The Securities Commission Malaysia (SC) informed the general public in April 2019 that ACE Holdings Bhd had issued remedial disclosures on April 1, 2019, following the sections that the watchdog had issued on December 11, 2018.
As a direct consequence of this, ACE Holdings Bhd, also known as ACE Group, was required to make an unconditional redemption offer to any and all investors who had deposited private investments between PPM 2015 and 2018.
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DMCA Notice by ACE Holdings BHD, aka ACE Group
It would appear that ACE Holdings BHD has retained the services of a Reputation Agency in an effort to have this page removed from existence. They requested that this link be removed from Google’s search engines by submitting a Copyright Notice to the company yesterday.
ACE Holdings is unaware that this situation qualifies for protection under the copyright law’s fair usage policy. This is because the review in question is both informative and critical. We have communicated with our connections at Google and provided them with the appropriate counter-notice. We have been informed that this article will be reinstated with Google within the next seven business days.
Because of this attempt made by Internet Removals Pte Ltd on behalf of ACE Holdings, we have decided to investigate this unscrupulous firm further. We will shortly be releasing our most recent discoveries on Gripeo, as well as on our other network sites, as well as on a small number of helpful portals and media houses. Our goal is to provide potential customers (and victims) of ACE Group with as much information as possible while also bringing attention to the facts.
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On April 4, 2019, a notification regarding this topic was made available for investors by the Securities Commission of Malaysia (SC Malaysia). They have 21 days from the moment the offer was made to submit their application in order to be eligible for the refund.
In addition, SC recommended to the investors that they seek the opinion of a professional financial advisor in the event that they had any questions or concerns regarding the subject matter.
Why Did ACE Holdings BHD (ACE Group) Get Sanctioned?
The Supreme Court imposed a fine on the private investment firm after it was found to have promoted its fund-raising endeavors using representations that were both false and deceptive.
For instance, the organization used to pitch one of its fund-raising efforts by saying things like, “ACE Credit Sdn Bhd offers potential subscribers a stable investment in the consumer credit industry with security dividends from an increased cash flow.”
Their advertising also said that it utilized a business plan that produces recurring income alongside continuous expansion and a “rising standard of living.”
The original text was changed by ACE Holdings Bhd, also known as ACE Group, to read “AHB provides investors with a unique investment opportunity in the consumer credit industry.
In 2018 and 2019, ACE Holdings Bhd had been actively pursuing the acquisition of Apex Equity. In February 2019, the Securities Commission of Malaysia (SC) gave their conditional permission for the planned merger between Mercury Securities Sdn Bhd and Apex Equity.
What were the parameters of this authorization, exactly? The SC requested that ACE Investment Bank Ltd. withdraw from the transaction. It was a division of ACE Holdings Bhd, more commonly known as ACE Group today.
Additionally, ACE Investment Bank Ltd. did not concur with these terms and conditions. It was not obvious whether or not the SC had provided an explanation for the reason why they imposed such a particular requirement on the purchase.
The Aftermath
In addition to the alterations I described above, ACE Holding Berhad declared that the current authorized and paid-up share capital of the company was 50 million ordinary shares, each of which had a value of RM1. They used to assert that the number was 100 million ordinary shares, each worth RM1, prior to the imposition of the penalty.
Additionally, the corporation updated a statement for PPM 2018 to highlight the successful fundraising of more than RM250 million under PPM 2016, which was a change from the previous year.
In addition, they used to make the claim that they had been successful in raising capital for investment in Islamic financial products such as activities on the Islamic capital market, Islamic pre-IPO investments, and the Islamic credit industry.
In point of fact, they allocated RM142.47 million for shares, RM64.7 million for internal finance, RM33.72 million for property, RM79.95 million for retail financing, and RM423.42 million for corporate financing.
Clearly, they didn’t use the funds for what they had raised them.
At the time, ACE Holdings Berhad had shares in
- OCR Group Bhd
- ConnectCounty Holdings Bhd
- Sanchem Holdings Bhd
- Apex Equity Holdings Bhd
- Technodex Bhd
People Behind ACE Holdings Berhad: Board of Directors and Owner:
Annie Chang, sometimes known as Chang Al Nee, is the Group Managing Director as well as the CEO of the ACE Group. In addition to that, she was the one who started the business.
Choong Chee Meng, who is also known as Calvin, serves as the Group Executive director. And Yeo Wee Sun, also known as Sunny, is currently holding the position of Group Director at the Group Managing Director Office.
Ybhg. Tan Sri Dato’ Seri Dr. Ting is now serving as the Group Chairman of ACE Holdings Bhd. Additionally, the Eminent Shareholder of ACE Group is none other than Tuan Yang Terutama Tun Dato’ Seri Utama Ahmad Fuzi Bin Haji Abdul Razak.
Conclusion: Should You Invest with ACE Holdings Bhd (ACE Group)?
After learning that ACE Holdings Bhd had deceived to its shareholders in the past, it is very challenging to promote this company to potential customers. They were required to pay back millions of dollars after being reprimanded by the Supreme Court of Malaysia.
Undoubtedly, this is not a trivial subject.
In light of the past of the corporation, it is strongly recommended that investors keep their distance from this investment enterprise. In Malaysia, there is no shortage of superior and more dependable investment firms to choose from. You do not have to go with the one that has a troubled history.
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