NEWS
WINE SCAM FUGITIVE ARRESTED BY SINGAPORE AFTER 15 YEARS ON THE RUN
By Siulan Law Mathews DipWSET
20-2-2023
Vredit: Laura Beames/Unsplash
Singapore authorities arrested and charged the former director of Universal Assets Group (UAG), a wine investment company, for suspected wine scams committed 15 years ago.
Defendant Sim Kwok Sng Dominic (45) was arrested on 13 February upon his return to Singapore after 15 years on the run.
Sim appeared in court on 15 February and was charged with fraudulent acts in relation to a wine investment and buyback scheme which shocked Singapore in 2008.
The charges show that between January and December 2008, Sim knowingly operated an investment scam through UAG.
The scheme allowed investors to buy premium wines from UAG, and then sell them back to the company at a higher price a year later, guaranteeing a return of 10 to 12 percent.
However, the company was accused of selling counterfeit wines to investors and then defaulted on the promised returns, leaving investors out of pocket.
Sim fled Singapore when the country’s Commercial Affairs Department started investigating the scam.
If found guilty, Sim could be jailed for up to seven years, fined up to SGD15,000, or both.
(the writer can be contacted at: info@thewinechronicle.com)
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