Red Flags
5
UBB Amanah Berhad
UBB Amanah Berhad, a private trust company in Malaysia, has faced allegations of operating a Ponzi scheme. The company has taken legal action against critics, including Learnabee International Sdn Bhd and its directors, for contempt of court related to the dissemination of misleading information.
Quick summary on UBB Amanah Berhad
UBB Amanah Berhad has been at the center of controversy due to accusations of financial misconduct. The company’s aggressive legal responses to criticism have raised questions about its operations and transparency.
Legal Actions Against Critics: In December 2024, the Kuala Lumpur High Court fined Learnabee International Sdn Bhd and its directors, Evanna Low Fei Ting and Johari Low Abdullah, a total of RM450,000 for contempt of court. This ruling came after they allegedly continued to publish misleading information on social media, equating UBB Amanah’s cash trust to a Ponzi scheme, despite an existing court injunction. Additionally, the defendants were ordered to pay RM350,000 in legal costs.
Regulatory Compliance and Concerns: UBB Amanah Berhad operates without direct oversight from the Securities Commission Malaysia (SC), which has led to concerns about the company’s investment practices and the safety of investor funds. The promise of high returns, coupled with a lack of transparency, has drawn parallels to other financial entities that have faced regulatory action for similar practices.
The situation surrounding UBB Amanah Berhad underscores the importance of transparency and regulatory compliance in financial operations. Potential investors are advised to exercise caution and conduct thorough due diligence before engaging with entities that offer high returns without clear regulatory oversight.
Intel Reports
by: Joseph West
The lack of transparency here is truly next level. Every attempt to get clear financial details leads to confusing answers or complete silence. I’ve lost faith in them completely.
by: Scarlett Brooks
I should’ve listened to the warnings. This company has a history of mismanaging money and keeping investors in the dark. Now I’m stuck trying to recover my losses.
by: Paisley Sullivan
I tried dealing with UBB Amanah Berhad, and let me tell you—it was one of the most stressful experiences ever. Their financial management is questionable at best, and getting clear answers is impossible.
Pros
Cons
by: Matthew Wallace
If you enjoy dealing with unresponsive customer service and vague financial policies, this is the perfect company for you. Otherwise, stay far away.
by: Everly Cole
UBB Amanah Berhad operates like they don’t expect anyone to question them. But when you start digging, it’s clear that there are serious issues with how they handle funds.