapore – Engelin Teh;
-- Gulf Cooperation Council – Global Advocacy and Legal Counsel; and
-- Switzerland – Geissbühler Weber & Partners.

https://www.wealthbriefing.com/html/article...84#.ZFd-W3ZBy3B

AHAM Capital joins global litigation to challenge Credit Suisse AT1 write-downs

Good luck!

Just curious which are the banks in Malaysia which is also selling CS's bond other than CIMB ?

I don’t think directly there is for any Malaysian Banks

Even CIMB is not directly selling the CS bonds 🤦‍♀️ they are selling the bond fund that is from AHAM which manages and buying the bonds itself

Rain or shine. Bankers and lawyers walk home with your money.

https://www.freemalaysiatoday.com/category/...t-him-rm500000/

The 2 bond funds that got wiped was around RM70 ~ RM100m, depending on how you count it....
It had me wondering for a while that it cant be all just insti buying this, but rather must be some individual and surely some unfortunate one were losing more than others...
also a mere rm10k entry point surely quite some people kena...

Guess the news is slowly coming out...

Cross selling fund or insurance to FD uncle is surely quite profitable to the bankers.....

guess what ? our side mis sell the product saying a min RM 100k to purchase this bond.