Wine Investors United Vs Premium Liquid Assets P L

My encounter with Jeffrey Chia the ex- COO of PLA Singapore at Alexandra Village

2012-01-10T18:03:00.000-08:00

It is certainly God's Will that I happen to bump into Jeffrey Chia on my way out from Alexandra Village after breakfast at Wei Chong Qi Prawn Noodle stall.

Jeffrey Chia was having breakfast with his Mrs & 2 year old son and he was feeding his young toddler the fried noodle. I went past him & turn back and he turn back to look at me as well.

I quickly went over to call out his name : "Jeffrey, what are you doing now ? "
Jeffrey confided & told me he is jobless for about 6 months now, and told me he was called in to assist in CAD investigations four times already and it might be difficult for him to work when he had to explain to the employers concerning the PLA saga.

I told him that Charles Tan claims to have dug into his own savings to pay the Malaysian Sales team when Chris Koo absconded with the money. Apparently it was not so. Jeffrey told me he was the one who dug into the Malaysian Office account to pay the Malaysian Sales Team. It seem that Charles Tan as usual always wants to boast of his good deeds & take credits for himself (this is assuming that Jeffrey Chia is telling me the real facts of what actually happen in Malaysia office)

I ask Jeffrey if he thinks Eldric Ko is guilty but he is non committal to acknowledging this fact/ fiction. He told me he himself did not know what was happening as he has no privy / signatory of the bank's money.
From what he understand / observe to have been happening it seems Eldric Ko who had started the company with Chris Koo Han Jet had trusted Chris completely with payment money to buy the wines but apparently Chris Ko play the fool and did not really used the money to buy wine.

I ask Jeffrey if he could contact Eldric Ko ? He told me lately he could not get hold of Eldric. But he is assisting Elderic's mother in handling the legal issues centering around law-suits from creditors because of the PLA saga which implicate Eldric Ko's mother & Stepdad as his Stepdad is the registered owner of the PLA SG office.

But Jeffrey also mention about Mr Wu, but he does not know who this Mr Wu is. Apparently Chris &/ or Eldric must have several layers whom they work with, or for all we might discover there could be a syndicate behind all these, since it is impossible to siphon HK 50M out of the country without authorities missing it unless the money has been laundered over many years since the company was set up.

But because it was nearing 8.10 am and I start work at 8 am --> I had to rush off to work.

Jeffrey decline to leave his contact number for fear of investors calling him.

So we parted ways.

Verify my Blog on Ping.sg

2012-01-10T17:33:00.001-08:00

naomicpk's Profile on Ping.sg

PLA Auction Sale 28 Oct 2011

2011-10-20T20:51:00.000-07:00

Naomi to CAD ASP Michelle Foo

2011-09-14T21:16:00.000-07:00

Thu, Sep 15, 2011 at 12:13 PM

To: "Michelle FOO (SPF)" <michelle_foo@spf.gov.sg>

Dear Michelle :

Our Group of about 70 investors are working with lawyer Arvind of Legal 21 LLC to consider Class Rep Action to recover wines in French warehouses.

Before we could do that we would like to find out what is the status of the CAD investigations into the PLA saga?

Will CAD be concluding this case soon, are there any assets recovered from PLA Singapore office & the 2 French warehouse?

Will CAD start criminal suit against PLA soon ?

Are there any hope of catching the criminals : KOO Han Jet & Eldric KO?

Does CAD have the name in Full of Eldric KO ?

Are sufficient wine holdings in FRench warehouse to necessitate legal action ?

Some of the 70 investors are considering but they are apprehensive to take action for fear there is no wine in the French warehouse- can the CAD confirm the wine holdings if the Group were to submit their wines bought from PLA Pte Ltd (Singapore ) office ? To date the list I have compiled amounts to about SGD 2.4M from 36 investors who submitted their wine details.

We await your kind reply.

Yours Sincerely,

Naomi Chan

90627471 (new HP)

Post Meeting Minutes concerning Class Suit Group 2 meeting with Legal 21 LLC Lawyer Arvind on Tuesday 26July 2011

2011-08-01T04:44:00.000-07:00

Thu, Jul 28, 2011 at 12:44 PM

Dear All :

We have a very fruitful meeting with our lawyer Arvind last evening at Arvind's office Legal 21 LLC. In fact we really appreciate ARvind can spare us his precious time beyond his office hours to give us his expertise advice in the PLA saga. And he is indeed very sincere & frank about his views in this matter. So I hope all of you can remember to thank him.

Updates :

Hong Kong & Singapore offices are registered under different company names & Licences, therefore rightfully those who bought from Singapore should join the Group 2 with Arvind.
In Singapore, Class Suits are know as Class Representative suits.
We have to let CAD complete their investigations, and publish their findings before we decide to proceed to seek Arvind's help sign a writ to liquidate the company in case we may be prejudiced. CAD might discover further information such as asset holdings or bank account holdings which we have no privy to.
After CAD has completed their investigations, file criminal charges against the fugitives, and subsequently the Court were to impose forced judgment (in absence of defendants, i.e. the fugitives ), & conclude the case. Then we can seek help from French lawyer well versed in French law, who can assist in appointing a liquidator for us to seek help to take possession of the wines in JF Hillebrand & BCB.
As of now to date based on those who have already submitted their wine holdings come to SGD2.46M (36 out of total 66 investors.
For those in the Group 2 keen to let Arvind look & review your contract for you, you may choose to pay SGD200 to sign a warrant to act.
For those who wish to explore advice from French laywer later, pls indicate your interest. We'll likely request ARvind to recommend French lawyer to assist us in this case.
As of now, according to Arvind, GRoup 1 under Sean La'Brooy are currently not yet pursuing litigation suit yet. their Group 1 only has a few active investors.
For all aggrieved investors, please help yourself to lay claim of your wine holding by doing the following :

(9.1 )Lodge police report & cc the report to CAD attention ASP Michelle FOO (the OIC handling the PLA case ) Note thought the CAD might have the wine holding listing from PLA Management in the course of their investigations by now, we also want to ensure the total investors as reported by PLA to CAD tallys with the actual investors who are defrauded. Also by submitting the police report, it might be of help to expedite the closing of the CAD investigations.

(9.2) For those who bought the 12% Fixed Return Plan, DO Write to BCB warehouse, France , Attn : Celline to lay claim to your wine there. Do attach the Tax Invoice, Cert & S&P Contract as evidence.

(9.3) For those who bought the En Primeur Plan, be it 2006, 2007, 2008 you DO write in to Katherine from JF Hillebrand, FRance, stating that you are the owner of the wine holding there. Do attach your En Primeur Cert, Tax Invoice, Insurance Cert & other relevant documents as evidence. If you wish to find out email & contact of Katherine & Celline, pls goto the earlier postings to check out sample standard emails at http://wineinvestorsunitedvspla.blogspot.com.

(9.4) Those who have yet to submit their wine details & investment amount etc, pls do so asap. If
you do not submit I cannot consolidate total amount to lawyer Arvind.

10. We have also met with TODAY ONLINE reporter Cheow XinYi who is folowing up on the trail of PLA saga. But because we have yet to officially form a Class Rep Suit, she has less confidence that her editor boss will allow her article to be published. But our group has tried our best to request her to write the report for us, purely for the reasons below :

(10.1) to encourage more aggrieved investors to step forward, as of now with about 40 from Sean's Gp 1 & 66 from ARvind's Gp 2 only total about 100 investors have stepped forward, so we are hooping the balance will make up for lost time. Unfortunately CAD cannot help us, though I believe they have the total investor number.

(10.2)to deter other future potential investors from investing in alternative investments that appear to be scams in disguise.

(10.3)to shake up the relevant authorities to consider setting up Regulatory bodies to regulate Alternative investments to protect the interest of consumers.

Note I have temporarily place my blog on private blog for the time being.

DO me have your thoughts on this.

Rgds.

Naomi

逾400人買酒花被騙涉款半億

2011-07-18T10:00:00.000-07:00

明報新聞網

逾400人買酒花被騙涉款半億
中介「優酒資產」突關門
【明報專訊】灣仔警區重案組接手調查本港歷來最大宗的「紅酒酒花(紅酒期貨)」騙案。一間叫「Premium Liquid Assets(優酒資產)」的跨國中介紅酒經紀公司，以投資紅酒回報率可達一至三成作招徠，吸引不少港人投資「酒花」，但公司近日突關門。警方估計案件涉及逾400受害人，涉款達5000萬元，即平均每人損失逾12萬，案件列涉嫌詐騙案處理，暫未有人被捕。
事件帶出本港每年達數億元的「紅酒酒花」交易無王管，投資者向中介經紀公司付清十足金額訂酒花後，若中介公司結業，投資者恐血本無歸。有業內人士強烈呼籲散戶切勿光顧商譽成疑的中介公司，免招損失。
因今年剛巧是08年生產紅酒酒花交貨季節，而買了08年酒花者一般可獲數倍巨利，故香港紅酒協會會長張耀成及立法會議員詹培忠估計，中介公司關門最可能原因有二。其一是有人兩年前收了客人訂金後把錢用作其他投資，未有如數購入酒花，結果卻因紅酒價格不斷上升，致無力追回紅酒交貨給客人；其二是中介公司可能亦被其他紅酒出口商所騙，致付錢後取不到紅酒。
以年回報可達30％作招徠
法國著名酒莊由葡萄收成到美酒釀成一般需約3年。酒莊為確保收入穩定多會在採葡萄後約半年訂出俗稱「酒花」的紅酒期貨價格，要求訂購者全數付款，約兩年半後付運。若紅酒價升訂購者便獲利，由於09年起紅酒價有升無跌，投資酒花幾乎必賺，故吸引大量港人及內地人參與。
突關門的「優酒資產」中介公司，便是藉收佣代港客訂購酒花圖利，08年起在灣仔告士打道設辦事處，網頁聲稱公司在波爾多、新加坡及上海都有分店，又指每月參與紅酒交易以百萬歐元計；網頁聲稱投資紅酒每年回報率可達12%至30%。其香港分公司股東及董事均名為「Koo Han Jet」，但據悉近日公司某個負責人失蹤，有被欠薪員工遂報警，公司亦停業。昨有報道指堪輿學家蘇民峰亦是受害人，損失逾百萬，但記者昨未能聯絡上蘇民峰。
有指蘇民峰損失逾百萬
警方指前日起收到市民求助，指在上述公司購物及投資後，未取得貨物或取回款項，故列作涉嫌詐騙案處理，估計涉400受害人，涉款5000萬。優酒資產告士打道辦事處昨仍關門，門外貼有警方告示，呼籲受害人聯絡灣仔警區重案組，亦有受害人張貼另一告示籲其他受害人團結報警。

Premium Liquid Assets（优酒资產）

2011-07-18T09:56:00.000-07:00

For complete story read the news from http://www.tyjkx.com/ 糖烟酒快讯

【明报专讯】湾仔警区重案组接手调查本港歷来最大宗的「红酒酒花（红酒期货）」骗案。一间叫「Premium Liquid Assets（优酒资產）」的跨国中介红酒经纪公司，以投资红酒回报率可达一至三成作招徠，吸引不少港人投资「酒花」，但公司近日突关门。警方估计案件涉及逾400受害人，涉款达5000万元，即平均每人损失逾12万，案件列涉嫌诈骗案处理，暂未有人被捕。

事件带出本港每年达数亿元的「红酒酒花」交易无王管，投资者向中介经纪公司付清十足金额订酒花后，若中介公司结业，投资者恐血本无归。有业内人士强烈呼吁散户切勿光顾商誉成疑的中介公司，免招损失。

因今年刚巧是08年生產红酒酒花交货季节，而买了08年酒花者一般可获数倍巨利，故香港红酒协会会长张耀成及立法会议员詹培忠估计，中介公司关门最可能原因有二。其一是有人两年前收了客人订金后把钱用作其他投资，未有如数购入酒花，结果却因红酒价格不断上升，致无力追回红酒交货给客人；其二是中介公司可能亦被其他红酒出口商所骗，致付钱后取不到红酒。

以年回报可达30％作招徠
法国著名酒庄由葡萄收成到美酒酿成一般需约3年。酒庄為确保收入稳定多会在採葡萄后约半年订出俗称「酒花」的红酒期货价格，要求订购者全数付款，约两年半后付运。若红酒价升订购者便获利，由於09年起红酒价有升无跌，投资酒花几乎必赚，故吸引大量港人及内地人参与。

突关门的「优酒资產」中介公司，便是藉收佣代港客订购酒花图利，08年起在湾仔告士打道设办事处，网页声称公司在波尔多、新加坡及上海都有分店，又指每月参与红酒交易以百万欧元计；网页声称投资红酒每年回报率可达12%至30%。其香港分公司股东及董事均名為「Koo Han Jet」，但据悉近日公司某个负责人失踪，有被欠薪员工遂报警，公司亦停业。昨有报道指堪舆学家苏民峰亦是受害人，损失逾百万，但记者昨未能联络上苏民峰。

有指苏民峰损失逾百万
警方指前日起收到市民求助，指在上述公司购物及投资后，未取得货物或取回款项，故列作涉嫌诈骗案处理，估计涉400受害人，涉款5000万。优酒资產告士打道办事处昨仍关门，门外贴有警方告示，呼吁受害人联络湾仔警区重案组，亦有受害人张贴另一告示吁其他受害人团结报警。

Is this where KOO Han Jet or Eldric KO is peeking at us from where they are now based ??

2011-07-18T09:13:00.000-07:00

These are my Stats as at today, wonder if any of these could be really KOO Han Jet or Eldric KO peeking at us from where they are based now ??

Otherwise why would someone from far away Spain, Seoul, US, UK be interested in my blog on wine fraud at PLA Pte Ltd, and dare not leave behind any referral URLs?

Let us take an Acepoll vote to see where Eldric is ?
Clustrmap

Monday, 18 July @ 9:50 : Singapore, SG

Monday, 18 July @ 4:59 : Kuala Lumpur, MY

Monday, 18 July @ 4:12 : Sydney, AU

Monday, 18 July @ 1:40 : Ipoh, MY

Monday, 18 July @ 6:27 : Kuala Selangor, MY

Monday, 18 July @ 3:45 : Zürich, CH

Saturday, 16 July @ 2:53 : Seoul, KR

Saturday, 16 July @ 1:57 : Sevilla, ES

Friday, 15 July @ 4:32 : Melville, New York, US

Friday, 15 July @ 10:33 : Wentworthville, AU

Thursday, 14 July @ 6:55 : Napa, California, US

Stat Counter

	Date	Time	System		Location	Host Name/Web Page/Referring Link
	18 Jul	03:44:05	Safari iPad iOS 768x1024		Zürich, Zurich, Switzerland	Bluewin (46.14.8.105) Wine Investors United Vs Premium Liquid Assets P L www.google.ch — premium liquid assets news

	Date	Time	System		Location	Host Name/Web Page/Referring Link
	16 Jul	14:57:42	Chrome 12.0 Win7 1366x768		Seoul, Seoul-t'ukpyolsi, Korea, Republic of	Hanaro Telecom, Inc. (61.101.48.39) Wine Investors United Vs Premium Liquid Assets P L: July 2011 (No referring link)
	16 Jul	14:53:03	Chrome 12.0 Win7 1366x768		Seoul, Seoul-t'ukpyolsi, Korea, Republic of	Hanaro Telecom, Inc. (61.101.48.39) Wine Investors United Vs Premium Liquid Assets P L (No referring link)

Date	Time	System	Location	Host Name/Web Page/Referring Link Show Full URLs
10 Jul	20:32:28	IE 8.0 WinVista 1024x768	Essex, Maryland, United States	Verizon Internet Services (74.103.37.11) Wine Investors United Vs Premium Liquid Assets P L: How to avoid Investment scam www.google.com — investors united scam #6
9 Jul	22:37:33	IE 8.0 WinXP 1280x800	Taneytown, Maryland, United States	Equant (206.49.63.193) Wine Investors United Vs Premium Liquid Assets P L#url=http://wineinvestorsunitedvspla.blogspot.com/ 2011/07/leprime-school-of-technical-fundamental. html&size=medium&count=true&id= I1_1310222156125&parent=http:// wineinvestorsunitedvspla.blogspot.com&rpctoken =746213834&_methods=onPlus (No referring link)
9 Jul	22:36:54	IE 8.0 WinXP 1280x800	Taneytown, Maryland, United States	Equant (206.49.63.193) Wine Investors United Vs Premium Liquid Assets P L us.mg5.mail.yahoo.com/dc/launch?.gx=1&.rand=0ujidiibf6igc
9 Jul	22:34:52	IE 8.0 WinXP 1280x800	Taneytown, Maryland, United States	Equant (206.49.63.193) Wine Investors United Vs Premium Liquid Assets P L us.mg5.mail.yahoo.com/dc/launch?.gx=1&.rand=0ujidiibf6igc
8 Jul	19:14:00	IE 8.0 WinXP 1280x800	Taneytown, Maryland, United States	Equant (206.49.63.193) Wine Investors United Vs Premium Liquid Assets P L us.mg5.mail.yahoo.com/dc/launch?.gx=1&.rand=6v75do6ev7mgg

00:09:25 8 Jul 2011 to 00:31:04 19 July, 2011

Filtered: Recent activity from Andalucia, Spain.
See also Traffic, Visitor Paths, Came From, Keyword Analysis & Visitor Map.

Date	Time	System	Location	Host Name/Web Page/Referring Link
16 Jul	02:13:01	Safari iPad iOS 768x1024	Sevilla, Andalucia, Spain	Vodafone Spain (77.208.135.216) Wine Investors United Vs Premium Liquid Assets P L: PLA Limited HK Company Register - contribution from Vicky wineinvestorsunitedvspla.blogspot.com/
16 Jul	02:10:21	Safari iPad iOS 768x1024	Sevilla, Andalucia, Spain	Vodafone Spain (77.208.135.216) Wine Investors United Vs Premium Liquid Assets P L www.google.com.sg — premium liquid assets police #2
16 Jul	02:09:09	Safari iPad iOS 768x1024	Sevilla, Andalucia, Spain	Vodafone Spain (77.208.135.216) Wine Investors United Vs Premium Liquid Assets P L: Naomi to All wineinvestorsunitedvspla.blogspot.com/
16 Jul	02:06:28	Safari iPad iOS 768x1024	Sevilla, Andalucia, Spain	Vodafone Spain (77.208.135.216) Wine Investors United Vs Premium Liquid Assets P L wineinvestorsunitedvspla.blogspot.com/
16 Jul	01:56:53	Safari iPad iOS 768x1024	Sevilla, Andalucia, Spain	Vodafone Spain (77.208.135.216) Wine Investors United Vs Premium Liquid Assets P L www.google.com.sg — premium liquid assets police #2

00:09:25 8 Jul 2011 to 00:31:04 19 July, 2011

Filtered: Recent activity from Extremadura, Spain.
See also Traffic, Visitor Paths, Came From, Keyword Analysis & Visitor Map.

Date	Time	System	Location	Host Name/Web Page/Referring Link
12 Jul	03:10:46	Safari iPad iOS 768x1024	Badajoz, Extremadura, Spain	Vodafone Spain (77.208.96.177) Wine Investors United Vs Premium Liquid Assets P L www.google.com.sg — premium liquid assets police #1
12 Jul	03:08:32	Safari iPad iOS 768x1024	Badajoz, Extremadura, Spain	Vodafone Spain (77.208.96.177) Wine Investors United Vs Premium Liquid Assets P L: Naomi to Michael Wang - Thu, Jun 23, 2011 at 11:40 PM www.google.com.sg — premium liquid assets police #2
12 Jul	03:07:44	Safari iPad iOS 768x1024	Badajoz, Extremadura, Spain	Vodafone Spain (77.208.96.177) Wine Investors United Vs Premium Liquid Assets P L www.google.com.sg — premium liquid assets police #1
12 Jul	03:06:15	Safari iPad iOS 768x1024	Badajoz, Extremadura, Spain	Vodafone Spain (77.208.96.177) Wine Investors United Vs Premium Liquid Assets P L www.google.com.sg — premium liquid assets police #1
9 Jul	14:49:28	Safari iPad iOS 768x1024	Badajoz, Extremadura, Spain	Vodafone Spain (77.208.96.177) Wine Investors United Vs Premium Liquid Assets P L www.google.com.sg — premium liquid assets police #4

00:09:25 8 Jul 2011 to 00:31:04 19 July, 2011

Filtered: Recent activity from Illinois, United States.
See also Traffic, Visitor Paths, Came From, Keyword Analysis & Visitor Map.

Date	Time	System	Location	Host Name/Web Page/Referring Link
13 Jul	23:43:23	IE 8.0 Win7 1440x900	Chicago, Illinois, United States	Speakeasy (216.149.187.194) Wine Investors United Vs Premium Liquid Assets P L: Photos of Chris KOO Han Jet & Eldric KO - contributed by Vicky wineinvestorsunitedvspla.blogspot.com/
13 Jul	23:41:34	IE 8.0 Win7 1440x900	Chicago, Illinois, United States	Speakeasy (216.149.187.194) Wine Investors United Vs Premium Liquid Assets P L wineinvestorsunitedvspla.blogspot.com/2011/06/soo-kh-another-reply-from-benjamin.html
13 Jul	23:38:33	IE 8.0 Win7 1440x900	Chicago, Illinois, United States	Speakeasy (216.149.187.194) Wine Investors United Vs Premium Liquid Assets P L: Francios to Naomi - Thu, Jun 23, 2011 at 5:12 AM www.google.com — eldric ko
13 Jul	23:38:33	IE 8.0 Win7 1440x900	Chicago, Illinois, United States	Speakeasy (216.149.187.194) Wine Investors United Vs Premium Liquid Assets P L: Soo KH - Another reply from Benjamin Curtis www.google.com — eldric ko

00:18:29 8 Jul 2011 to 01:14:35 19 July, 2011

Filtered: Recent activity from London, United Kingdom.
See also Traffic, Visitor Paths, Came From, Keyword Analysis & Visitor Map.

Date	Time	System	Location	Host Name/Web Page/Referring Link
8 Jul	05:38:56	Safari 5.0 MacOSX 1920x1200	London, United Kingdom	Be Un Limited (188.222.116.227) Wine Investors United Vs Premium Liquid Assets P L: Dennis to all - Wed, Jun 22, 2011 at 4:09 PM www.google.com — "Eldric Ko" #6
8 Jul	05:14:54	Safari 5.0 MacOSX 1920x1200	London, United Kingdom	Be Un Limited (188.222.116.227) Wine Investors United Vs Premium Liquid Assets P L (No referring link)
8 Jul	05:12:01	Safari 5.0 MacOSX 1920x1200	London, United Kingdom	Be Un Limited (188.222.116.227) Wine Investors United Vs Premium Liquid Assets P L (No referring link)

Police reports made as wine deal sours

2011-07-15T02:10:00.000-07:00

Upset investors claim UAG has failed to pay promised returns

By Tessa Wong

A GROUP of disgruntled investors has lodged police reports against a prominent wine investment company for delaying payouts due.

The investors claim that Universal Assets Group (UAG) should have made the promised investment returns, worth several thousands of dollars, several months ago.

The police have confirmed that they are looking into the matter. The Straits Times understands that the Commercial Affairs Department (CAD), which investigates white-collar crime, is on the case.

The investors had got on board a one- year 'buy-back' scheme, under which they purchased bottles of wine, to be left in the care of the company; after a year, they were to sell the wine back to the company at a profit.
They put in between $6,000 and $60,000 each into the scheme after being told of guaranteed returns of between 10 per cent and 12 per cent.

The seven investors who went to the police were expecting payouts in February or March; 10 more investors have not yet filed police reports because their investments are maturing only later this year.
The group claims that UAG has asked them to wait longer; they were told that the company was having difficulties paying its customers as a result of the poor economic climate.

But the investors are tired of waiting. Besides going to the police, the group - formed by UAG customers who had aired their complaints in an online investment forum - is also seeking legal advice for a possible class-action suit.

The group claims that UAG has asked them to wait longer; they were told that the company was having difficulties paying its customers as a result of the poor economic climate.
But the investors are tired of waiting. Besides going to the police, the group - formed by UAG customers who had aired their complaints in an online investment forum - is also seeking legal advice for a possible class-action suit.
A 36-year-old investor, who wanted to be known only as Lea, said: 'I don't know whether these repayments will really happen. I've waited for two months, and when I started to chase them, my broker and the UAG management didn't even respond to my calls.'
The human resource executive said she paid $60,000 for 60 bottles of French wine in February last year, and was to have received $66,000 this year. She was sent letters promising her money would arrive in February, and then March, but has not seen any money to date.
UAG's chief executive, Mr Dominic Sim, did not respond to repeated calls to his mobile phone.
A broker with the company, who spoke on condition of anonymity, said Mr Sim had said at a staff meeting last month that the wine market was languishing, and that the company needed more time to find willing buyers for their customers' wine stocks.
It is estimated by insiders that UAG has 1,000 clients, a third of them on the 'buy-back' deal. The scheme, in place since 2007, had given regular payouts until February.

Wine investment, while still relatively new, has gained pace recently.
At least five companies have set up shop here in the last five years, offering wine portfolios or opportunities to invest in a wine fund.
Industry experts estimate that there are close to 5,000 wine investors here now, twice the number five years ago.
The Consumers Association of Singapore (Case) said it has received 16 complaints against UAG since it was set up in 2005.
Case's executive director Seah Seng Choon, recommending that affected investors seek legal advice, noted that the Small Claims Tribunal would probably not take on their cause because it is an investment product.
He said that if the returns were guaranteed in writing, the investors 'probably have a good chance of getting money'.
He added that consumers should exercise extreme caution with new investment instruments such as this. twong@sph.com.sg

Wine brokers who can sell your wines for you

2011-07-15T01:52:00.000-07:00

I manage to find some wine brokers who can sell wines for you for those who have wines under their personal name account. Check out the link
http://www.martinlee.sg/uag-wine-buyback-gone-sour/

Michael Lee Port says:

March 29, 2011 at 6:53 pm (UTC 8)
Reply
Has anyone had any experience successfully selling their wines to David M. Bailey a private wine broker and consolidator using email address winebroker@mail2auction.com?
I was referred to him by a colleague of mine who claims that he was able to sell his entire wine portfolio to David and even made a profit on the sale.
I did my due diligence and David is registered with the National Auctioneers Association in the United States but I’m still skeptical because he takes his commission up front and I don’t want to get caught in another scam.
Even tho my colleague assured me that he did receive the exact amount promised by David within the time period given I’m just being cautious.
Any experiences good or bad please advise.
M. L. Port
1. Michael Lee Port says:
  
  March 31, 2011 at 3:36 am (UTC 8)
  Reply
  I was able to sell all my wines thru David M. Bailey and although the price he gave me was a bit less than I had hoped for, at least David did what he said he would do when he said he would do it.
  That was quite a refreshing change from AWI.
  Bear in mind he is in it for profit and takes his commission up front but at least I got paid in full and there were no hidden charges.
  There were a couple of 07 wines that he would not buy so I will drink them myself but all in all he was very fair.
  His email is winebroker@mail2auction.com
  regards,
  James Chan

UAG Wine Buyback Gone Sour

2011-07-15T01:46:00.000-07:00

Another Wine fraud company - UAG

12 May 2009

Yesterday, the Straits Times reported that a group of Universal Asset Group (UAG) wine investors had lodged a police report for delayed payment of their investments.

These investors had participated in a one year “buy-back” scheme, where they purchased bottles of wine which was to be left with the company.

The company promised a buy-back of their wine after a year at a guaranteed return of between 10 to 12 percent.

Apparently, some of these investors who were supposed to get back their money in February or March this year have yet to do so. UAG has asked them to wait longer as they were having difficulties finding buyers for their wine due to the economic climate.

CASE recommends that investors to seek legal advice as investment products do not fall under the purview of the Small Claims Tribunal.

There are at least five companies which have set up shop here in the last five years, offering wine portfolios or opportunities to invest in wine.

UAG Winding up order by th Receiver - Investor to log on to IPTO to list as creditor

2011-07-15T01:40:00.000-07:00

In the case of UAG, there was a winding up order, and investors (victims) were ask to log on to IPTO website to list as creditor vs UAG.

I enclosed the forum discussion below from http://www.martinlee.sg/uag-wine-buyback-gone-sour/ FYIP :

Anthony says:

July 3, 2010 at 4:14 pm (UTC 8)

Hi EW,
I paid $510 for each bottle of Grange on 2008. Unfortunately, all the 18 bottles of wine are stored in 12deg and not in my possession.
I have contacted 12deg but was informed of the following :
“An appointed receiver had stepped in to look into UAG matters on 04/12/2009. For information, there will not be any movements of the wines even there is any allocation under the clients name which still in UAG Arms (Lot Nos) during their investigation.
I was also advised “You may wish to log on http://www.ipto.gov.sg to list yourself as one of the creditors against Universal Assets Group Pte Ltd. The winding up number is 123 of 2009″. Can I still log in now to register now ?

Wine investment firm boss (AWM) was pushing deals with margins of 20 per cent, say sources

2011-07-15T01:35:00.000-07:00

Wine investment firm boss (AWM) was pushing deals with margins of 20 per cent, say sources
SINGAPORE - Several days before he suddenly could not be contacted, Mr Benny Lee Ghim Seng (picture) was aggressively wooing clients of his wine investment firm to put in more money.

Out went the usual two- to five-year investment period with returns of between 6 and 8 per cent. Benny - better known as Keegen to his clients - laid more enticing offers on the table: Deals as short as three months, with profit margins as high as 20 per cent.

For these customers of Assets Wine Management (AWM) - many of whom were savvy investors looking to diversify their portfolio - such sales tactics should have set off alarm bells.

But to many of them, Keegen, 38, was also a friend who had delivered on his promises in the past.

MediaCorp spoke to five investors who had pumped in between $15,000 and $50,000 in the three months before Keegen went missing on June 6. He is believed to have fled the country with his wife Kally Quee Yen Ping, 32, taking with them hundreds of thousands of dollars belonging to clients.

One investor, who works in the finance industry, said: "Keegen was, as usual, very persuasive. I thought I could trust him because I have been getting my payouts consistently since I started investing with AWM in 2006."

The rot at AWM - which boasts on its website of having about 1,000 investors and about $10 million in investments - could have set in as early as last year.

According to those familiar with the industry, investors were spooked after another wine investment firm, Universal Asset Group, was reported to the authorities for delayed payouts of clients' investment returns.

UAG folded months later.

After that, AWM's business started bleeding, sources claimed, while staff strength was cut from eight to three when its Duxton Road office closed abruptly on June 15.

Keegen also borrowed money from friends and was also in the process of selling off his HDB home in Pasir Ris, one of his friends told MediaCorp.

However, what drove him to run away was not business failure, but legal woes, as he is believed to have run afoul of the law in May, according to sources.

Associate Professor Fong Wai Mun, from the National University of Singapore's department of finance, advised investors to be more cautious when it comes to non-traditional investment products, such as wine.

Before investing, they should do background checks on the company and the proprietor. They should also consider the risk if they are not able to see the bottles of wines they are investing in.

He said: "Investors should always ask questions when someone promises exceptionally high returns over short periods.

"At the end of the day, it's still the same advice: If it sounds too good to be true, it probably is."

Wine con artist aka fraudster Keegen Lee, AWM

2011-07-15T01:13:00.000-07:00

Managed to dug out another wine con artist aka fraudster Keegen Lee, AWM. Wonder where is he ??

Tan Chye Luan

Wed, Mar 19, 2008
AsiaOne

A fine (wine) investment

How worthwhile is it to invest in wines? How long before we can cash in? And when wine becomes an asset, can we drink it? These and more questions about wine investment are answered by Mr Keegen Lee, regional sales director of Assets Wine Management.

What are the advantages of investing in wines?
Investing in fine wines is an activity that has been around for centuries. Do you know that for the past 25 years, fine wines have proven to be one of the most consistently stable, high-yielding, and low-risk investments in the world?
With capital growth of over 300 per cent since 1992, wine as a commodity has outperformed the FTSE 100 index, Victorian art and gold.
In fact, fine wine as an investment has many advantages over other structured investments - such as unit trusts, bonds and equities - as it benefits from the following attributes:

Tax free
World-wide demand
Increasing rarity
Decreasing availability
Low risk
Customised portfolios
Easily realisable
Personal ownership of tangible asset
No annual management fees

Once bottled, fine wines mature and improve with age. A limited amount is produced every year. Hence, investment-grade wine is an improving asset. As fine wines mature and come into their drinking window, some are consumed - making the remaining supply even more rare, which in turn adds yet more upward pressure to their prices.
Also consider these favourable factors:

Firstly, fine wine has benefited from a dramatic increase in popularity and there is an established and thriving fine wine auction market. Therefore, it is quite unlikely that demand will diminish.
Secondly, wine is a transferable asset - a liquid legacy.
Thirdly, there is no limit to the amount you can invest in wine and as, technically, wine is a 'perishable' item, it is not subject to capital gains tax.
Lastly, returns aside, a good glass wine is a pleasure to the senses, a fine toast to your good taste.

So, just as the early bird gets the worm, early purchase of a good vintage will yield good returns as supply dwindles over time.
For those new to this form of investment, how should they get started?
Smart investing is only possible when you are armed with the right information. To help you, there are trained professionals who can thoroughly study your wine portfolio and create for you the best exit strategy to maximise the returns for your investment.
As an investor in fine wines, there are some basic guidelines you should note in order to secure better benefits and gains.
For instance, less than one per cent of all the wines worldwide are of investment grade. In all fine wines, price is considered the principal gauge of quality.
However, prices are affected by more than just the quality of a wine. Scarcity usually increases the value of the wine as well. As wines age, they may increase in quality, or in scarcity, thus increasing its value either way.
These basic pointers should put you on the right path towards investment success:

Focus on the top wines from the best vintages. Only a fraction of the wines produced worldwide will increase with value if kept.
Store the wine correctly and, preferably, in professional temperature-controlled cellars.
If purchasing in Europe, buy and store wines 'under bond' so sales taxes do not become payable.
Take advice from established and reputable retailers and importers.

In the wine business, you also need to consider these areas of influence:

'Buying and selling fine wine has become a pleasurable, profit-making activity, all without consuming a drop. Purchasing wine purely for personal consumption is all fine and dandy but, in recent times, the investment potential of a good vintage has become too attractive to ignore.' -Keegen Lee, regional sales director of Assets Wine Management

Wines score
Scores assigned to vintages by prominent wine writers have always set the trend in influencing buyer preferences and market swings. These scores serve as a yardstick for wine buyers and drinkers, potential investors and traders to take a position and affect the market without necessarily knowing anything about the wine. Invest in wines that have received at least 90 pointers and above by Robert Parker as he is still undeniably the most influential wine critic in the world.
Wine futures
Wine futures (also known as "En Primeur") refers to buying wine after it is made, but before it is bottled. Cask samples of wines are made available for tasting to wine journalists and the large wholesale buyers in the spring following the vintage. The wine is generally bottled and shipped around two years later.
In good vintages, wine futures can offer the investor the greatest return; the initial release prices are usually the lowest. However, when buying wine futures, it is strongly recommended that you deal only with established and reputable retailers and importers.
Wine storage
No matter how good the wine or how great its maturing potential, if stored incorrectly, it will never realise its full potential. You may think that a cool spot in the garage or the back of the basement is ideal, but in reality, very few locations possess the features suitable for storing wines.
Ideal storage conditions are cool (around 13 deg C/55 deg F), not subject to dramatic fluctuations in temperature, not too dry (otherwise the corks may dry out) and not too damp. A relative humidity of around 70% is generally thought to keep corks damp and labels free from mould. Wines should also be stored free from light and vibration.
With these conditions necessary, many wine collectors entrust their cellar to a professional wine storage operator.
For storage firms charging on a per case basis, ensure that your wines are identified individually by the case. As an investor, it is recommended that you purchase wines in their original wooden cases - an important factor when you decide to sell.
Wine Insurance
Serious wine collectors should consider insuring their wine. You wouldn't want that newly purchased case to accidentally hit the cellar floor and be an investment down the gutter.
If you store your wines at wine storage facilities, such places will generally have insurance arrangements in place. If you store in your own cellars, you need to be sure you are adequately covered.
For a small collection, not too expensive and primarily for consumption, insure your wines under your homeowners' policy. Just check to make sure you have enough contents coverage to include your wines.
If you have a large collection, you should probably invest in a stand-alone, 'valuable articles' policy, which enables a broader coverage than your home policy.

'We believe in sharing our passion and cultivating yours. We conduct regular wine-tasting sessions, wine appreciation sessions and investment seminars to help you make the best investment choices, tailored to your individual needs. We are committed to educating our clients with practical and updated wine information. Personalised wine investment advice and guidance is also provided for each client to help them make the most sound and savvy investment choices.' -Keegen Lee

You can insure a collection up to a certain blanket amount (say $25,000). For more valuable collections, it starts to make sense to insure the wine on an itemised basis, bottle by bottle. Stand-alone wine policies cost about 40 to 50 cents for every hundred dollars' worth of wine.
What are the costs and logistics involved?
It depends. Logistics cost is difficult to calculate as it depends on where the wine comes from, or whether you want it to be in Singapore or else where. There are many storages and warehouses in the world to keep wines. If the wine is for investment and profit only, then it is best to keep it near to where the potential buyers are, but if it turns out to be an investment-cum-collection, then many people may prefer to have it stored near them.
Please recommend some reference materials, if any.
Some reference material I would recommend to subscribe or purchase:

The most sought-after is The Wine Advocate by Robert Parker, Jr. He is the most influential wine critic in the world. His bi-monthly newsletter, The Wine Advocate, was first publishing in 1978 and now has a profound effect both on prices and market demand for fine wines around the world. Parker's tastings are done in peer-group, single-blind conditions, meaning that the same types of wines are tasted at the same time, though the producer of each wine is not disclosed at the time of the tasting.
For Australian wines, The Wine Companion by James Halliday. Leading wine critic and vigneron James Halliday has a career that spans over 40 years, but he is most widely known for his witty and informative writing about wine.
For French wines, books by Michael Broadbent are most sought-after. He, quite possibly, knows more about fine, old wines than anyone else alive, and he writes about them with unparalleled expertise. He is one of the most experienced lecturers and writers on wine and has to his credit an unmatched combination of qualifications, international honours and awards.

If I don't drink wine, should I even consider this alternative form of investment? But, when wine becomes an asset, can we drink it?
This investment does not require you to drink, but, if you drink, you can take some and enjoy while keeping the rest for profit. This way you can make money and still be able to enjoy fine wines. There are people who keep their collection as an heirloom for the next generation.
Investment only comes into the picture when supply is limited and demand is high. As the years go by and supplies of certain fine wines dwindle, those who are holding such wines will have the upper hand when calling the prices.
How long should I wait before realising any returns?
The average return from investing in fine wine from good vintages is about 15%. To get the best returns, most wine investments should be regarded in the medium to long-term, with a minimum of five years. The best wine investment returns are to be had over a 10- to 15-year period.
For example, certain vintages of Penfolds Grange that sold for less than A$40 (S$50) in the 1980s now sell for close to A$600. More recently, relatively unknown Australian wines such as Three Rivers Shiraz roared from A$60 per bottle to A$1000 per bottle between 1999 and 2001.
30 years ago, Australia did not even have a wine auction system. If you don't have an auction system, there's no speculation on wine. Now, the country not only has scores of dedicated wine auction houses, but they are booming like never before (it's a A$30-million industry).
More individuals are trading wine than ever before and, with the advent of the Internet, more people are perusing wine catalogues and participating in online wine auctions. And with that has come greater competition for individual wine lots. It's a boom all right.
There's going to be a lot of talk about wine as an investment over the next couple of months. The prompt will be the release of the 1998 vintage Penfolds Grange Shiraz on May 1, a wine from a vintage so hyped that some are calling it the best of the decade.
Very little of this bound-to-be-great wine will be bought to be drunk - the great tragedy of the Grange phenomenon. The wine is now too valuable with the cork still in the bottle, and it could become even more valuable.
Some people will buy the 1998 Grange in the first few days of its release, hold on to it for a month or two, and then sell it (all retail stock having sold out) for, perhaps, a 20- to 30-per-cent profit. It's that easy.

About Assets Wine Management
Assets Wine Management was set up in 2004. It specialises in the investment, retail and distribution of premium grade wines. As part of its investment portfolio management services, the wine investment company helps collectors and investors purchase, store and sell their wine. To date, the firm has over 1000 investors and collectors in the Asia Pacific region, with a stock list of more than $10 million stored at Trident Districentre in Singapore.

Wine Deal Goes Sour -AWM saga

2011-07-15T00:46:00.000-07:00

The New Paper

By Geraldine Yeo and Vivien Chan
Additional reporting by Chai Hung Ying

THEY claim to be experienced financial advisers.

Yet, for all the financial savvy that is expected of their profession, they could lose their six-figure investments with one company.

The two men had pumped in more than $300,000 with Assets Wine Management, which specialises in premium wine investments.

Now, it appears that the married couple who ran the company - Mr Benny Lee Ghim Seng, 38, and Ms Kally Quee Yen Ping, 35 - have become uncontactable.

The New Paper understands that five people have lodged two police reports in the past two weeks. A police spokesman said investigations are ongoing.

According to the company's website, it has "more than 1,000 investors and collectors in the Asia Pacific region". It was setup in 2004.

The New Paper spoke to five local investors who invested between $160,000 and $270,000 since 2005.

Of the group, two have lodged police reports.

Also, out of the group, two said they are financial advisers and one of them was among the two who lodged a police report.

One asked that we do not use his full name and the other asked not to be named at all. Both fear their clients may find out about their predicament.

One of them, Mr Chang, 38, said he had invested $200,000 with Assets since December 2005. In the last nine months alone, he pumped in $100,000.

Mr Chang was looking for investment opportunities five years ago when his friend had told him about Assets.

He said the investment plan appeared simple and sound: Investors would put in money that Assets would use to buy Australian and French wine from overseas.

The wine would then be stored in a Singapore warehouse.

After 18 months, Assets would buy the wine from the investors and re-sell it either locally or overseas.

Mr Chang said they were told they could expect a "projected 8 per cent profit", though it was not guaranteed.

Another package

Investors could also opt for another package: Put in a sum of money and, over a period of either six or 12 months, they would get back their capital plus interest of 6 to 8 per cent.

Mr Chang said he had gone with both plans before but more recently, he has been pumping in money into the second plan.

He last invested $30,000 on May 23 and was supposed to get a letter of assurance from Assets a week later.

When he did not, he called Mr Lee, who is known as Keegen to his clients, but his mobile phone was switched off. He also could not contact Ms Quee.

Mr Chang's colleague, who did not want to be named, has invested with Assets since 2007. He last put in $40,000 on June 1. The 40-year-old, too, never received the letter of assurance.

The investors described Mr Lee as confident and well-spoken.

Mr Chang now regrets not doing more research.

"When I started investing, there was not much information available as the whole concept (of investing in wine) was still very new," he recalled.

At that time, he added, Assets was the only wine investment company he could find here. He read up about the company on its website and checked news reports on such forms of investment.

Mr Chang said he also visited the warehouse at Toh Guan Road East where the wine was stored.

"We saw huge crates of wine there, but they were not separated according to individual investors," he said.

Assets' website assures investors that "a dedicated personal wine adviser will be assigned to monitor your investment portfolio closely for you".

The website also boasted a stock list of "more than $10 million".

The company also claimed to have two other offices in Australia and China. A source close to the company told The New Paper that Mr Lee and his wife had gone on a holiday early last month and was supposed to return the following week.

When the couple did not return, she called Mr Lee's mobile phone. But it was turned off.

She said she, together with a friend and two family members, had invested about $200,000 with Assets two years ago.

While all the investors we spoke to said Assets is managed by Mr Lee and his wife, checks with Accounting and Corporate Regulatory Authority (Acra) records show that the director of the company is Ng Choon Siang, and its secretary is Quee Chieh Shung.

The New Paper understands that they are Ms Quee's mother and brother respectively. Acra records also listed Mr Lee as the secretary of two companies - Estilo Marketing, a wholesale trading company, and Syrius.

MsQuee is listed as the director of both companies.

Syrius, described on Assets' website as "a wine boutique with an exclusive member's lounge", shares the same Duxton Road address as Assets.

When The New Paper visited the place, all the shutters were down. Newspapers and pamphlets were scattered on the ground, and the letterbox was jammed with letters.

Over at Estilo's registered address at Middle Road, a company named FHL Management Consultants occupied the premises. An employee said FHL has been there for about 10 years.

Mr Lee's and Ms Quee's mobile phones were switched off when we called.

When we visited Mr Lee's Pasir Ris flat and Ms Quee's mother's flat in Tampines, no one answered the door.

The Consumer's Association of Singapore said it received one piece of feedback about Assets last month.

They bought the best wine

THEIR taste in wines was so discerning that they bought only the best.

Mr Benny Lee and his wife even commissioned two types of high-quality specialty wines to be created specially for them, revealed Mr Mark Cohen, director of Malesco, an Australian wine trading company.

Malesco, which is based in Adelaide, has been supplying wine to Assets for three years.

Its contact details were listed on Assets Wine Management's website and on Assets' website.

Speaking to The New Paper over the phone, Mr Cohen said the bottles of the wine made specially for the couple were made of "imported glass" and came in "handmade boxes".

"Each bottle costs about A$250 (S$300)," he added. Mr Cohen said he got to know Mr Lee through Ms Quee, whom he knew as Kally.

"She used to be a trader with another wine company, and I did business with her over the phone. I've known her for six or seven years," he added.

Three years ago, Mr Lee and Ms Quee approached him to transact with their company.

Mr Cohen said: "They bought quite expensive wine, the best wine."

The couple ordered wine three or four times a year.

Each shipment comprised four to five thousand bottles.

Each bottle costs between A$20 and A$100 a bottle.

Mr Cohen said: "They usually (visit) once a year to taste the wines. They're very nice people, very hardworking.

"They bought only the very best for their customers. I visited their Singapore store once, and it had a beautiful showroom."

He last met them in Australia a year ago. The couple placed orders for wine then too, but have yet to make payment, said Mr Cohen.

Warehouse

The bottles, which cost "a few hundreds of thousands of dollars", are still sitting in his warehouse.

They include about a thousand bottles of the wine made specially for the couple.

Mr Cohen said: "We'll wait till the end of the year, then the wine will be put up for auction."

The Assets website also listed an office in Beijing.

But when The New Paper called, the woman who answered the phone said she had not heard of Assets.

Her company had been on the premises for only three months.

She said: "But we've had some other calls also asking for a wine company. Maybe they were here before us but not any more."

What can investors do?

DO INVESTORS have any recourse in such cases?

Not much, lawyer Pratap Kishan told The New Paper.

"They can sue the company, but they can't sue the directors as any investment contract they entered into would be between the company and them, and not with the directors."

If the investors sue the company and the case goes to court, investors can get a "judgment in default" if the representatives of the company do not appear.

"But they can enforce the judgment only against the company, not the directors," said Mr Kishan.

He added that concerned investors should lodge police reports so the police can investigate if there is any fraud.

Consumers Association of Singapore executive director Seah Seng Choon, said: "Consumers should be mindful that such investments are not regulated by the Monetary Authority of Singapore.

"So they are not subjected to stringent requirements imposed on regulated investment companies."

As such, the risks can be high, and "risk-averse" consumers should not get involved, Mr Seah added.

In this particular case, consumers should "ensure there is physical wine stored in the warehouse and that the company is transferring title of the products to them when payment is made".

Mr Seah said: "They should also check for other hidden costs such as warehousing and transport to determine the total investment."

Finally, they should also seek legal advice on the documents to be signed, he added.

Other tips from Case for investors:

1. Beware of hype. Seek a second opinion if in doubt. Consumers should familiarise themselves with the type of investments in the market to get the best deal.

2. Read through the agreement's terms and conditions carefully. Clarify if in doubt.

3. State all verbal claims and promises in writing.

4. Never focus solely on expected profits. Pay attention to possible risks and losses.

5. As far as possible, invest with companies that are properly regulated for investment.

Know the "why" and "what", "where" and "how" will follow.

Profitable Plots responds to investor concerns with statement

2011-07-15T00:30:00.000-07:00

Business Times - 02 Jun 2011

Profitable Plots responds to investor concerns with statement

CAD probe ongoing; clients still own products bought

By MICHELLE QUAH

(SINGAPORE) The directors of Profitable Plots - the land banking company currently being investigated by the white-collar crime police for allegedly not paying its investors - have responded to calls from Singapore's minority rights group to explain themselves to their investors.

The Securities Investors Association of Singapore (SIAS) last week urged the directors of Profitable Plots to communicate with their investors immediately; SIAS president and CEO David Gerald said that, despite investors' constant complaints that the company had not explained its failure to meet the guaranteed annual payments, the directors had never even called a public meeting with investors to give reasons for the defaults.

In a statement yesterday, the directors of Profitable Plots said: 'The company would like to place on record that they have received no communication of any sort from SIAS. The company has, however, received over 700 enquiries from clients and has replied to all of these enquires. The company had consulted its lawyers on the nature of reply to be furnished given that the CAD's (Commercial Affairs Department) investigations are still ongoing.'

The directors added that 'many clients have asked about the status of the products they purchased from the company'.

They said 'the company can inform its clients that a contract to sell a major piece of land in the Philippines was signed on Aug 4, 2010; was notarised in Singapore on Aug 5, 2010; was witnessed and sealed by the Philippines Embassy in Singapore on Aug 6, 2010; was sent to the Philippines on Aug 7, 2010, and arrived in the Philippines on Aug 10, 2010.

'CAD raided the offices of the company on Aug 11, 2010, and removed all documentation of the company. On Aug 12, 2010, the CAD froze all bank accounts belonging to the company. The CAD's investigations from Aug 11, 2010 have led to the suspension of the contract (signed on Aug 4) by the purchaser. The purchaser has informed the company that it will reopen negotiations with the company only after CAD investigations are completed,' the directors said.

They said the CAD investigations were also partly to blame for the company not holding an annual general meeting (AGM) or filing a statutory annual return - which caused three directors to be fined $1,000 each, a fine they paid on May 30.

The statement said the return could not be filed because the necessary documents had been seized by the CAD, while the company's bank accounts were frozen.

'The directors were placed in an impossible position as they were unable to finish the audit and hold the AGM. Not all the directors of the company were charged with the offences,' it said.

It went on to say that 'the directors of the company have continued to work, at their own cost, to protect the interests of the clients and the company'.

'The company can confirm that no clients have lost ownership of the products they purchased from the company. The company will endeavour to release further information as and when appropriate. The company will not, however, be communicating with groups claiming to represent clients who have obtained client details through illegal means or blogs populated with comments by unidentified persons,' the directors' statement concluded.

Profitable Plots was created in Singapore in 2004 as a land investment firm, and was made famous by a series of advertisements which featured football celebrities on and off the pitch urging people to 'Buy UK Land! We did!'.

Previous reports have estimated that about 1,500 Singaporeans and 4,000 foreigners have invested in Profitable Plots. One of these investors, 48-year- old business owner Raj Chotrani, told The Straits Times that investors have been trying to speak to the company directors since the middle of last year, when they realised they were not receiving payments owed to them.

Mr Gerald of SIAS said last week the case highlights the need for land banking investments to be regulated.

Don't keep clients in the dark: Sias

2011-07-15T00:29:00.000-07:00

May 25, 2011
Don't keep clients in the dark: Sias
Profitable Plots urged to communicate with investors, explain itself
By Yasmine Yahya

A BODY championing the rights of retail investors has urged the directors of Profitable Plots to communicate with its clients immediately, instead of leaving them to wonder about what has happened to their money.

The Securities Investors Association of Singapore (Sias) is also calling on the authorities to look into regulating alternative investments such as land banking - one of the areas of investment that Profitable Plots was involved in.

Land banking is the practice of purchasing undeveloped land with the intention of holding onto it and later selling it, usually to a developer, at a profit.

Profitable Plots has been under probe by the Commercial Affairs Department (CAD) since last August, when it received complaints from investors claiming the investment firm owed them money.

By March this year, the white-collar police had received 229 complaints relating to $23.5 million worth of investments.

The company's clients, mostly retail investors, had put their money into various investments offered by Profitable Plots, including land in Britain and the Philippines, and an industrial lubricant called Boron.

As part of proceedings relating to the freezing of company assets, District Judge Roy Neighbour has ordered the CAD to provide the next update on its investigation on July 8.

However, investors are hoping that they will hear from Profitable Plots sooner, as they have been kept in the dark about the state of their investments, said Sias president David Gerald.

One of these investors, 48-year-old business owner Raj Chotrani, told The Straits Times that investors have been trying to speak to the company directors since the middle of last year, when they realised they were not receiving payments owed to them. 'If a company fails to make a payment or can't honour a contractual agreement, they have to explain why - that's the decent thing to do,' he said.

Mr Gerald said that since the CAD raided the company's Stanley Street office in August last year, attempts to contact the firm's directors have been met with a standard reply by the directors' lawyers, saying that they cannot communicate as investigations are under way.

'This conduct compelled investors to believe that the company's standards of corporate governance were abysmal, and even frightened a few that their investments are being mismanaged,' he told a media briefing yesterday.

Among other things, the investors want to know what went wrong and whether the company had ever intended to honour its promise to pay a 12.5 per cent return on their investments in Boron and a real estate project in the Philippines.

They would also like Profitable Plots to explain why its auditors were changed thrice between 2005 and 2009, and why its company secretary was changed several times.

'This case raises the need for land banking investments to be regulated,' noted Mr Gerald. 'It would appear that anyone can set up such businesses in Singapore, easily leveraging on the brand name of Singapore, and citizens and foreigners who have confidence in our system invest without hesitating on the promise of higher returns.'

He noted that an estimated 1,500 Singaporeans and 4,000 foreigners are believed to have invested their money with Profitable Plots.

Some of these investors are retirees who have sunk significant amounts of their life savings into investments with the firm, he said.

Several of the foreign investors told Sias that they had chosen to invest with the firm because it was based here, and they were confident about Singapore's reputation as a financial hub with strict enforcement of regulations, he added.

When asked if the Monetary Authority of Singapore (MAS) would consider regulating land banking investments, a MAS spokesman pointed The Straits Times to a guide on land banking on its website.

The guide says that the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) give MAS regulatory powers over financial markets.

'However, land banking investments typically involve investors acquiring direct interests in real estate rather than securities related to real estate. As such, land banking investment typically falls outside the scope of the SFA and FAA,' the guide adds.

yasminey@sph.com.sg

SIAS looks into plight over Profitable Plot

2011-07-15T00:27:00.000-07:00

Business Times - 26 Apr 2011
SIAS looks into plight over Profitable Plot
Meeting open to shareholders who are SIAS members
By MICHELLE QUAH

THE Securities Investors Association of Singapore (Sias) will be meeting disgruntled investors of Profitable Plot next month 'to understand their plight'.

The unhappiness that some investors have had with the investment firm - once well known for its tagline, 'Buy UK land, we did!' - has been much publicised in the media.

Their complaints, dating back to the middle of last year, have resulted in the white collar crime police investigating the claims. The Commercial Affairs Department (CAD) told the court last month that its probe was in an 'advanced stage and likely to be concluded soon'.

SIAS said yesterday that it 'has been aware of the plight of investors, who are SIAS members, that have invested their hard-earned monies in various Profitable Plot products'.

The minority rights champion went on to say: 'While the company is currently under CAD probe, investors are anxious about their investments. It is estimated that there are 1,500 local investors and a total of 4,000 investors affected globally.'

The CAD, after raiding Profitable Plot's office on Aug 11 last year, froze the firm's three Citibank accounts - that held a total of $277,590 - the next day. That amount was subsequently reduced to $55,548.42 after Profitable Plot managed to get the courts to order the release of some funds to pay staff wages.

SIAS said that the investors claim they have been kept in the dark by Profitable Plot with respect to their investments.

'A group of Profitable Plot investors has approached SIAS to seek help to fight for their rights and assist in the recovery of their investments,' it said.

'Some of the investors say that they should not have been sold these products in the first place. According to them, they have placed their hard-earned retirement funds and savings into investment schemes that have not been contractually honoured.

'Investors claim that the risks were never fully explained and were presented with promises of high returns. Now, they say, they are in a quandary.'

SIAS said that it was conducting a dialogue session with all Profitable Plot investors on May 28, at 7pm, at the MND Auditorium, 'to understand their plight as investors and to discuss possible actions they may choose to take to recover their investments'.

It also said that it would assist with legal counsel.

It said that concerned Profitable Plot investors who wish to attend this dialogue session can do so by registering online at the SIAS website (http://www.sias.org.sg), but that attendees must be SIAS members.

The case will next go before the courts on July 8.

Profitable Plot started out in Singapore as a strategic land investment firm by a group of British expatriates in 2004.

Profitable Plot is part of global investment entity Profitable Group, which has offices in Malaysia, Canada and Brunei, among other countries.

INVESTIGATION INTO PAYOUT COMPLAINTS AT INVESTMENT FIRM CAD wrapping up Profitable Plots probe

2011-07-15T00:25:00.000-07:00

03-10-2011, 07:49 AM

Mar 10, 2011
INVESTIGATION INTO PAYOUT COMPLAINTS AT INVESTMENT FIRM
CAD wrapping up Profitable Plots probe
Court expects update by July 8; accounting firm to be appointed to case
By Francis Chan, Companies Correspondent

INVESTIGATIONS into an investment firm that has come under fire from hundreds of investors demanding payouts are expected to be wrapped up soon and a decision taken on whether to press charges.

District Judge Roy Neighbour yesterday ordered the Commercial Affairs Department (CAD) to provide the next update on its probe into Profitable Plots on July 8.

The court had earlier heard that CAD investigations were in an 'advanced stage and likely to be concluded soon'.

Profitable Plots came under the scrutiny of the white-collar cops after clients complained that the firm was dragging its feet over payouts that were due.

The clients - mainly retail investors - had put their cash into land in the United Kingdom and the Philippines and an industrial lubricant called Boron, among other investments sold by Profitable Plots.

In December, the CAD reported that it had received 174 complaints relating to $18.5 million worth of investment schemes the firm promoted.

That number has now risen to 229 complaints involving about $23.5 million.

No charges have been laid against the firm's directors but the prosecution maintain that the 'principal investments and/or returns owing to the complainants upon maturity... had significantly exceeded the amount seized from the bank accounts'.

Profitable Plots posted a consolidated group revenue of $35.4 million last year and $32.8 million in 2008, said the CAD in earlier hearings.

An earlier CAD report on Oct 12, submitted as part of court proceedings late last year, showed that Profitable Plots' liabilities and obligations to clients far exceeded its assets.

This gave police grounds to suspect that the company's investment schemes were 'introduced to defraud its clients'.

The police are in the process of appointing an accounting firm to help produce an expert report on the case and are also waiting for responses from foreign law enforcement agencies that are assisting in the investigation.

When it was set up here in 2004, Profitable Plots was known for its TV commercials featuring former professional footballers urging viewers to 'Buy UK land'.

It came to the attention of the authorities earlier last year when a dozen angry clients stormed its offices demanding what they claimed were overdue payouts.

The CAD raided the Profitable Plots' Stanley Street headquarters on Aug 11 and seized boxes of documents.

The following day, the CAD froze the firm's three Citibank accounts that held a total of $277,590.

That amount was reduced to $55,548.42 after Profitable Plots managed to get the courts to order the release of some funds to pay staff wages.

Lawyer Wendell Wong of Drew & Napier, who is representing Profitable Plots, applied for the release of the remaining funds yesterday.

He said the cash would go a long way in helping the firm, which may be facing civil proceedings, stay afloat.

'Liquidation is a very real option that has to be considered,' said Mr Wong.

'The company is now grasping for air; if it is starved of oxygen, it dies.'

The prosecution, however, argued against the release of the funds, saying the money is potentially the proceeds of crime and should not be returned to Profitable Plots.

Justice Neighbour agreed.

The case has been fixed for a hearing on July 8.

franchan@sph.com.sg

CAD vs PPPL

2011-07-15T00:23:00.001-07:00

03-09-2011, 05:29 PM
cna /jl

SINGAPORE: The Commercial Affairs Department (CAD) is at an "advanced stage of investigation" into 229 complaints made against Profitable Plots Pte Limited (PPPL), a District Court heard Wednesday morning.

The complaints were from investors alleging that the company had cheated them into investing various sums of monies, totaling about S$23.5 million, in various schemes promoted by Profitable Plots.

Investigations began last August, with the Public Prosecutor seeking to freeze about S$55,548 seized by CAD for a further six months, Wednesday morning.

In his two-page report, investigating officer, Assistant Superintendent (ASP) Ho Ban Hsiung, said the Department has sought assistance from overseas law enforcement agencies and are awaiting their replies.

ASP Ho added, "We are also in the process of appointing an accounting firm to prepare an expert report on aspects of PPPL's business."

Deputy Public Prosecutor, Christopher Ong, added that CAD's investigations would probably be concluded within six months.

But Profitable Plots' lawyer, Mr Wendell Wong, argued for the immediate release of the money held by the white-collar police, adding that the company's directors have found it increasingly impossible to conduct its daily affairs.

District Judge Roy Neighbour said he would only grant the Public Prosecutor a further four months to complete their investigations.

-CNA/jl

Profitable Plots staff to be paid due salaries

2011-07-15T00:21:00.002-07:00

Profitable Plots staff to be paid due salaries
Staff of troubled investment firm to be paid due salaries: Court

Teo Xuanwei | Dec 1, 2010 6:00 AM

More money released from frozen bank accounts

SINGAPORE - Troubled land investment firm Profitable Plots, which is currently under probe, is left with only $60,000 in its coffers after the High Court released more money yesterday from its frozen bank accounts to pay off staff salaries.

The sum remaining may be all that the 106 people who went to the Commercial Affairs Department (CAD), claiming that their investment returns were either delayed or unpaid, can recover should allegations of fraud stand against the firm.

The 106 investors have collectively invested some $9.5 million. Profitable Plots has some 1,000 clients here.

No criminal charges have been pressed against the company but three of its directors are believed to be assisting investigations by white-collar police following a raid on its Stanley Street premises in August.

According to court documents, a CAD report dated Oct 12 said Profitable Plots' liabilities and obligations to clients far exceed assets, which gives "grounds to suspect that (the company's investment) schemes are introduced to defraud its clients".

Profitable Plots lawyer Wendell Wong told the court yesterday that, according to calculations, salaries owed to his client's 39 employees, including Central Provident Fund contributions, amount to nearly $218,000.

This is $61,000 more than the amount reported when a High Court allowed a partial unfreezing of the company's three Citibank accounts last month.

Urging the court to release more money, Mr Wong said these employees were let go in the first week of September and have not received their pay since August.

Deputy Public Prosecutor David Khoo argued, however, that no more money should be released until next Thursday, when the Attorney-General's Chambers has to update the court on the CAD's investigations.

Justice Lee Sieu Kin acceded to Mr Wong's application, noting that investigations have not shown the employees to be complicit in any alleged fraud. These employees were left without a job through no fault of theirs and the court has to consider the financial obligations they may be faced with, the judge said.

Justice Lee also asked how much difference it would make to the purported victims even if he were to reject Mr Wong's application, since the company had only $277,000 when the CAD stepped in.

CAD: Profitable Plots' liabilities exceed assets

2011-07-15T00:21:00.000-07:00

Nov 11, 2010
CAD: Profitable Plots' liabilities exceed assets
By Francis Chan, Companies Correspondent

AGGRIEVED clients of investment firm Profitable Plots yesterday gave a mixed reaction to details of a police probe that were unveiled for the first time in the High Court.

Most welcomed the news that the Commercial Affairs Department (CAD) was making headway in its investigation into the firm. Some, however, said it came as cold comfort, given that they were resigned to losing their money on British land and other investments made through the company.

'The latest update by CAD is good news, but is not of any consolation for me,' said Mr Jimmy Lim, who sunk about $100,000 into land in Britain after a sleek sales pitch by Profitable Plots a few years ago.

'It's about time the CAD made some progress - it's been a long time but the worry now is that if the company goes down because of the investigations, will I ever get my money back?' asked another investor who bought into $125,000 worth of products from the firm.

On Tuesday, details of the CAD investigation were made public for the first time during a High Court hearing related to a complaint by Profitable Plots about the seizure of its bank accounts by the police.

White-collar crime detectives had raided Profitable Plots' Stanley Street offices in August and seized cartons of documents.

They also took the firm's directors in for questioning and froze the firm's three bank accounts, which held $277,590 in total.

The High Court has since ordered a partial release of the firm's accounts held by the CAD, and directed the Attorney-General's Chambers (AGC) to foot Profitable Plots' legal bill for the case.

The CAD was also asked by Justice Lee Seiu Kin to provide an update of its investigations on Dec9, so the court can decide if it should retain custody of Profitable Plots' bank accounts.

A report dated Oct 12 - submitted by the CAD as part of court proceedings - showed that 106 complaints related to $9.5 million worth of investments were made against the firm.

The CAD report revealed that Profitable Plots' liabilities and obligations to its clients far exceeded its assets, giving the police grounds to suspect that the firm's investment schemes were 'introduced to defraud its clients'.

Set up in 2005 by a group of British expatriates, Profitable Plots became known for its TV commercials featuring former professional footballers urging viewers to 'Buy UK land'.

Business was brisk in its early years, with the firm holding regular roadshows at major shopping malls and advertising extensively on cable TV football channels.

But things went sour last year after some investors began complaining that returns from their investments were either delayed or held back.

A group of 12 investors stormed Profitable Plots' premises in May to demand answers on when they could get their money back, while another 40 turned up at Speakers' Corner in June to protest against the firm.

Initially the firm's directors brushed off the complaints, reportedly saying they came from people who did not understand the complexities of land investing and Britain's land laws.

Lawyer Wendell Wong of Drew & Napier, who is representing Profitable Plots in the matter against the AGC, told The Straits Times yesterday that his client was not facing any criminal charges from the CAD at this time.

'We took up an application to review the freezing order... no charges were filed (against Profitable Plots) yet,' said Mr Wong.

Let's help Eldric KO's mum find her prodigal son

2011-07-13T09:20:00.000-07:00

Eldric KO could be in any of these countries as recorded in my blog... Let's help her mum find her prodigal son, and hope that his conscience shall be pricked as he scours this blog, and that he will stop running away from his problems and face the music & make restitution for all that he has done, and apologise to all the victims, and make good what he has taken away.

Singapore

797

Malaysia

Hong Kong

United States

United Kingdom

China

Macau

Spain

Australia

Germany

Clustrmap results

2011-07-13T09:10:00.000-07:00

I enclosed the latest reader sources on my blog below collect from Clustrmaps. Wonder if any of them appears to be Eldric or Chris KOO?? It's anybody's guess.

Wednesday, 13 July @ 11:57 : Hockessin, Delaware, US

Wednesday, 13 July @ 11:44 : Chicago, Illinois, US

Wednesday, 13 July @ 9:15 : Singapore, SG

Wednesday, 13 July @ 7:26 : Melbourne, AU

Wednesday, 13 July @ 7:24 : Mountain View, California, US

Wednesday, 13 July @ 5:10 : Kuala Lumpur, MY

Wednesday, 13 July @ 3:27 : Delhi, IN

Tuesday, 12 July @ 11:52 : Asia/Pacific Region, AP

Tuesday, 12 July @ 3:06 : Badajoz, ES

Monday, 11 July @ 8:25 : Central District, HK

Current Country Totals
From 27 Jun 2011 to 12 Jul 2011

Singapore (SG)

236

N/A

236

United States (US)

Hong Kong (HK)

Malaysia (MY)

Asia/Pacific Region (AP)

Macau (MO)

United Kingdom (GB)

Vietnam (VN)

Spain (ES)

India (IN)

Australia (AU)

LePrime School of Technical & Fundamental ("LePrime")

2011-07-06T21:57:00.000-07:00

LePrime School of Technical & Fundamental ("LePrime")
Who investigated into the affairs of LePrime School of Technical & Fundamental ("LePrime")?
What is the status of the investigation?
What is the progress of the proceedings in the Subordinate Courts?
Has any money been recovered by CAD and what will happen to it?
I have paid money to LePrime. Do I need to make a police report, if I have not done so?
LePrime School of Technical & Fundamental ("LePrime")

Q Who investigated into the affairs of LePrime School of Technical & Fundamental ("LePrime")?
A The Commercial Affairs Department (“CAD”) of the Singapore Police Force investigated into the case.

Q What is the status of the investigation?
A The investigation has concluded. On 26 August 2009, Lee Hock Chye, the sole proprietor of LePrime, was charged in the Subordinate Courts for 164 charges of cheating under Section 420 of the Penal Code and 1 charge of attempted cheating under Section 420 read with Section 511 of the Penal Code.

Q What is the progress of the proceedings in the Subordinate Courts?
A On 18 November 2009, Lee Hock Chye was convicted and sentenced to 14 years’ imprisonment.

Q Has any money been recovered by CAD and what will happen to it?
A Lee Hock Chye used LePrime to operate what is commonly known as a ponzi scheme. He used the monies from victims to pay the returns he had promised to other victims. Lee Hock Chye also used part of the monies towards personal expenses. Only 3 watches, a gold chain and a wallet were recovered from Lee Hock Chye by the CAD.

In accordance with the court order, these items will be sold by auction. The CAD will inform the victims of this case on the procedure in making a claim for the proceeds of the auction.

Q I have paid money to LePrime. Do I need to make a police report, if I have not done so?
A If you have not been contacted by CAD to provide information on your payments to LePrime and you wish to lodge a police report, you may contact the Investigation Officer Royston Soon at 6557-5471 during office hours. Our office hours are 8.30am to 6.00pm on Mondays to Thursdays and 8.30am to 5.30pm on Fridays. Alternatively, you may go to the nearest Neighbourhood Police Centre to lodge a police report.

Wine Investors United Vs Premium Liquid Assets P L

My encounter with Jeffrey Chia the ex- COO of PLA Singapore at Alexandra Village

Verify my Blog on Ping.sg

PLA Auction Sale 28 Oct 2011

Naomi to CAD ASP Michelle Foo

Post Meeting Minutes concerning Class Suit Group 2 meeting with Legal 21 LLC Lawyer Arvind on Tuesday 26July 2011

逾400人買酒花被騙 涉款半億

Premium Liquid Assets（优酒资產）

Is this where KOO Han Jet or Eldric KO is peeking at us from where they are now based ??

Police reports made as wine deal sours

Wine brokers who can sell your wines for you

Michael Lee Port says:

Michael Lee Port says:

UAG Wine Buyback Gone Sour

UAG Winding up order by th Receiver - Investor to log on to IPTO to list as creditor

Anthony says:

Wine investment firm boss (AWM) was pushing deals with margins of 20 per cent, say sources

Wine con artist aka fraudster Keegen Lee, AWM

Wine Deal Goes Sour -AWM saga

Profitable Plots responds to investor concerns with statement

Don't keep clients in the dark: Sias

SIAS looks into plight over Profitable Plot

INVESTIGATION INTO PAYOUT COMPLAINTS AT INVESTMENT FIRM CAD wrapping up Profitable Plots probe

CAD vs PPPL

Profitable Plots staff to be paid due salaries

CAD: Profitable Plots' liabilities exceed assets

Let's help Eldric KO's mum find her prodigal son

Clustrmap results

LePrime School of Technical & Fundamental ("LePrime")

逾400人買酒花被騙涉款半億