• Vino Joy News
  • Posts
  • Singapore Wine Exec Arrested in $12 Million Bordeaux En Primeur Scam

Singapore Wine Exec Arrested in $12 Million Bordeaux En Primeur Scam

The $1 Billion Pyramid Scheme of Wine/ China’s Untapped Organic Wine Market

Author

Natalie Wang
August 14, 2024

Hello, wine enthusiasts and crime aficionados! This is Natalie from Vino Joy News, and this week's headlines are packed with intrigue and scandal.

If you've ever wondered what happens when high-stakes crime meets the world of fine wine, you're in for a treat. After 13 years on the run, Singaporean wine executive Elderic Ko of Premium Liquid Assets has finally been arrested. His company defrauded wine buyers in Singapore out of at least S$12 million. And that’s not just it, with offices in Hong Kong, China and Malaysia. More than 400 wine buyers fell victim to his scheme in Hong Kong—including the city’s renowned fortune teller.

But that's not all. Across the border in China, authorities have uncovered one of the largest pyramid schemes in history—and it's all centered around wine. The scheme’s staggering scope involved over RMB 1 billion. And if that wasn’t enough drama, we also delve into the story of 670 bottles of smuggled top Bordeaux, intercepted before they could hit the black market.

On a different note, we’ve got an in-depth market report on the growing demand for organic wine in China and the complex regulatory landscape producers must navigate to get certified. If you're an organic wine producer eyeing the Chinese market, this is essential reading. Dive into all these stories and more below.

Singapore Wine Exec Arrested in $12 Million Bordeaux En Primeur Scam

A former executive of a Singapore-based wine investment company has been arrested after evading authorities for 13 years, accused of defrauding over S$12 million (US$9.05 million) from wine buyers in a Bordeaux En Primeur scheme.

But the company's criminal network ran far beyond Singapore. It operated in Bordeaux, Hong Kong, mainland China, and Malaysia. We looked into its operation in Hong Kong and found that there were some 400 victims including the city's most famous fortune teller.

China’s Untapped Organic Wine Market: High Demand Meets High Barriers

The real challenge lies not in consumer demand but in navigating the labyrinthine certification process that keeps many Western wines from being marketed as organic in the country.

Chinese Customs Seizes 670 Bottles of Bordeaux First Growths

Chinese customs officials have seized 670 bottles of top Bordeaux, including Lafite, Latour, and Margaux, in a smuggling case valued at more than RMB 3 million (about US$410,000).

The Wine That Never Was: How a $1 Billion Pyramid Scheme Used Fine Wine as Bait

It started with a promise of easy money and fine wine—an irresistible combination for Jia Shuang. Like thousands of others, he was drawn into the allure of quick profits through an online platform that claimed to turn wine trading into a lucrative venture. But the bottles Jia thought would bring him wealth never materialized. Instead, he found himself entangled in a sprawling web of deception that would ultimately unravel into one of China’s largest pyramid schemes, involving over RMB 1 billion (US$140 million).

Louis Roederer Unveils Close-Up Vine Leaf Photographs in Latest Art Project

Louis Roederer has launched the second series of its “Solar Panel” art project, featuring close-up photographs of Chardonnay vine leaves.

China Re-entry Revives Australian Wine Exports

Australian wine’s re-entry into China has bouyed the whole country’s wine exports to a record level in recent years, according to the latest data from Wine Australia. However, the industry association cautions depletion in the Chinese market due to decreased wine consumption.

TWE to Dispose Wolf Blass And Lower-end Wines

Treasury Wine Estates, the parent company of Penfolds, is looking to sell off its lower-end wine range including Wolf Blass, Lindenman’s amid declining global wine consumption.

Win a Trip to France with Les Jamelles x AWSEC Blind Tasting Challenge

Les Jamelles, the acclaimed French winery known for its single varietal wines from the South of France, is partnering with Hong Kong’s oldest wine and spirits educator, Asia Wine Service & Education Centre (AWSEC), to bring a unique blind tasting challenge on grape varietals.

Other Top Stories

Stay updated with the latest in China’s wine world with our comprehensive coverage at Vino Joy New