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Hi - I'm seeking advice on what might be done to salvage a situation with an unethical managed fund in Dubai. I am an Aussie expat who chose to invest with ******, supposedly a very reputable financial management company which targets British and Aussie expats. I have been extremely disappointed with the service offered by *******- their "low risk" and "medium risk" funds which they invested in our our behalf have both been suspended with the low risk one being an absolute dead loss because the fund is in liquidation. We have lost almost half of the money which we invested with them over a 20 month period. I would hate to see how much they could lose in a longer period of time. Specific complaints and feedback:

- the "24 hour access" online fund tracking channel does not actually reflect the losses we have incurred - to this day it still gives the false impression that the investment has performed positively
- Our "dedicated financial manager" never once contacted us as promised to update us on the status of our investment. We were promised he/she would act on our behalf or atleast contact us to alert us of any potential situations
- We actually found out about the fund's collapse by Googling ourselves
- Upon requesting a phone call to update us on that situation our "fund manager" informed us that another one of our investments was in suspension. Supposedly she was only made aware of this one week prior to our conversation but another Google search showed that a letter was sent to investors 5 months ago about this so she obviously only checked when we asked her for an update

Overall we are extremely angry about the situation. Despite their glowing promises ***** have shown that they are ridiculously incompetent and play recklessly with individual household investors.

Currently we are unable to retrieve 80% of our investment as it has been either suspended or locked into a contract which will attract fees enough to wipe out our remaining investment. Is there anything which can be done about this? Has anyone else had similar experiences?
 
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