In April 2019, the Securities Commission Malaysia (SC) told the public that ACE Holdings Bhd had issued corrective disclosures on 1 April 2019 after the sections the watchdog had issued on 11 December 2018.
As a result, ACE Holdings Bhd aka ACE Group had to issue an unconditional redemption offer to all investors who had placed private investments between PPM 2015 and 2018.
—— Start of Notice—–
DMCA Notice by ACE Holdings BHD, aka ACE Group
It seems ACE Holdings BHD has hired the services of a Reputation Agency to try and suppress this page. Yesterday, they filed a Copyright Notice with Google to take down this link from Google’s search engines.
You can see the notice at – https://lumendatabase.org/notices/28231736
Since this is a critical review and a newsworthy story, ACE Holdings is not aware that this falls under the fair usage policy of the copyright law. Appropriate counter notice has been submitted with our contacts at Google and we’ve been told that this article will be reinstated with Google within 7 business days.
Due to this attempt by Internet Removals Pte Ltd on behalf of ACE Holdings, we’re now looking deeper into this shady company and will soon be publishing our latest findings on Gripeo, and our other network sites plus a handful of friendly portals and media houses. We intend to bring the facts and maximum exposure to potential customers (and victims) of ACE Group.
—— End of Notice—–
Note that ACE Holdings Bhd aka ACE Group had raised RM814 million during this period and now had to return the entire sum to the investors.
The Securities Commission Malaysia released a notification about this matter on 4 April 2019 for the investors. At the time, they had 21 days to submit their application to get the refund.
Also, SC had recommended the investors to seek professional financial advice in case they had any doubt or confusion regarding the matter.
Why Did ACE Holdings BHD (ACE Group) Get Sanctioned?
The SC had sanctioned the private investment firm for using false and misleading statements while promoting its fund-raising projects.
For example, the company used to market one of its fund-raising projects as “ACE Credit Sdn Bhd offers potential subscribers a stable investment in the consumer credit industry with security dividends from an increasing cash flow.”
Their promotion also claimed that it had a business model which generates recurring income with constant growth and a “rising standard of living”.
ACE Holdings Bhd aka ACE Group modified it to “AHB provides investors with a unique investment opportunity in the consumer credit industry”.
ACE Holdings Bhd had been trying to acquire Apex Equity in 2018-19 and in February 2019, the SC granted a conditional approval for the proposed merger between Mercury Securities Sdn Bhd and Apex Equity.
What was the condition for this approval? The SC wanted ACE Investment Bank Ltd to exit the deal. It was a subsidiary of ACE Holdings Bhd which is now popular as ACE Group.
Furthermore, ACE Investment Bank Ltd didn’t agree to these terms. It was unclear if the SC had explained the reason why they imposed such a specific condition onto the deal.
The Aftermath:
Apart from the changes I mentioned above, ACE Holding Berhad also disclosed that its present authorized and paid up share capital was at 50 million ordinary shares of RM1 each. Prior to the sanctions, they used to claim the figure was 100 million ordinary shares of RM1 each.
Also, the company changed a statement for PPM 2018 to reflect the raising of funds exceeding RM250 million under PPM 2016.
Furthermore, they used to claim that they had raised funds for investment in Islamic financial products such as Islamic capital market activities, Islamic pre-IPO investments and the Islamic credit industry.
In reality, they used RM142.47 million for shares, RM64.7 million for internal financing, RM33.72 million for property, RM79.95 million for retail financing and RM423.42 million for corporate financing.
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:
The Group Managing Director and ACE Group CEO is Annie Chang aka Chang Al Nee. She is also the founder of the company.
Similarly, Choong Chee Meng, Calvin is the Group Executive director. And Yeo Wee Sun, Sunny is the Group Director, Group Managing Director Office.
The Group Chairman of ACE Holdings Bhd is Ybhg. Tan Sri Dato’ Seri Dr Ting. Also, Tuan Yang Terutama Tun Dato’ Seri Utama Ahmad Fuzi Bin Haji Abdul Razak is the Eminent Shareholder of ACE Group.
Conclusion: Should You Invest with ACE Holdings Bhd (ACE Group)?
After seeing how ACE Holdings Bhd lied to its investors in the past, it’s very difficult to recommend this company. They have faced reprimands from the SC Malaysia and had to return millions.
Certainly, it’s no small matter.
Seeing the history of the company, it would be best for investors to steer clear of this investment firm. There are plenty of better and more reliable investment companies in Malaysia. You don’t have to choose the one with a terrible past.
It is good to see someone exposing these criminals. ACE Holdings bhd lies about the profits of their trusts. The returns are not guaranteed no matter what their agents tell you. I made the mistake of investing with them and regret that decision to this day. Don’t invest with ace.
I have invested in ACE since July 2017 and redeemed my investment in July 2022.
They didn’t pay the last tranche of interest, and held back on repaying the principle sum.
They have gone totally silent.
I invested with one of their senior figures, and early this year, he told me he was an agent.
They’re cheats and liars, and please disseminate to your friends and family to prevent more victims.
Perhaps a Facebook page to this cause will do some justice.
I have invested in ACE last year. Investment matured on 31/8/22. But has yet to receive news from ACE about capital + interest disbursement. Had lot of bad news about ACE circulating in the martlet. Has anyone gotten their money back from ACE?
My investment has matured and redeemed last May. I was supposed to get my principle investment but now October 2022, Ace has not pay my principle investment but come out with a plan to pay by end of October 2022. Recently Ace came out with Memo saying they have to stop payment. One of the reasons is they are in the midst of embarking recovering plan mostly due to covid 19 pandemic.
Now Im not sure what is the mechanism of payment for those who have redeemed their investment
due to maturity. To Ace at least return our principle investment.
Hi michael do invest direct to ace group or agen
Through agent. How u got your money back?
Hv get the refund
Saya tidak akan mengesyorkan sesiapa melabur dalam ACE Holdings. Saya mendapat RM 50000 saya dengan syarikat itu apabila mereka menghadapi kes mahkamah daripada kerajaan Malaysia. Walaupun wang saya tersekat dengan mereka selama beberapa bulan selepas perintah mahkamah, mereka memulangkan wang itu. Tetapi pengalaman saya dengan ACE Holdings Berhad adalah neraka.
Skim pulangan tinggi syarikat hanyalah satu komitmen palsu, yang harus didedahkan secara terbuka supaya pelabur berhati-hati sebelum melabur dalam skim penipuan tersebut.
Selepas Mahkamah Malaysia meminta mereka membayar balik wang tersebut kepada pelabur, salah seorang rakan saya juga sanggup mendapatkan semula RM20,000nya daripada kumpulan ACE.
ACE Holdings Berhad mengambil alih RM25,000 daripada saya dan memberitahu saya akan mendapat keuntungan 20%.
Ia adalah satu pembohongan.
Belum ada untung. Saya hanya membayar yuran mereka dan sekarang mereka memberitahu saya untuk melabur lebih banyak. Mereka adalah satu penipuan.
Saya tidak akan pernah meminta sesiapa untuk melabur dalam syarikat penipuan seperti itu kerana terdapat banyak lagi pilihan yang tersedia di pasaran. Berhati-hati sebelum melaburkan wang titik peluh anda ke tangan penipu tersebut.
They are lying in their ads!! Don’t trust them.
I have lost more than RM50000 because Ace holdings bhd ????
Investing with them was a big mistake.
I didn’t get the promised returns.
Pengalaman saya dengan Ace Holdings Bhd agak biasa-biasa sahaja, ya janji-janji yang dibuat untuk pulangan tidak ditepati tetapi sekurang-kurangnya saya mendapat sedikit pulangan daripada syarikat. Selepas mendapat tahu bahawa syarikat itu menghadapi tindakan sedemikian, saya kecewa kerana orang yang menderita kerana wang mereka.
Their agents keep harassing…ugh!
I have told them I have no interest in their trashy products but they keep calling me, telling me to invest here and there.
I wasn’t going to invest anyway but you have just showed me why they are so horrible. They literally don’t care about their clients do they?
Kawan saya juga melabur dalam skim tersebut tetapi pulangan yang dijanjikan untuk dikembalikan tidak sama. Kami berasa ditipu tetapi tidak mengapa apabila kami mendapat kembali wang yang dilaburkan walaupun pulangan yang dijanjikan oleh syarikat telah dikemukakan secara palsu. Pulangan saya lebih rendah seperti yang dijanjikan sebelum pelaburan.
I have seen their ads several times. Thought I should look into their schemes. In my conclusion, ACE Holdings Bhd is definitely a scam. They were caught before and they haven’t done anything to improve.
I have seen them too. Had no idea they were a scam.
Saya juga kecewa apabila ACE Holdings Bhd menghadapi aduan dan kes itu didaftarkan di mahkamah Malaysia. Ibu saya juga takut apabila saya memberitahunya tentang pelaburan saya dalam syarikat penipuan sedemikian. Saya akan menasihatkan mereka yang telah mendapat wang mereka dalam syarikat sebegitu supaya menyedari tingkah laku syarikat itu.
I will never recommend you to invest in ACE Holdings as one of my friends was working with the company and he became so annoying. It was getting difficult for me to deal with him as he sometimes forced me to invest in the bogus schemes of the company.
ACE Holdings Bhd adalah satu penipuan. Mereka mengambil wang daripada kami dengan membuat janji palsu. Kami tidak mendapat pulangan yang dijanjikan ????
Saya telah melihat iklan mereka beberapa kali mengenai skim pulangan yang tinggi dan juga memberikan minat dari semasa ke semasa untuk kehidupan yang mudah. Tetapi perkara tidak sama seperti yang ditunjukkan. Jadilah bijak!
I have invested with ACE Holdings Bhd before. They don’t give you the promised returns.
I should have known better. The agent kept telling me how investing with this company would be the smartest decision but it was all lies.
My returns were way lower than what was promised. Not recommended.
Dang it must be terrible to lose your money like this. I have never considered Ace holdings to he a legit company. One of my friends is their agent and he has become too obnoxious to deal with.
My dreams of getting high returns from ACE Holdings were demolished. When I found that the company was facing sanctions from SC for raising false and misleading statements in their schemes to attract investors.
Dah buat permohonan utk amik balik pelaburan tu ke.dulu berurusan dgn siapa?
If you want to check whether you have invested in the right place or not, try to ask for a withdrawal from your company and check their behavior while the transaction is completed. If everything is smooth then you are at the place otherwise get back all your investment and change the company.
Tidak apa-apa untuk kalah kadang-kadang kerana hanya anda akan faham bahawa semua orang di bumi ini tidak dimaksudkan untuk mempercayai. Anda telah membuat kesilapan dengan mempercayai ACE Holdings Bhd.