NEWS
EX-CEO OF A HK-LISTED WINE CELLAR ARRESTED FOR ALLEGEDLY EMBEZZLING USD3M OF CLIENT’S WINES
By Tony Zhu
13-7-2021
Joseph Leung (left) Source: Major Holdings
A former CEO and executive director of a Hong Kong-listed wine cellar has been arrested by Hong Kong police for allegedly embezzling HKD 25 million (USD3.21 million) worth of fine wines and spirits from a China-based client.
In a statement issued yesterday, Hong Kong listed wine company Major Cellar confirmed that its former CEO and Executive Director Joseph Leung has been arrested by police.
But the company said the fine wines and spirits believed to have been embezzled have never been stored in the company’s cellar and are therefore not on the cellar’s register.
The statement said the issue was Leung’s personal matter, the company does not foresee any impact on its business and operation.
According to Hong Kong police, a client from China entrusted Leung to store over 900 bottles of fine wines and spirits in a warehouse in Tuen Mun district last September.
When the client asked for all of his wines and spirits last month, Leung came up with various excuses and repeatedly delay delivery.
It was said that 489 bottles of wines worth abut HKD 25 million went missing and were believed to have been sold by Leung.
The victim then reported the case to Tuen Mun police, where the warehouse is located. After investigation, Tuen Mun’s Major Crime Unit arrested the suspect in Kowloon last Friday.
According to Hong Kong Exchanges and Clearing’s (HKEX) records, Leung had resigned from Major Cellar as CEO, Executive Director and Director on 10 June “due to his desire to devote more time to his personal affairs”.
Major Cellar was listed in 2014 on the Hong Kong Stock Exchange GEM (Growth Enterprise Market) Board before it was floated as Major Holdings on the main board the following year.
The company has two wine shops in Hong Kong and also offers wine storage and consultation services to their clients.
(the writer can be contacted at: info@thewinechronicle.com)
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