Dr. Siva Ananthan: Allegations of Trustee Fraud in 2024

Dato’ Dr. Siva Ananthan is implicated in UBB Amanah Berhad’s opaque activities, adding another layer to the company’s complex web of operations. Despite his vital role, his relationship remains secret, with no mention of his name on the trustee firm’s website. Dr. Siva Ananthan’s position as Executive Deputy Chairman of GV Corporate Advisory has barely lasted two years, indicating recent involvement in such initiatives.

Before joining GV Corporate Advisory, Dr. Siva Ananthan was the CEO of Crest Worldwide Resources Sdn Bhd, a company ostensibly focused on property development and corporate advisory services. Crest Worldwide Resources Sdn Bhd offered a wide range of services, from corporate strategy advising to capital formation, positioning itself as a comprehensive player in the area. Notably, the corporation claimed a widespread presence in various Southeast Asian countries, including Australia, Taiwan, India, Japan, Indonesia, Thailand, Singapore, Sri Lanka, China, and Cambodia.

Dato’ Dr. Siva Ananthan also claimed to be the Principal Legal Consultant for the Amcorp Group of Companies, as well as the Principal Negotiator for Terra Corporation, Japan. These associations highlight his importance in the field of corporate consulting and negotiation, as well as his diverse involvement in a variety of ventures. 

His profile states that he was the Principal Negotiator for multiple public corporations owing more than RM80 million to Malaysian banks.

He is currently associated with UBB Amanah Berhad, a well-known Cash Trust firm in Malaysia.

Dato Dr. Siva Ananthan’s Past Experience:

Before taking on the post of CEO of Crest Worldwide Resources Sdn Bhd, Dato’ Dr. Siva Ananthan had a diversified professional background. Initially, he worked as an advisor for LTT Global Communications Sdn Bhd, a well-known mobile learning enterprise focused to extending the mobile ecosystem. LTT Global specialized in offering advisory services based on mobile technology advancements, with a particular emphasis on promoting the benefits of mobile device usage—an activity considered as unusual within the business. Notably, the organization claimed to have founded the Asia Pacific Mobile Learning & Edutainment Advisory Panel, demonstrating its importance and position in the field of mobile education projects.

Prior to joining LTT Global Communications Sdn Bhd, Dato’ Dr. Siva Ananthan was the CEO of Nirwana College from 1998 until 2003. Nirwana College distinguished itself by providing tuition services for the University of London’s Law Degree, catering to aspiring legal professionals seeking a quality education. Prior to his tenure at Nirwana College, Dr. Siva Ananthan oversaw the operations of Advance Tertiary College for a decade, making substantial contributions to its expansion and popularity in the education field.

Dato’ Dr. Siva Ananthan earned a Bachelor of Laws (LLB) (Honours) from the University of London, demonstrating his academic prowess and dedication to legal studies.

More about Dato’ Dr. Siva Ananthan and UBB Amanah:

UBB Amanah Berhad, a Malaysia-based autonomous private trustee, has been a part of the financial landscape for over three decades and has assets worth more than MYR2.6 million. However, recent criticism has put a pall over the company’s trust services, with suspicions surfacing about the questionable nature of certain cash trusts, as detailed in an article by The Edge Markets. Although the research does not name specific businesses, it does raise concerns about schemes that pretend to give excessive returns of up to 36% per year—in sharp contrast to current market rates.

Malayan Banking Bhd (Maybank), Malaysia’s largest bank by market capitalization, now offers fixed deposit rates of 2.1% for 12 months and 2.35% for a 5-year term. Furthermore, in FY2021, Maybank distributed dividends of 58 sen per share, resulting in a yield of almost 7%, which is regarded as significantly high within industry norms. The stark contrast between UBB Amanah’s stated returns and current market standards raises questions about the validity and sustainability of its investment plans.

Understanding Ponzi Schemes:

A Ponzi scheme is an investment concept in which participants are tempted with promises of extremely high returns with no related dangers. Investors deposit monies under the pretext of substantial profits allegedly earned by legal investing activity. In actuality, gains are funded by contributions from later investors, with a part siphoned off by scheme operators for personal profit. This cycle continues until the scheme crashes due to its unsustainable financial structure, resulting in significant losses for investors.

Bernard Madoff’s fraudulent activities resulted in his conviction and 150-year jail term in 2009, making him a well-known example of a Ponzi scheme. Despite claims of managing assets of US$65 billion, Madoff’s organization was found to have operated with insufficient reserves, depriving investors of their monies and showing the disastrous implications of such deceptive methods. 

Recent Controversy Over Dato’ Dr. Siva Ananthan’s UBB Amanah Berhad

 Although not publicly disclosed, Dato’ Dr. Siva Ananthan has a well-known association with UBB Amanah Berhad. However, recent controversies involving the corporation have brought it to the forefront, prompting Malaysian authorities to question the authenticity of specific financial products, particularly cash trusts.

Statements from Lim Lip Eng and Dr. Siva Ananthan

Lim Lip Eng, Chairman of the DAP National Public Complaints Bureau and Member of Parliament raised the issue, citing worry about the cash trusts’ constitutionality. Dr. Siva Ananthan shared the same comments, emphasizing the presence of bogus financial products on the market. He specifically drew attention to the huge sums of RM1 billion supposedly routed into these trusts between 2020 and 2021. 

Furthermore, Dr. Siva Ananthan criticized the regulatory oversight provided by Bank Negara and the Securities Commission Malaysia (SC), pointing out gaps that unscrupulous trustees exploit for financial advantage.

UBB Amanah Regulatory Framework

UBB Amanah Berhad is governed by the Malaysian Companies Commission (SSM), allowing it to operate without financial regulatory monitoring. This regulatory arrangement raises concerns about the effectiveness of the company’s oversight and enforcement measures, thereby exposing investors to unnecessary risks.

Media Reports and Implications

While media stories have not explicitly implicated UBB Amanah, their coverage has placed doubt on the company. Notably, a report referencing the attention encountered by some trustee businesses implies that UBB Amanah is included in the scope of regulatory concern.

What People Are Saying About Dato’ Dr. Siva Ananthan’s Company

Public perception and Forum Discussions

Beyond media attention, Malaysian forums have questioned the authenticity of UBB Amanah Berhad. While some forum members are skeptical, claiming that the company is involved in fraudulent operations, others, who may be associated with UBB, lavish the company with undeserved acclaim.

Product Evaluation and Critique

Forum discussions go into the nuances of UBB Amanah’s products, with a focus on the Cash Trust option. Users express concern about the disparity between promised returns and actual hazards involved with the investment. Concerns have been made concerning the lack of authority and openness around UBB Amanah’s operations, which calls its legitimacy into question.

Analysis of Trustees’ Practices

Forum participants discuss the Trust Act and its consequences for trustee corporations such as UBB Amanah. Critics point to imprecise terms and conditions, opaque investing techniques, and a lack of regulatory compliance, implying potential fraudulent operations.

Evaluation of advertising Claims

Users evaluate UBB Amanah’s advertising materials and identify disparities between anticipated and actual returns. Allegations of fraudulent marketing practices, a lack of transparency, and inadequate disclosure erode the company’s trust.

Forum debates end in suspicion about UBB Amanah’s validity, with users warning against investing in products with unverifiable promises and opaque business processes. The lack of tangible proof about underlying investments, regulatory compliance, and investor protection systems undermines confidence in the company’s products. 

Victims Speak Out, Exposing Dato’ Dr. Siva

A few months ago, an exposé occurred on this platform that put light on Dato’ Dr. Siva Ananthan’s questionable practices and his linked trustee firm, UBB Amanah Berhad. While the piece drew strong criticism from UBB Amanah Berhad employees, it also served as a forum for victims to air their problems, with the comment area overwhelmed with complaints.

Among the numerous complaints, one victim described a horrific experience in which they lost over RM40,000 due to their involvement with the company. The victim expressed significant disappointment over UBB Amanah Berhad’s obvious disregard for client welfare.

Another victim shared their experience, revealing their initial plans to supplement their income through investments with Dato’ Dr. Siva Ananthan’s firm. However, their aspirations were dashed when the investment turned out to be a hoax, resulting in substantial financial losses. The victim now regards the company as one of the most heinous scams in Malaysia.

Conclusion:

These testimonies show that Dato’ Dr. Siva Ananthan is not as trustworthy as he claims. Potential investors should use extreme caution when considering any connection with him or his businesses. Given the prevalence of Ponzi schemes and fraudulent actors in the Malaysian market, it is critical to exercise caution and avoid interacting with individuals and businesses with questionable reputations. Notably, ACE Holdings Bhd, like UBB Amanah Berhad, has received unwanted attention, emphasizing the importance of caution in financial dealings in Malaysia.