PRESS RELEASE: Statement From UBB Amanah on MP Lim Lip Eng’s Claims in Parliament

FOR IMMEDIATE RELEASE

STATEMENT FROM UBB AMANAH ON MP LIM LIP ENG’S CLAIMS IN PARLIAMENT

23 February 2023, Kuala Lumpur – UBB Amanah Berhad today takes exception to the unsubstantiated allegations made by Kepong MP Lim Lip Eng.

In his statement made during the parliamentary seating on 21^st February 2023, YB Lim had alleged that Cash Trusts provided by our organisations are illegal deposits and had inferred that we are running a ponzi scheme. He had also named UBB Amanah Berhad and singled out our chairman, Tan Sri Dr Suleiman Mohamed as he elaborated in his list of alleged organisations running an illegal cash trust scheme.

We are disheartened with such irresponsible statements from YB Lim, whom had repeatedly raised and alleged these claims against us through his various statements in parliament, media outlets and his social media platforms.

UBB Amanah Berhad had been in the trust service industry for more than three decades. We are a fully licensed entity and our track record had been impeccable because we hold to heart the responsibility of our trust service to our clients. Our clients range from individuals to large organisations with various needs.

 We had been innovating the trust service industry to enable accessibility to Cash Trusts that had been traditionally believed to only be available to the affluent. We have a vision to materialise the benefits and protection within the trust service to a wider audience, and that include the likes of you and me. The fact that we are able to offer a competitive return, does not constitute that we are running on empty promises as an organisation. It is a result of UBB Amanah Berhad’s respectable and forward thinking management and advisors to enable us to continually build strong product offerings and activating new market segments in this industry.

We would also like to note that the authorities that regulate our services had never been given a reason to doubt the legitimacy of our business. We have not indulged in unrealistic claims, nor misrepresent ourselves in our offerings. YB Lim, as a representative who is legally trained, we had hope that he would have been more learned with the stringent and strict regulations and governance put in place by these authorities. We ask that responsible due diligence should be made by YB Lim who is an elected official mandated to serves the public when addressing these grouses and claims instead of playing fiddle to parties with different agenda.

We take exception to these continuous allegations and would be submitting a letter of invitation to YB Lim for an open dialogue. We also commit to further engage in educating the public on trust service, and especially Cash Trusts to dispel the misconception of its legitimacy and to introduce the regulations put in place to protect our clients.

For further Information, contact:

Arif Safwan Ismail

Email: Arif@ubbamanah.com

Tel: +603-6211 4199 (ext: 210)