Saturday 18 June 2011
Wine investors see red
A week after news of a police probe into an alleged investment scam involving Premium Liquid Assets’ (PLA) Hong Kong office hit the headlines in the territory, Singapore investors of the locally-incorporated wine investment company are also searching for answers about their investments.
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Wine investors see red
Cheow Xin Yi, TODAY
18 June 2011
A week after news of a police probe into an alleged investment scam involving Premium Liquid Assets’ (PLA) Hong Kong office hit the headlines in the territory, Singapore investors of the locally-incorporated wine investment company are also searching for answers about their investments.
According to an automated reply sent to investors who emailed the company, the Singapore branch of PLA is “currently in the midst of handling a legal issue pertaining to our business partner in Hong Kong”.
The email added its Hong Kong office chief executive and director is “suspected of fraud”, and the firm’s Singapore and Malaysia branches have reported the matter to “relevant authorities and are cooperating with the police and related departments” to resolve the issue.
“With sincere apologies, we are unable to officiate any liquidation or new investment at the moment ... We seek your kind understanding if your liquidation payment has been delayed,” said the email.
The email did not name the director in question, who is reportedly missing as Hong Kong authorities investigate a case which could involve more than 400 investors and alleged losses of HK$50 million. The wine investment circles here refer to the man as “Christopher Koo”.
When contacted, a Singapore police spokesman said: “It is inappropriate to comment on police investigations, if any.”
Investors MediaCorp spoke to have expressed frustration at the uncertainty. One of them, who only wanted to be identified as Francois, said his only point of contact is his PLA broker, who told him to “wait” pending internal and external investigations. The French national said he has invested about S$29,000 in wine portfolios through PLA since 2009.
Although the lights were switched on when MediaCorp visited PLA’s Ngee Ann City office on Monday, no one answered the door when this reporter rang the doorbell.
Some investors have turned to legal experts for help. Lawyer Sean La’Brooy, from Wee, Tay & Lim LLP, was approached by about 20 PLA investors on Monday and he is now “exploring legal options” with them. Other investors have held preliminary talks with provisional liquidators and asset recovery firms.
It is believed there are between 100 and 400 PLA investors in Singapore, with investment amounts ranging from between S$7,000 and S$160,000.
The Consumers Association of Singapore (CASE) has received one complaint since March regarding PLA, but the consumer body’s executive director Seah Seng Choon said the consumer body does not oversee investment-related matters. Wine investments are also not regulated by the Monetary Authority of Singapore, noted Mr Seah.
A check with the Accounting and Corporate Regulatory Authority (ACRA) showed PLA as a S$300,000 paid-up limited exempt private company which was incorporated in 2005.
The records list a Mr Woo Kuan Yong as a director. When MediaCorp visited his flat on Wednesday, Mr Woo told MediaCorp that he was asked by his step-son, Mr Eldric Ko, to “register the company” but he has never been to the firm’s office.
Mr Woo’s wife said she last spoke to Mr Ko, who had called from Bangkok in April. She added that subsequent attempts to contact him on his Singapore mobile phone have been unsuccessful thus far.
If anyone reading this knows the whereabouts of the co-founder of PLA and director Mr Christopher Koo (Han Jet Koo) of the Hong Kong branch please contact the authorities immediately, he is sought in connection with the massive fraud in this wine investment case!
WE WILL FIND HIM!
The police is investigating . HK and SG, they will get caught no matter where they are.
I heard someone committed suicide because of Koo Han Jet and Eldric Ko. They should be throw into jail. This is very obvious is a similar Madoff case in asia.
Its all gone quiet, does anyone have any further info on this crook who has run off with my money
Any update? Has he been caught?
Has he been caught
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