I have put some money into an off-shore fond just before I left Malaysia through a company based there. This was supposed to be like a fixed deposit, i.e. capital not at risk and guaranteed return (interest rate) minus a management fee. Of course the taxfree environement made also a good argument. But …
As it turns out now (after nearly a year) this was not true and the investment has lost around 15% already, probably more when I receive the next statement. Since I had to committ to 5 years I am very much afraid there will be nothing left at the end of that period.
Supposingly I can withdraw, against a penalty, 95% of what’s left after 12 month.
I have contacted the investment firm and the complaints officer responded with “We will investigate”. The agent who talked me into the investment doesn’t work for that company anymore (I was made aware of that before the trouble started) and his replacement is also very unresponsive to my (still friendly) inquiries.
Now I understand I have difficulties to proof that I have been cheated because there is basically no record of the discussions we had before I signed the dotted line, and thus no written documentation except the application form - which I guess doesn’t help much.
Given that neither the agent nor the complaints officer responds now (sent some friendly reminders) I intend to sue them.
So can anyone advise what are my chances or advise a lawyer who can help me with that?
I didn’t put my life savings in there but the amount is quite substantial and thus would justify the expense for a lawyer.
Any advise or recommendation appreciated (but no stupid comments please).