Hi AWI investors,
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Article #1
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Wine Deal Goes Sour
By Geraldine Yeo and Vivien Chan (TNP)
Additional reporting by Chai Hung Ying
(Left: Syrius, described on Assets' website as "a wine boutique with an exclusive member's lounge" and located in the same address as Assets Wine Management, was found closed.)
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 . ."
Taken from AsiaOne Business: see LINK
Another Wine Company In Trouble?
Written By: Tiang Chuan on October 4, 2010
"After Universal Assets Group (UAG) and Assets Wine Management (AWM) went into trouble, another wine company seems destined to follow suit. According to my sources, the company is still around but is having trouble giving back the wines that clients have bought.
The firm seem to have used the same batch of wines to sell to different investors. Now that investors want to sell the wine, the firm is not able to come out with the goods. The firm had also made huge mark-ups from the original price and investors made losses due to this...
My contact also revealed some juicy details about a wine merchant from Australia whose owner was investigated in Australia for running a Timeshare scam^. The owners from the new wine firm in trouble is from this Australian wine merchant. "
Taken from a blog managed by an Independent Finacial Advisor,Mr Eng Tiang Chuan: see LINK
^Timeshare Scam news link (pdf file as below)
ASIC WARNS OVER TIMESHARE PROMOTERS
Issued on : Wednesday 15 March 2000
According to the mass-emails that I have recieved over the last few days, it seems that there are many of you who are still stuck with AWI wines that cannot be withdrawn and multiple complaints regarding AWI slow service seems unattended. One of you even might be thinking of 'taking action' against AWI if situation doesn't improve.
Pls share your views in the comments box found right below the stories by scrolling all your way down.
I have published some of your email replies to me in the comment below for us to view the archive so far.
Many apologies if I have missed out some of your email as my email boxes are full. You can freely comment below if that's the case.
As this forum can be commented without use of any Ids /emails, pls at least include your name when commenting so we will at least know there is a real person talking to us...
Any constructive comment and help frm you will benefit all of us here.
There are 2 articles that are related to wine investment in Singapore, hope might be useful to all of you here.
Yours sincerely,
Alan Chow
My Blog: www.alanchow76.blogspot.com
Your friendly classified blog: www.Sgalibaba.com
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Article #1
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Wine Deal Goes Sour
By Geraldine Yeo and Vivien Chan (TNP)
Additional reporting by Chai Hung Ying
(Left: Syrius, described on Assets' website as "a wine boutique with an exclusive member's lounge" and located in the same address as Assets Wine Management, was found closed.)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 . ."
Taken from AsiaOne Business: see LINK
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Article #2
Article #2
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Another Wine Company In Trouble?
Written By: Tiang Chuan on October 4, 2010
"After Universal Assets Group (UAG) and Assets Wine Management (AWM) went into trouble, another wine company seems destined to follow suit. According to my sources, the company is still around but is having trouble giving back the wines that clients have bought.
The firm seem to have used the same batch of wines to sell to different investors. Now that investors want to sell the wine, the firm is not able to come out with the goods. The firm had also made huge mark-ups from the original price and investors made losses due to this...
My contact also revealed some juicy details about a wine merchant from Australia whose owner was investigated in Australia for running a Timeshare scam^. The owners from the new wine firm in trouble is from this Australian wine merchant. "
Taken from a blog managed by an Independent Finacial Advisor,Mr Eng Tiang Chuan: see LINK
^Timeshare Scam news link (pdf file as below)
ASIC WARNS OVER TIMESHARE PROMOTERS
Issued on : Wednesday 15 March 2000
The Australian Securities and Investments Commission (ASIC) today issued a warning to investors over the activities of Tourism Advisory Group Limited UK (TAG) and Mr Jeremy Kasler. ASIC has become aware that TAG and Mr Kasler have been running a timeshare rental and resale business from an office in Sydney’s Crows Nest, placing advertisements offering to assist in the rental or resale of timeshare properties in newspapers across Australia. Respondents to the advertisements resided primarily in Queensland although large numbers of enquiries originated in New South Wales and Western Australia. ASIC is concerned that neither TAG nor Mr Kasler are licensed to deal in securities, as units in timeshare schemes are considered securities under the Corporations Law. TAG is also not incorporated or a registered foreign company in Australia. ASIC NSW General Counsel Jan Redfern warned that people contracting with withTAG and Mr Kasler may be taking unnecessary risks with their money.
“Because TAG and Mr Kasler are unlicensed and TAG is not registered in Australia, the protection offered to consumers under the Corporations Law may be reduced.
People purchasing or selling timeshare units can take two simple steps to protect themselves:
· When dealing with a company that appears to be based outside of Australia, check with ASIC to see if the company is a registered foreign company.
· Check with ASIC to see if the person promoting the timeshare scheme is licenced.
"People can obtain details of licensed dealers and registered foreign companies via the ASIC web site at www.asic.gov.au or by ringing the ASIC Infoline on 1300 300 630,” Ms Redfern said.
For further information contact:
Jan Redfern , NSW General Counsel. Tel: (02) 9911 2191
ASIC 00/115
Issued by: ASIC Media Unit . Tel: (02) 9911 2683
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