KUALA LUMPUR (July 21): Cash trust UBB Amanah Bhd has filed a suit against online business training webinar provider Learnabee International Sdn Bhd and three others for a webinar series which allegedly maliciously portrayed and equated cash trust companies, and particularly UBB Amanah, as being Ponzi schemes.
In court documents sighted by The Edge, UBB Amanah said that the 15-session webinar series launched by Learnabee also insinuated that the cash trust is involved in illegal and fraudulent business operations with the intent of cheating its clients and customers of their money.
UBB Amanah has also named Learnabee directors Evanna Low Fei Ting (Low) and Johari Low Abdullah as well as its parent company Rockwills Corp Sdn Bhd — an alleged direct competitor of UBB Amanah of which Johari is also a director and its largest shareholder — as defendants in the suit.
The trust company said that the defendants’ actions in interfering with its business resulted in UBB Amanah suffering losses in the sum of RM8.615 million from July 2021 to June 28, 2022.
It alleged that Low — who is also a content producer for Learnabee — in a webinar series had demonstrated a forensic investigation on a particular trust company described as “A Trustee Company”, which UBB Amanah noted bore striking similarities to itself.
“[Low] asserted that the said ‘A Trustee Company’ has been operating in the trust industry and business for nearly three decades, with more than RM2.5 billion…
