I guess I did not understand it was a piston type.
The first thing that I would try is an indignant phone call to the supplier stating that it IS DEFECTIVE and that the defect prevents it from being used for it's intended purpose.. Demand a replacement that works properly. If the person on the phone does not comply, then ask, no insist on talking to a supervisor or manager. If this does not work, then do not wait too long to take the next step, below.
I don't know how the banking laws work in Switzerland, but here, in the US, if you paid by CREDIT CARD, you can contact the card company and explain the situation. Use words like "FRAUD" and "DEFECTIVE" product. And demand that they reverse the charge and refund your money. That will get the attention of the supplier. If you paid by other means, then you may have a harder time getting your money back.
I don't care if it IS a cheap import, it should still work. It should serve it's intended purpose. And you should not have to modify or repair it. It is the seller's job to provide it in proper, working condition.
Return shipping costs money and the supplier should pay 100% of that cost. Many sellers don't want to pay that cost and you could wind up with two tool holders. But you would be lucky if one of them works properly. The seller, of course, should also pay the full cost of shipping the replacement.
If these sellers do not know that the import stuff they are selling is defective, then they will just continue to sell it to more unfortunates.
How are washers going to change the operating point of a cam pushing out the plungers?
Dave H. (the other one)