Yesterday, the Straits Times reported that a group of Universal Asset Group (UAG) wine investors had lodged a police report for delayed payment of their investments.
These investors had participated in a one year “buy-back” scheme, where they purchased bottles of wine which was to be left with the company.
The company promised a buy-back of their wine after a year at a guaranteed return of between 10 to 12 percent.
Apparently, some of these investors who were supposed to get back their money in February or March this year have yet to do so. UAG has asked them to wait longer as they were having difficulties finding buyers for their wine due to the economic climate.
CASE recommends that investors to seek legal advice as investment products do not fall under the purview of the Small Claims Tribunal.
There are at least five companies which have set up shop here in the last five years, offering wine portfolios or opportunities to invest in wine.
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