Wine fraud on the rise in Hong Kong
Wine fraud on the rise in Hong Kong
Oct 27, 2011 6
(Thedrinksbusiness) - Local media recently reported the largest wine fraud scheme in Hong Kong this June, involving a wine broker company called Premium Liquid Assets, which swindled over 400 people out of HKD$50 million by advertising a 10-30% investment return on en primeur wine.
It was speculated that the company closed down for two reasons – since this is the year for receiving the physical bottles of the 2008 vintage, which has increased greatly in value, the company might have neglected to buy those en primeur wines after they received clients’ money, and could not purchase the wines before the price went up. Another reason might be that the company was swindled by merchants themselves, so they did not receive the wines. The company’s top managers have disappeared while authorities investigate the case.
Comments