Dato’ Dr Siva Ananthan is among those implicated in the questionable dealings of UBB Amanah Berhad.
He holds the position of Executive Deputy Chairman of GV Corporate Advisory, however his name is not presented anywhere on the website of the trustee company.
In spite of this, it has been only a couple of years since his entrance into the business.
Prior to that, Dr. Sivan Ananthan was the Chief Executive Officer of Crest Worldwide Resources Sdn Bhd. The company states that they specialize in property development as well as corporate advisory services.
The company has asserted that they provide services in corporate strategy consulting, corporate debt restructuring, mediation, capital formation, claims negotiation, private venture capital procurement, and project financing.
The company asserted that it had a wide range of connections in a variety of South-East Asian countries, such as:
- Down Under, which is Australia
- Taiwan
- India
- Japan
- Indonesia
- Thailand
- Singapore
- The country of Sri Lanka
- China
- Cambodia
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Dato’ Dr Siva Ananthan asserted that he was the Chief Legal Advisor for Amcorp Group of Companies and the Head Negotiator for Terra Corporation, Japan.
It can be seen in his profile that he was in charge of negotiating on behalf of various public companies that had outstanding debts of more than RM80 Million to Malaysian Banks.
At the moment, he is engaged with UBB Amanah Berhad, a widely known Cash Trust enterprise in Malaysia.
Previous Experiences of Dato’ Dr Siva Ananthan:
Prior to assuming the role of CEO of Crest Worldwide Resources Sdn Bhd, Siva had served as an advisor for LTT Global Communications Sdn Bhd. This is a mobile learning company that concentrates on broadening the mobile environment.
This company provides its clients with guidance by means of utilizing the newest mobile technology developments. Their main attention is drawn to promoting recognition of the advantages of mobile gadgets, which is quite strange.
They boast that they are the originators of the Asia Pacific Mobile Learning & Edutainment Advisory Panel.
From 1998 to 2003, Dato’ Dr Siva Ananthan held the position of CEO at Nirwana College. This college specialized in providing tuition services for the University of London’s Law Degree.
For a decade, he administered Advance Tertiary College before that.
University of London awarded Siva an Honours Bachelor of Laws (LLB) degree.
An Overview of Dato’ Dr Siva Ananthan and UBB Amanah:
This article provides more information about Dato’ Dr Siva Ananthan and UBB Amanah.
For over three decades, UBB Amanah Berhad has been an independent private trustee in Malaysia, boasting over MYR2.6 million in assets.
Recently, the trusts made available to the public have been under scrutiny following The Edge Markets’publication of an article elucidating the fact that several cash trusts are Ponzi schemes.
The report does not include any names, but it does state that certain companies allege they are able to provide an annual return of up to 36%.
Mentioning that Malayan Banking Bhd (Maybank), being the biggest bank in Malaysia by market capitalization, has a fixed deposit rate of 2.1% for a year and 2.35% for five years is noteworthy.
During the 2021 fiscal year, Maybank distributed a dividend of 58 sen per share, resulting in a yield of approximately 7%. This is a remarkable figure in comparison to industry norms.
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Therefore, the returns that they promised surpass those of the majority of other companies.
A Ponzi Scheme is a fraudulent investment operation where money from new investors is used to pay off earlier investors?
Those unfamiliar with the concept should be aware that a ponzi scheme is an investment with a promise of a large return without any risk involved.
When you place your money into a ponzi scheme, the funds are utilized to offer rewards to the previous investors and a portion is kept within the organization.
The cycle then continues.
Repeating the same thing over and over again until the resources are depleted and the funds have been exhausted.
In the event that the trust firm has exhausted all of its funds, your deposit would be lost.
In 2009, Bernard Madoff was given a 150 year prison sentence due to his involvement in a Ponzi scheme. Contrary to what was assumed, his firm possessed little to no assets, though it was supposed to have US$65 billion.
Recent UBB Amanah Berhad Controversy involving Dato’ Dr Siva Ananthan
Despite Dato’ Dr Siva Ananthan remaining anonymous with regards to UBB Amanah, his influence on the enterprise is unmistakable. Nonetheless, the firm has been in the news recently due to questions raised by the media concerning the authenticity of some ‘cash trusts’.
DAP National Public Complaints Bureau Chairman and Member of Parliament Lim Lip Eng shared his thoughts with the press concerning the credibility of a few ‘cash trusts’.
He emphasized that there is a lack of trustworthy financial products on the market. Certain trustee companies are proposing these services, however they are fraudulent.
In 2020-21, Lim noted that RM1 billion had been drawn from the market by the cash trusts.
The speaker remarked that Bank Negara and the Securities Commission Malaysia (SC) can not effectively oversee these trusts. As a result, a handful of legal chinks in the armor are being taken advantage of by the trustees.
As I had previously mentioned, UBB Amanah Berhad relies on such strategies to conduct business.
Rather than observing the commands of financial controllers, they are subjected to the authority of the Companies Commission of Malaysia (SSM). It is worth noting that SSM is not a financial regulator, but an inspector of businesses in general.
Furthermore, numerous reports have been submitted to the SC regarding questionable cash trust firms, one example being UBB Amanah Berhad.
Lim’s reflections, conveyed in the report, do not cite UBB Amanah explicitly. Yet, the document implies that UBB is within the same purview of examination.
It has been written that:
A certain firm advertises that they set up a financial trust when someone deposits money into the trust. Furthermore, the beneficiary can access the trust funds in case of an emergency.
It is asserted that a special characteristic of these money trusts is that they are not blocked off if the initiator passes away. It remains available to be accessed, subject to certain regulations.
The company boasts of possessing more than RM2.5 billion in assets under trusts, and alleges to have been in existence for the past three decades.
Dr Siva Ananthan’s UBB Amanah Berhad has certainly made all the assertions.
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What is the Public Perception of Dato’ Dr Siva Ananthan’s Firm?
Dr. Siva Ananthan’s firm has gotten a considerable amount of attention on Malaysian discussion boards in addition to media coverage.
To cap off the dialogue, it was decided that UBB Amanah is an untrustworthy organization which could be a sham. Despite this, several of UBB’s associates appeared to have infiltrated the discussion, as they started to heap praise on the business without any justification.
A user posed their question to the forum wondering about UBB Amanah Cash Trust, after a friend had suggested the trust to them.
He highlighted that the product was charging 3.5% interest a year, yet advertised a NETT return of 6-8% per annum for a 3-year period.
The user was very curious if anyone had any experience with products that guarantee a minimum of RM60k as his FD rate was decreasing. He wanted to know more details.
The initial respondent to the inquiry was relatively inexperienced. They began to shower UBB Amanah Berhad with compliments, saying it was remarkable.
But, an experienced user commented that the product in question is risky, and thus, not recommended.
The conversation then shifted to whether Dato’ Dr Siva Ananthan’s business was authorized to operate in Malaysia.
It was noted by several people that this falls within the Trust Act’s purview. That is all.
Users warned that any offer that appears too good to be true likely is, as it is easy to start up a fraudulent business and take people’s money by making unreal promises.
Further Examination of the Authenticity of the Malaysian Trustee:
Subsequently, people started talking about the Trust Act and the way UBB is utilizing it to give the appearance of being more dependable.
A participant in the discussion noted that trustees have greater latitude than those with professional investment licenses. Nevertheless, they referred to their investors as “Donors,” which appears peculiar.
What kind of return could a “Donor” anticipate to receive from their “donation” in the range of 7-8%?
Several visuals representing the Terms and Conditions of a Malaysian trustee are displayed below:
It is evident that UBB Amanah penalizes withdrawals made before the maturity date with a 20% fee.
Projections are made rather than guarantees being provided.
A user made the observation that UBB Amanah Berhad states they are able to provide a “Projected Profit Share” of 6.5% to 9% when investing.
Projections are simply predictions, not certainties. Someone can make predictions and inflate them as much as they like, yet they are not guaranteed outcomes.
The validity of their assertions is highly questionable.
Subsequently, someone highlighted that the company states it provides 7% returns from their ‘existing customers’ which may include MGS. Additionally, the business advertises projections in their leaflets, which are hypothetical numbers.
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Had their achievements been so extraordinary, they would have employed the data to showcase themselves or advertised it over the web.
The figures they have reported publicly are considerably smaller than what they have “anticipated”.
Furthermore, many participants in the conversation labelled it a scam.
A different clause of the UBB Amanah’s Terms and Conditions was brought to the attention of one user. This clause stated that the Trust Capital of customers may be subject to certain costs and expenses by UBB.
Nevertheless, the costs and expenses that they charge have not been made public.
To put it differently, they can diminish your Trust Capital to whatever degree they desire. They have purposely utilized hazy terms in their arrangement so they don’t confront any lawful difficulty for imposing concealed expenses.
I discovered a user comparing UBB to a trustee under regulation. He pointed out that UBB doesn’t provide any evidence of its underlying investments. Furthermore, they don’t have a prospectus divulging this information.
Furthermore, they don’t disclose any details regarding the identity of the fund manager.
The company provides no indication as to whether their trusts are compliant with sharia law nor do they offer any protection in the event that they become insolvent.
The individuals affected by the actions of Dato Dr Siva Ananthan and UBB Amanah Berhad have come forward to share their stories.
A few months ago, an article was released on this website talking about the disreputable activities of this trustee. It was met with sharp criticism from the personnel of UBB Amanah Berhad, demonstrated through the comments on the post.
Nevertheless, a great many grievances can be found in the remarks.
This particular person was scammed out of more than RM40,000 from this firm, and the individual emphasizes that the company has no regard for its customers.
A person working as a part-time barman decided to invest in Dato Dr Siva Ananthan’s firm in order to gain a bit of extra money.
He discovered that his investment was fraudulent. He now emphasizes that the enterprise is one of the biggest cons in Malaysia.
Gripeo hosts an article which is comprised of an abundance of similar grievances.
Summing Up
In conclusion, it can be said that…
It’s evident that Dato’ Dr Siva Ananthan is not trustworthy as he presents himself to be. It is wise to exercise caution when dealing with him and his operations.
It is wise to steer clear from any involvement with him.
The Malaysian market is full of Ponzi schemes and scammers. ACE Holdings Bhd, for example, is one such company that has received a great deal of negative publicity.
An image of TradeATF can be seen below:
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