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Author: savemalaysia   |   Latest post: Mon, 9 Dec 2019, 2:40 PM


UBS admits top official’s gloomy outlook on Malaysian economy erroneous

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KUALA LUMPUR, April 24 — Swiss banking giant UBS has admitted that its senior officer Kelvin Tay had made wrong assertions about Malaysia’s economy when he said that the country had a current account deficit.

According to a report by Malaysiakini, the bank’s Singaporean branch said Tay, UBS’ regional chief investment officer, had also erred in saying that the removal of the Goods and Services Tax meant a higher dependence on oil revenue, during a live interview with Bloomberg TV.

UBS Singapore’s corporate communications head Adeline Lee reportedly said that Tay’s mistakes were due to the confines of the short interview.

She added that UBS “regrets any misunderstandings” as a result of Tay’s comments.

Pakatan Harapan leaders have criticised Tay as well as Bloomberg TV for airing such an interview, in which they maintain the official gave wrong facts about Malaysia’s economy.



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qqq3 UBS so lousy one.
24/04/2019 6:12 PM
setia2u SACK him!!!
24/04/2019 7:56 PM
VSOLAR Sailang Margin All In Chief Investment Officer leh... Sack liao find who oh
24/04/2019 7:57 PM
setia2u We are sick of all this so called Chief Analyst, analyst, investment head, Regional research manager etc etc ....
24/04/2019 7:58 PM
speakup wonder how much 'dedak' PH gave UBS to change their story.
24/04/2019 10:41 PM
Tommy Hu Gin Siong So proud to know that our country has capable politician who is a professional with high calibre and able to stand up to the so called world class investment analyst/economist. Lets hope that Pakatan government continue to buck up its act and rope in professionals from various discipline to help propel our Malaysian economy going forward.
24/04/2019 10:41 PM
VSOLAR Sailang Margin All In anyway really a joker... CIO can make such simple error... aiyah never trust IBs really. Rating agency also cannot trust ones, they are the one that caused 2008 GFC don't forget
24/04/2019 10:42 PM
speakup how come DAP Tony Pua Chu Kang support Bumi first (NEP) policy?
24/04/2019 10:53 PM
VSOLAR Sailang Margin All In no majority support no win election. Simple, when it comes to election quality doesn't matter, it's a matter of quantity. (number of votes count more than anything else).
24/04/2019 10:55 PM
speakup so all this while DAP shouting for "Malaysia for Malaysians" is just a gimmick? To cheat voters?
24/04/2019 10:58 PM
speakup so it is OK for DAP to support bumi NEP but not OK for MCA to support NEP?
24/04/2019 10:59 PM
Hevajra9999 It is pathetic that a company like UBS can have such a mediocre senior analyst who simply gave away comments without any facts and evidences.

The apology by UBS Adeline does not sound sincere at all, it does not help in any damage control either.

Besides, the excuse given by Adeline(due to the confines of short interview) sounds even more intrigue and vague. The length of interview has nothing to do with the professionalism of a senior analyst representing company like UBS and the likes.

I wonder what actions the Singapore Lee government will take if that kind of comments are hurled against them?

In conclusion, this is not due to misunderstanding nor negligence but a total disregards of professionalism and ethics. It should not happen in UBS Singapore or any similar company based in Asia, especially.

The relentless and baseless prejudice views and comments by these so-called senior analyst only make us smell rat, a systemic built up of tidal waves to wreck havoc on the financial markets where these companies can make tonnes of monies from the currency and equity markets.

The recent acts by these analysts only draw their companies on par with the notorious Goldman Sach who plays a major role in the 1MDB saga. By the way, doesn't it sounds funny and fishy where all these things originate from Singapore? Any coincidence?

As a reader of i3Investor, I have to voice my concerns because these people from UBS Singapore and the likes ( and the big power/deep state who is condoning them) are trying to disrupt the financial markets o f Malaysia to make immoral gains or with reasons only they themselves know.
24/04/2019 11:00 PM
dusti Not the forum for bashing DAP
25/04/2019 3:37 PM
qqq3 Hevajra9999 give u a like
25/04/2019 4:12 PM
qqq3 Malaysians must voice out.
25/04/2019 4:13 PM


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