Martin Lee @ Sg
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UAG Wine Buyback Gone Sour

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.

Added: Please do not leave your email address on this board. You can visit this discussion group.

http://finance.groups.yahoo.com/group/sour_UAG_investment/

Leave a Comment:

245 comments
Cindy says 12 years ago

Hi everyone,

This was a ponzi scheme. One Director, Dominic Sim, left the country and the other is his mum, also on the run. Is their houses and cars impounded? Assets Frozen? The 3rd Director Gavin Mark Santa Maria is still living in SIngapore and is laughing at everyone. He lives in a HDB flat in Tampines (to appear poor), drives an expensive SUV (Mazda CX7) and lives the life of a millionaire, always travelling and going on holidays. He hides behind the fact that the company is a Pte Ltd company and promised to pay back very little of what he has taken.

I heard that they cheated Timeshare owners, took money from them to start up the wine business. They also pushed said Timeshare owners to become unwilling investors or lose their money.

It is very frustrating that even though there are laws protecting us, scumbags like them find a way to work around the law and cheat people. How is it that a man can cheat people and be allowed to get away with it? How is it that they aren’t declared as bankrupts? Why are they allowed to wander our streets, flashing their wealth in our face? How come they are allowed loans and generally live their life when they have made many people poor and miserable?

What is our legal recourse?

Can someone enlighten me?

Reply
    Jae says 10 years ago

    Hi all, I heard that Dominic Sim is back I’m Singapore. I think you guys should put him behind bars.

    Reply
      Michael says 10 years ago

      How do you know he is back? Is there a still a suit against him? I was a UAG investor, is there any chance we can claim anything back from him personally?

      Reply
        Jae says 10 years ago

        I heard abt it from someone that used to be close to him. He’s prob lying low. I’m not too sure of the details of the case. Are there still charges against him?

        Reply
Ann says 12 years ago

hi,

does anyone know Iris Ng extension. I have yet to submit the proof of debt and I need to check with her if it is still possible to do so. thanks.

Reply
Yeo EW says 12 years ago

Seem like a lot of people have wines from UAG with 12 deg, I like to know what wines and how much you selling, inclusive of 12 deg charges.

Reply
Jun says 12 years ago

buy back scheme

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Bernard says 12 years ago

Hi Jun,

Are you in the buy-back scheme or you have physical inventory? Please advise.

Thanks,
Bernard

Reply
Jun says 12 years ago

Mandatory Buy-Back Scheme

We confirm receipt of your documents. Kindly note that there are no funds, in the company’s liquidation account, available to pay monies to creditors. We will keep you informed should there be any monies payable.

Regards
Iris Ng

got this email.. zzz zzz

Reply
    lioninvestor says 12 years ago

    Tough luck. 🙁 People get away scot-free after emptying the company’s funds.

    Reply
Bernard says 12 years ago

Hi All,

Has anyone heard from IPTO on this matter?

Thanks,
Bernard

Reply
Catharina says 12 years ago

Hi,
I didn’t even know that there is a website where people like me can share their experience.

Me and my partner were victims of UAG as well. The only good part was that we where stuck with physical bottles; however even for getting them out from 12degree we were asked to pay duty first. This was so frustrating as we did not want to spend more money.
Vino contacted me and I have to say I lost my trust in humanity as they even tried to pitch me and to spend more money – how unfair is that ???

After 6 months of research and frustration of losing all my money I found someone who bought my wines- without me paying any duty and anything else. I mean I sold my Penfolds for the price I bought them ( actually bit lower, but not much). It was great – this guys was amazing – I first had to send some pics of my bottles and then he transferred the money – and then the bottles were taken – so I was secured. What I have learned is that dont trust companies who call you – try to call them first – and very important the website has to have a VAT thing on it !!!! ( That’s what I got to know from my experience)And good companies pay you first then take the bottles. So I got out of it and that’s what i wanted to share to those who have actual bottles – try to sell it even if its a bit less , at least you get most of your money back ….. ( Try to find companies with a proper website and registration on it ….that’s the one I had and who helped me……http://bordeaux-traders.com/ )

Keep positive , I am sure it will work out ( it did for us after 5 years )
Catharina

Reply
    lioninvestor says 12 years ago

    Hi Catharina,

    Great to hear you managed to get sell your wine. Hope the rest can find sellers too.

    Reply
    Ramesh says 12 years ago

    Hi Catharina,

    I am stuck with the wines I bought with UAG. Can you asssit me with your broker to sell my wines.I am paying heavy storge charges with 12 degree. You can for me your brokers detail to [email protected]…thanks

    Reply
Andrew says 12 years ago

No need to worry, I found it. I`ve bookmarked the link http://www.worldequitynetwork.com/wine-publication/

It’s always good to get a second opinion in these matters! Tell me what you think pls.

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Andrew says 12 years ago

Hi,

seems you guys have problem here……….

I was about to ask advice if anyone have good recommended contact or had a good experience with wine investment? what should I really know?

I’ve been building a portfolio in the last few years complete with South East Asia stocks (which has had ups and downs), CIS in Oil drilling (which has been pretty successful) and now that my annual royalties have kicked in I am looking to find something a little bit less rocky.

It has recently come to my attention that Wine Investment as not lost investor money ever and also been the overall best investment in the last 10 years. Is this correct?

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Melvin says 12 years ago

Hi Anyone. How did you manage to make appt with Iris Ng regards the claim. I made an online submission but no news till now. Seems like this Iris have one by one met a few of you and update you something.

Please advise.

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    Collin says 12 years ago

    Just go to IPTO web site and email Iris direct and make appointment.

    Reply
Bernard says 12 years ago

Hi Everyone,

It’s me, Bernard again.

I have spoken to IPTO and has arranged an appointment with them on the 10th February.

I have also spoken to ASP Ho from CAD. His advice is that I wait for the investigation to be completed and receive the wine back from them since 12degree has sent me an inventory indicating my ownership of the wine with them.

I hope this case will be resolved soon, I don’t think it will be beneficial to IPTO to prolong the investigation.

Bernard

Reply
    Collin says 12 years ago

    Hi Bernard

    I will be going to IPTO on the 19th. 12 degrees have also sent me the inventory list and hopefully we can get our wine back instead of them liquidating and give us the proceeds.

    Reply
Bernard says 12 years ago

Hi Everyone,

My name is Bernard. I am a UAG investor like you folks but I am not in the Buy-back scheme.

I have physical wine inventory under my name in 12degrees but 12degrees told me that there will not be any transaction or movement of wine because the case is now handled by IPTO.

I have not file my claim so I am going to give IPTO a call.

Regards,
Bernard

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Jowe says 12 years ago

nope they did not….but they mention the investigation is already expedited.

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Jowe says 12 years ago

I’ve got the latest. UAG may have oversold the wine…meaning some portfolios maybe bagus… I just came back from IPTO, they told me that due to the nature of the goods involved, they are moving in quickly to determine ownership of the wine. Depending on CAD investigation, the wine may be released back to us asap.

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    Collin says 12 years ago

    Thanks for the update, Jowe.

    As expected, they did not give you any date right?

    Reply
lioninvestor says 12 years ago

Universal Assets Group Pte Ltd (“UAG”) was ordered to be wound up by the High Court in CW123/2009 on 2 October 2009. The Official Receiver has been appointed the liquidator in this matter.

If you have a claim against UAG, you will need to submit them by 15th Jan 2010.

See bottom of this page:

http://app2.ipto.gov.sg/

Reply
    Collin says 12 years ago

    Any idea what will the Official Receiver do after the claim submission is close? Process everything and slowly begin selling the assets and determine who receive the proceeds?

    Reply
Eric says 12 years ago

Updates for all UAG investors

Last day of filing claim as a creditor is 15th Jan 2010.

http://wineinvestment.sg/2010/01/13/updates-for-all-uag-investors/

Reply
Connie says 12 years ago

Hi all.
Can someone help…. ; how can I contact ASP Ho or the offical receiver Ms Iris Ng Yoke Peng?? Need to check whether can I pursue my case ( not wine related) but still under UAG grp. The day I read the news regarding UAG vacant office from the Straits Times; I went to neigbourhood police post to make a report but was told it is not a criminal case ; I cannot do it there.
Can someone assist??? Thanks in advance.

Reply
    Collin says 12 years ago

    See the bottom of this web site.

    http://app2.ipto.gov.sg/

    Reply
      Connie says 12 years ago

      Thank-you very much; Collin. Managed to make appt with Ms Iris Ng. Your help is very much appreciated. Thanks.

      Reply
        Collin says 12 years ago

        No problem Connie.

        Are you able to update us on the outcome of your appointment? I did not meet up with them; basically just submit the claim and document.

        Thanks.

        Reply
          Connie says 12 years ago

          By the way, Ms Ng told me that the filing claim submission dateline is extended. My appt with Ms Ng is on 20/01/10. Would update you then.

          Reply
Eric says 12 years ago

I got contacted by Vino en primeur as well. They claimed that they could help to sell my wines. Have not met them yet but I will proceed with caution this time.

Anybody has any advise here?

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    Jowe says 12 years ago

    Hello Eric

    I got contacted by them too. And am meeting them today. I hope I’m not wasting my time with them.

    No choice, go down and take a look.

    All in, can I just ask, how much have you invested?? Just want to know if its worth pursuing

    Reply
    Eric says 12 years ago

    IMHO, save ur time, dun meet them… they will ask u to buy wines from them first if u read about others who have already met up with them…

    Quote:
    #
    # Collin on 29 Dec 2009 at 11:51 pm

    Just came back from Vino en pimeur. Apparently, they helped us to contact XII degrees and told us that our wines are freezed by them. They, then said they can exchange our wine at face value (the money we paid to UAG). However, the wine being exchanged are Australia wine that will be sold during next year end’s wedding dinner. In addition to the face value, we need to top up another few thousands to buy the rest of the wine that will be used for the wedding dinner. Quite hard to explain here, but the idea is that we get to gain back a little by pumping in another few thousands. We rejected.

    Trevor Reply:
    January 3rd, 2010 at 12:29 pm

    Good for you for rejecting them!

    You may be buying additional wines at a higher-than-retail price to cover their costs and effort.

    Reply
mich says 12 years ago

Dominic and his brokers like to hao lian alot back in those days and never kept his promise.

Look whats coming now..

Mich-the ex employee

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Collin says 12 years ago

Just came back from Vino en pimeur. Apparently, they helped us to contact XII degrees and told us that our wines are freezed by them. They, then said they can exchange our wine at face value (the money we paid to UAG). However, the wine being exchanged are Australia wine that will be sold during next year end’s wedding dinner. In addition to the face value, we need to top up another few thousands to buy the rest of the wine that will be used for the wedding dinner. Quite hard to explain here, but the idea is that we get to gain back a little by pumping in another few thousands. We rejected.

Reply
    Trevor says 12 years ago

    Good for you for rejecting them!

    You may be buying additional wines at a higher-than-retail price to cover their costs and effort.

    Reply
Immune says 12 years ago

Well. This makes fun reading. I too invested with UAG a few years back…real wine and buy back sheme. I have lost the buy back wines but still have my real wine now with 12 degrees. Have filled with the police some time ago and just submitted my debt form 77 with the Reciever for the Sg. government. Will talk with (cautiously) Vino en pimeur tonight. Anyhow, Mr Ho at the fraud division told me that the UAG former CEO has not been arrested yet, but his wearabouts are known. I don’t think his arrest nor the recievers collections are likely to do much for those of us who lost anything…but we will see.

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Collin says 12 years ago

Hey guys, my gf invested in the physical wine, not the paper one. Today someone from http://www.vinoenprimeur.com/ called her and said they are interested in buying over the wine.

How credible is that?

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Helen says 13 years ago

You, guys are luckily that wines physically exist.
Mine, no stock in 12 Deg and two buy-back scheme, all gone.
Keeping fingers crossed that the Ah Gua will be caught soon.

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wine_expert says 13 years ago

Vino En Primeur sounds familiar … I wonder if it has any ties with Vino Fernandez.

If it does, then I dont think there should be any problem with dealing with them, cause the boss Alvin Fernandez is someone I know personally who hangs out at NAB VIP area.

Some rag to riches story.

As for those of u who invested and got back ur wines from UAG, good luck in selling them for a profit. From what I can see, u can either hold on to them for a fews years and sell them collectively at auction houses worldwide.

On the other hand, seeing to which UAG usually mark up their prices digustingly (having been asked by them to invest before) I seriously doubt u may be able to break even in the next few yrs (I stand corrected if proved otherwise)

Cheerios

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Steng says 13 years ago

I’ve withdrawn my wines in 12degrees under UAG & have opened an account under my personal name. I’ve also paid about a $100 for the amonts outstanding by UAG as well as paid my storage of the wines till Dec09. I’ve 12bottles of Morton Rothschild. If you guys have any outstanding, better get it out with whatever proof you have to be under your account either with !2 degrees or any other wine chillers. Insp Ho has advised that the case is not closed till that idiot is caught. I also do not have to close the police report. Move before the receivers go in.

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    bc says 13 years ago

    my wine is not with 12 Deg and i believe its at Toll Zenecon. spoken to the managers at Toll but they had received a court order. what can i do now?

    bc

    Reply
      Trevor says 13 years ago

      What does the court order entail? Forbid them to release the wines to anyone?

      Reply
        bc says 13 years ago

        per the manager, no one can touch the wine other than the authorities.

        bc

        Reply
    tiramisu says 13 years ago

    hi Steng,

    so what does it mean when the receiver goes into this case? Are they going to hold all our wines there for investigation purposes? I had wanted to take out some of the wines for xmas and to drown my sorrows – seems that I can’t even do that now?

    This receiver is the legal presentative from 12 Deg, or someone from CAD?

    Reply
RAM says 13 years ago

Please take note the offical receiver for UAG case is Iris Ng Yoke Peng . For those who have not submitted Form 77 thru on line can do so manually to her office together with all the proof douements. The manual application need to pay $8 when submitting appication.

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Fabian says 13 years ago

Join UAG on FB

http://www.facebook.com/group.php?gid=39185223812

and here’s my ex-boss with his pretty babes … lol

http://tinypic.com/r/291nfo1/6

Reply
east_europe_fraud says 13 years ago

My ifa company sold this wine investment rubbish.

No news from my company, no updates, no nothing. Not even an email on this after the news broke out. Truth is, I never paid attention to such exotic investments since the 1st day I joined this ifa firm. Never understood why my company would want to distribute such products.

Anyway, all the best to you guys. I feel so bad that you guys lost your savings.

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KC Tang says 13 years ago

I submitted Form 77 on the IPTO website. How do I send the documentary proof? Which email address do I send it to? Can’t seem to locate it.

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Tiramisu says 13 years ago

I had wanted to set up own account at 12 Deg, but I have to pay the outstanding storage fees. Best part is they do not allow me to see the physical wine even after I am willing to pay, for whatever reason they may have. Unless I debond the bottles, so I can be sure the physical wines are there – with 60 bottles of fine wine, I have to spend another $1k wine chiller to store those liabilities?

What is this vino? could it be a collaboration with 12 Deg? I didnt rec any call from Vino. Maybe some conned investers also don’t know what to do with the wines and just left it alone at the warehouse? They didnt even bug me for the outstanding storage charges – and I really suspect if my wines are really there. Could it be they want us to transfer out of 12 Deg by working with Vino?

Reply
    RAM says 13 years ago

    Tiramisu,

    I spoke to Mr Jason from 12 Deg , same as you said I have to pay for all the outstanding storage by UAG. Did you change the chiller from 12 degree or maintain at 12 degree. If you change different storage chiller can you recommend one.

    Reply
    sighz says 13 years ago

    Hi,

    I will transfer my wine out and store at another warehouse next week.

    Update you all again the charges etc.

    Reply
    Trevor says 13 years ago

    Do not store the wine by yourself, the value of the wine will depreciate by quite a lot if you do not store it at a certified facility.

    Reply
wine says 13 years ago

how does vino get the contacts of all uag investors and then start calling everyone of them????

don’t you all find this extremely suspicious already????

they are just trying new tactics to get you into their company… and hopefully one day you will be convinced by them to ….. yes… part with your hard-earned money again…..

good luck to all who trust them…

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RAM says 13 years ago

Did any one transfer your wine with 12 deg from UAG account to thier own account at 12 Deg. I am thinking of doing it. Does any as anyone feedback about it or any better proposal.

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    Eric says 13 years ago

    I have converted to private account with 12 Deg … have to pay up the outstanding fees incurred by UAG

    The reason i stick with 12 Deg is cos have to spend extra $$ to transfer out the wines to store at a different storage provider

    Anyone else got better suggestion?

    UAG used to store my wines under Toll Zenecon but i could not find more info on that

    Reply
helen says 13 years ago

U are luckily have stock with 12 Deg. Becareful do not fork out any more money, money keep in own pocket is the safest.

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Yeo EW says 13 years ago

I’m just curious, what labels and vintage did you all buy, as for 6 bottles, normally only the top First Growth do in 6 bottles per case as for the rest they are mostly in 12 per case, unless your are talking about large format.

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sighz says 13 years ago

Vino called me too .. i checked with 12 degrees and they confirmed my wine is still in warehouse. Vino will contact me again to discuss about the sale of wine .. will update everyone .. i will be EXTRA careful.

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    bc says 13 years ago

    any news? will you be keeping your wine with 12 Deg or moving to another warehouse?

    bc

    Reply
    yooque says 13 years ago

    have anyone ever wonder how did Vino get our contact?

    Reply
      Eric says 13 years ago

      got contacted by vino, too … they claim to get my contact from some database that they bought off some investment company (UAG??) … lol

      well, i will see first whether to sell them my wines or not … no hurry lah

      just beware if they ask for more money from u

      Reply
BC says 13 years ago

i just come to know of the UAG fraud. i bought 6 physical bottles in 2007 but never saw them. just contacted 12 Deg and they informed me that they do not have my portfolio. I only come to know of the fraud cos i was contacted by a company, Vino En Primeur. they offered to buy my portfolio. what’s the catch??

bc

Reply
    lioninvestor says 13 years ago

    Hi BC,

    What’s their offer? Whatever you do, just be careful of parting with more money.

    Reply
      BC says 13 years ago

      will be meeting them next tues. already told them that i have complete nil knowledge of where my wine is but yet they told me not to worry and wants to meet me.
      ???
      i will be careful

      bc

      Reply
        lioninvestor says 13 years ago

        They obviously must have gotten your details from somewhere and know what they are doing. Be cautious.

        Reply
        yooque says 13 years ago

        I went to their office (vino) 2 days ago, and was informed about the uag scam thingy….sigh….

        I was so shock about the news. Bought 6 bottles of wine in 2007. Today the staff from vino called, saying that he had went down to 12deg personally to check and confirmed that my wine is there…

        Actually i really dunno who to believe now….just be cautious when you decide and be responsible with your decision.

        Reply
          bc says 13 years ago

          you can call 12 Deg. or drop them an email giving your account no. they will reply with the relevant info. btw, do not think that 12 Deg will reveal infor of clients to third party.

          i checked with 12 Deg and, sadly, my 6 bottles of wine are not with them. Called Toll Zenecon and they said that there are stocks of wine of the label that i had bought. but all the wine with Toll Zenecon is under receivership. my question is, i should have legal title to the wine that i had bought which should not be part for UAG’s assets, right?

          bc

          Reply
            yooque says 13 years ago

            I just went to 12deg and transfer my wine to Vino. The staff from Vino told me that he’ll arrange a day for the wine owners to visit their storage place one day…it’s @ TUAS

            Reply
            Kumar says 13 years ago

            Hi BC,

            The issue could be that ùäg
            did not keep the name under your name.if you have evidence file form 77 under the ipto online portal.and then
            send your scanned documents by email.thanks.-kumar.

            Reply
              bc says 13 years ago

              thanks. i had file form 77 and submitted the documents. i can only provide the order form, tax invoice and payment receipts. UAG never sent a inventory list to me in the 2 years i dealt with them. hopefully i have a case.

              thanks again!

              Reply
Desmond says 13 years ago

Hi,

so the unwinding number is 123?

where do I obtain this unwinding number?

It’s under “New Proof of Debt” right?
CW/123/??

Thanks for any help rendered!

Best Regards,
Desmond.

Reply
    Kumar says 13 years ago

    Login to http://www.ipto.gov.sg
    Click on IPTO Online Services, Other Services
    Under Corporate Insolvency, select Proof of Debt for Company Liquidation
    (Form 77)
    Select Yes
    Enter winding up no 123/2009

    It asks for your details ; 5 sgd payment ;

    Reply
      lioninvestor says 13 years ago

      Hi Kumar,

      Thanks a lot for posting the details.

      Reply
        lioninvestor says 13 years ago

        Hi Kumar,

        Do you choose CW, OP, OS or SU for the prefix that appears before the case number?

        Reply
          RAM says 13 years ago

          Hi Kumar . I have problem IPTO service, can you contact me off line at my e-mail addrsee
          [email protected]

          Reply
HJ says 13 years ago

Apologies, winding up number is 123.

hanjie

Reply
HJ says 13 years ago

Hi all,

please go to http://www.iptoonline.gov.sg to list yourself as
one of the creditors against Universal Assets Group Pte Ltd.

i received this mail from Inspector Ho, so would like to share with the rest.

Hanjie

Reply
    lioninvestor says 13 years ago

    Hi HJ,

    Thanks for sharing. Which is the actual section for indicating as creditors?

    Reply
Joyce says 13 years ago

Hi all

Unfortunately, this is not the first experience for me. I’ve encounteres rogue lawyer who ran away with 4% of my hse proceeds, that was in Jan 2008. I still haven’t seen my money.

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Joyce says 13 years ago

I think we are all stuck and the best part is, nobody bothers to inform or update us. What should we do?

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    Philip says 13 years ago

    Hi All,
    I suggest we all keep calling CAD, Mr. Ho weekly to check on the status of their investigation on the matter and after update all others.

    Can someone please advice the direct contact nos Mr Ho. Thanks

    Reply
Robin says 13 years ago

Make a call to the police investigator – ASP Ho. He informed that investigation is still going on and the swindler will be put under arrest if found in any custom gateway. Sadly, he also informed that our type of buyback investment is most likely to be gone! A few big players had lodge legal suit against the swindler. So the investigator suggested us to wait till the arrest and the lodged police reports will be tagged along to file against.

Thought i really want my money back but i don’t have a good feeling. That idiot must be happily spending all our money with tons of wine and women. So what if he got arrested?!! Money all spent!! At most he declare bankrupt and go jail for a few years. We get nothing back but wasting time. WTF!!!

Reply
    Benjamin says 13 years ago

    police case will be under criminal law. So technically, it is only to punish the criminal.
    If want to recover our money, someone will have to lodge a civil suit against the bugger for damages incurred.. Hopefully the big guns will do it and we can tag along

    Reply
Noor (Malaysia) says 13 years ago

Hi. I am another victim of the UAG Wine Investment scam. I just realized it when I called their office to sell my wine portfolio maturing this month (Oct 09).

As I’m residing in Malaysia, I don’t know how and where to make the police report. Is there a contact number for lodging a police report reference to this case?

My e-mail : [email protected]

Reply
Eric says 13 years ago

Hi, I am another victim of the UAG Wine Investment scam. I just realized it when I called their office to sell my wine portfolio maturing this month and found that the line is already dead.

Is there a contact number for lodging a police report reference to this case? Which police station should I go?

Thanks for your help.

Reply
Steng says 13 years ago

Hi, I think I’m 1 of those late ones who only just realised my problem when I was trying to e-mail Frederick Fok to ask him about the wine & the tel no is already cut-off. I just saw this when I search for their webiste to see if I’ve got the address wrong. I’ve not made any police report as yet. How do I get to contact Insp Ho of CAD? Which police station should I go to or is this a close case already?

Can someone please help? I’m suppose to have bought their physical bottles which is suppose to be kept at Toll Zenecon Pte Ltd at No 3, Clementi Loop, singapore 129815. Anyone with the same problem? Wine was suppose to be Chateau Mouton Rothschild Bought in Oct 2007.

Reply
    BC says 13 years ago

    hi,

    i just know of the scam.
    i bought physical wine in 2007. and went to Toll Zenecon for a site visit when it was delivered. but never saw the wine. and its not with 12 Deg.

    any idea how to trace?

    bc

    Reply
Wong says 13 years ago

Hi all,

Have anyone received any latest news on the UAG Mandatory Buy Back Scheme? I have been trying to call them for a while and now their phone was not even listed.

Any latest update?

Reply
Tris says 13 years ago

Hi,

May I know if the group of affected investors formed in July still active? Could someone please keep me in the loop. I am have just lodged a police report and forwarded to Mr Ho. And the 12degrees people cannot be contacted.

I hope this group is still active. In the case any legal actions are ensued, we need this collective group. Please don’t lose the communication chain.

Tristan

Reply
Philip says 13 years ago

Hi All

Can anybody please provide some update on the UAG issue. Did the CAD dept manage to trace Dominic Sim and take action against him for this whole scam where many people like us lost our hard earn money?

I made a police report 2 months ago but didnt get any response from them on the case or status on investigation.

Reply
RAM says 13 years ago

I am one also invested in the scam . Now my stocks of wines with 12 degrees is having problem. The managemnt of 12 degress are saying that I cannot take it out as UAG have not paid for some of the wines. …. is any one out there also facing the same problem..

Reply
Jurne says 13 years ago

I have also invested in this scam. Did any of you guys recovered your investment?

Reply
Catherine says 13 years ago

Hi. I am also a victim of the guaranteed buy-back scam. Pls also keep me updated. Thks.

Reply
wong says 13 years ago

have anybody forwarded the queries, questions and comments
to asp ho of cad for his advice why was the rascal being set free
since this is not the 1st company that he had cheated.

hopefully, he will rot and have his retribution and his family too
as i believed the family is involved in the scam.

Reply
Soh says 13 years ago

To wong asking why!!!!

Doesn’t this proves our authorities are sleeping on the job ?

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wong says 13 years ago

how can our gahmen let this Dominc swindler continue to operate business in SG if he is already a certified conman in Aztex???
how can he be even permitted to leave SG if the Aztex case not closed??
why!!!!

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    Singaporean says 13 years ago

    The question to ask is whether he would be brought back like that Dandy boy in the NKF case when he ran off to Hong Kong and not why he was not prevented to leave like the Chees.

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      wong says 13 years ago

      this qn need not be asked if he is prevented from leaving in the 1st place….
      ask yourself- is it easier to bring back a wanted man or prevent him from leaving using his passport…

      Reply
Singaporean says 13 years ago

If it is Francis Seow who had left the country then we can send PI to take photographs of him day and night. If it is Dominic then lets move on…

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Burnt says 13 years ago

I am informed that Dominic has left the country. What can we do?

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Aztex victim says 13 years ago

I am a victim of Aztex Intl, timeshare resaler. CEO of Aztex & UAG is the same Dominic Sim. Until now, we are not able to get the refund promised by Aztex. I am sure Dom Sim siphon all the monies somewhere. Only hope CAD will scrutize their account.

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Singaporean says 13 years ago

By leaving your email addresses here, you can be sure that you will be contacted by people who tell you that you can get your wine back by paying some money upfront. This modus operandi has already been successfully executed by timeshare companies who make a fool out of investors a second time by making them fork out more money. The logic is simple to these foreign sharks and barracudas. There is this feeding spot in Singapore where thousands of fishbait is for the taking. They will come at you again and again since you are proven nutritious food for their expensive lifestyles with beautiful models, fine wine and high-rolling lifestyles. You are feeding their expensive tastes for gourmet food, fine wine, glamourous women and fast cars. All you need to wake yourselves up is by asking the question “why are they doing this?” If the answer is to get your money they why are you offering it?
This Dominic guy obviously has a much higher IQ then your Inspector Ho, so it is an unequal level of playing field. You can forget about getting your money back and cut loss right now and learn the lesson. Meanwhile there is another play starting now with Gold being discussed in another forum of this same website. The story gets repeated, Timeshare, Minibond, wine, gold and the list goes on… Why do people never learn?

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MM says 13 years ago

Dear All,

Just saw the forum and email trails. I am a victim too (already lodged a police report). Hopefully we can arrange for another meeting for those who were not able to attend like myself as I do not know what are the next steps needed to be done, and want to get updates too regarding the case. pls include me in the updates.

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KM says 13 years ago

Hi Guys,

I am also a victim of the 11% guaranteed Buyback scheme.

I have made a complaint to CAD (Inspector Ho) & also written to local MP.

There is also a mailing list setup ,many victims including myself write to the group.Probably many of you are in this group.

Else write to grapesrelation at gmail.com ,requesting for you to be included in the group

Best Regards
KM

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EW says 13 years ago

I like to know what did you all buy, 12 deg is a storage service by Hock Tong Bee. I doubt they can reveal the wines to you, provided you can prove the wines belong to you, then the storage rental in 12 deg, who’s paying.

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Philip says 13 years ago

Hi All

I extract some info from this Guy on Diminic Sim for your info.

Hi Victims,

I just read about UAG on the newspaper today and saw the tv program last week and i got all your emails from the lioninvestor website. I personally do not invest in the wines but i do know the CEO, Mr Dominic Sim indirectly. I got a friend who is a model and she is a friend of Dominic from what i know. She even went to his office and knew some of the management from UAG in the past. I did heard her mentioning about Dominic’s company got into some trouble and from what i know about Dominic, he is a person who loves to befriend models and drives very expensive cars.

I do not really know him personally but after knowing this news and reading the comments on lioninvestor website, i personally feel very sorry for you guys. I just got into his facebook account through my friend’s account and get to find out that he is now the CEO of another company. (The Grand Sapphire) He is even driving Bentley right now and could be using all the hard-earned money of other people to buy his car and set up his new company.

Attached are his photo and the photo of his car which i download from his facebook account.

The main purpose of this email is just to let you guys know about his new company and warn all the investors out there to be more careful and do not invest in his new company anymore. Hope this info can help some of you out there.

Website of his new company: – http://www.grandsapphire.com/

For your info, this new company’s address is actually the same with UAG but from the news i read today on the papers, UAG had been owning the building management money. Maybe some of you can double check with the reporter involved. Cheers!!

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Philip says 13 years ago

Hi All

You can call 12 deg at 67320555 ext 217 or 220 to look for Jason Yip to check if your wines are kept there. If they have it then you are more fortunate as mine is not there or anywhere…..

Lets hope CAD can get hold of Dominic Sim and his brother Dino Sim to face the consequences. I understand they went to HK maybe CAD Spore can seek help with HK side to trace and arrest those fellows.

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ec_21 says 13 years ago

Dear all,

please follow the links below. Many of us affected also and in contact with Inspector Ho.

http://singaporeprofit.com/2007/07/29/new-age-wine-investment-in-singapore/

http://finance.groups.yahoo.com/group/sour_UAG_investment/

I am not the adminstrator nor organiser, but sadly another victam.

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Andy says 13 years ago

Hi Desmond,

Are you able to include me as well? So as to be updated too.

Thank you

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Ben Lee says 13 years ago

Hi everyone,

I invested in their wines but not under the buy-back scheme. I faced the same problems with UAG. In fact UAG threatened to sue me 2 years ago for calling them a fraudulent company and see what happen now.

I’m trying to get back my wines from 12 degrees, but when i called them, the person who answered was from Hock Tong Bee, and she told me she is not authorised to give out the number of 12 deg.

Can I be added to the mailing list?

ben

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Aaron says 13 years ago

Please include me in your communications.
I’m also a victim. Help my hard earned money ALL WASTED.

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TBH says 13 years ago

I suggest when making report request the officer to fwd the case to CAD inspector Ho.

Desmond, would you let me know what is the outcome of the Sat meeting.

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Dom says 13 years ago

Hi I am a victim too, have 4 portfolios, 2 of which are the guaranteed nonsense.

Lodged a police report online.

We should all get together and see what we can do

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Intheknow says 13 years ago

read today’s straits times..

UAG just closed shop.

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Jess says 13 years ago

Hi.

I bought a portfolio under the buy back scheme as well. Really no wine stored in 12 degree? This is really bad.

Is it possible to include me in the correspond/discussion as well? Do let me know wad’s the outcome of the sat meeting!

Thanks!

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Robin says 13 years ago

Hi guys.. I am making a police report this evening. Please do keep in the the email discussion loop. My email address is

Shit 12%… too good to be true!!

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TBH says 13 years ago

Dear Philip & Desmond

Mine also due in Sept, I have made police report. I suggest you request police to forward this case to CAD inspector Ho.

Beside buy-back scheme, those bottled wines investment, physically no wine in 12 Degress……………..sigh.

Sorry I did not attend Sat meeting, Desmond please let me know what is the outcome.

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    Ben Lee says 13 years ago

    Dear TBH,

    what exactly do you mean by “those bottled wines investment, physically no wine in 12 Degress” ??? have you called 12 degrees?

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      TBH says 13 years ago

      Dear Ben

      I invested buy-back & bottled wines. You may check with Mr East Ong – email [email protected], do you have any bottled wine stored in 12 Degress. Good luck to you.

      Really angry & bad luck, kanan conned by this ‘white face ah gua’.

      I called Inspector Ho yesterday, investors will be at losing end, ah gua owe others a lot of $$$$.

      TBH

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Philip says 13 years ago

HI All

I am also holding some wine investment with UAG which is due in Sept. Can I make a police report now since my due is later ?
Can I make the police report at any police post or sts ?
Would appreciate the advice from the group and please include me in your discussion/corresp via email.

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Kay says 13 years ago

Do you guys – the investors have the wines in your possession? Or it is supposedly kept by UAG – which is probably non-existant now? No money and no wine? If MAS is not monitoring such activities, which authority should be? CAD?

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JC says 13 years ago

Hi, all.

I’m also one of the victims like all of you. I’ve yet to make a police report, but will do so soon. Kindly include me in your correspondences. My email address is: . Can someone advise me whether the report can be done at Neighbourhood Police Post?

By the way, I managed to contact an ex-staff of UAG. He was one of the managers there. He told me that the staffs were being owed salary and they had lodged police report and compaints to MOM. Most of the staffs have also left.

I also came to know about this scam after the TV programme on Friday 03 July. My investment was due in May and had been waiting for the payment. Only after I saw the TV programme did I realise about the whole scam. Will appreciate any help rendered and I can let you all know the manager whom I managed to contact.

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Intheknow says 13 years ago

Is Fine Wine Investment Risk-free?:
Recently, a group of disgruntled investors lodged police reports against a fine wine investment company for delaying payouts amounting to more than a thousand dollars per investor. One of them is a 61-year-old man who had taken up two investment schemes which matured in March and May respectively. To date, he has not received his principal sum and profits, nor has he been able to reach the management of the company. What are the risk factors involved in new and “alternative” investment instruments such as this? Before investing, what should an investor take note of? Who should be responsible if the investment goes wrong? Frontline reports.Producer: Dawn Khoo

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Intheknow says 13 years ago

good luck all!

remember not to touch those funny schemes in the future!

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TBH says 13 years ago

watch to nite Frontline channel 8 10.30 pm

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EP says 13 years ago

Hello Desmond,

I am also a victim and would like to be included in your correspondences if there are any. My email address is:

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    Clueless says 13 years ago

    Hi Desmond,

    Can you include me as well? Thanks! Much appreciated.

    Clueless

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      HJ says 13 years ago

      Hi Desmond,

      are you able to include me as well? so as to be updated too.

      Thanks Much

      HJ

      Reply
Clueless says 13 years ago

Hi all,

I am also a victim of UAG. Can someone advise wad should be the steps I should undertake. Should I go to 12degrees first or go and report this to Inspector Ho. Here is my email: . I really hope somebody can help me. Thanks!

Clueless

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Intheknow says 13 years ago

the wine buyback scheme gone sour was mentioned in the news or some national tv program.

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    wong says 13 years ago

    yah it was mentioned on frontline 10.30pm on i think Thursday…
    din say much except it was UAG and the person made police report.
    din say wat steps to take against such scammers though….

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TBH says 13 years ago

Hi! Intheknow

don’t understand what u meant was mentioned on national tv?

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Intheknow says 13 years ago

i think this scheme was mentioned on national tv.

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Melvin says 13 years ago

Thanks Beekay
I did all already as desmond & Tom already guided me all along through email and calls since MAY.

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beekay says 13 years ago

Hi,

If you had bought the uag buyback scheme and not got your money back, should consider make a police report.

Provide a photocopy of the tax invoices of your buyback holdings and let the officer doing your police report know that it is related to the open case under investigation by Mr Ho in CAD. Your report will then be referred to him. This will assist CAD investigations into the extent of the fraud.

I suggest you go personally to a police station to make the report rather than online. A friend did the report online but end up still need to go to the police station again to submit the supporting photocopies.

My opinion is until the CEO is found and arrested, there is nothing much else can be done.

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Melvin says 13 years ago

Desmond
Despite your busy schedule. I must say thank you for your updates all along regards to UAG. You have been helpful throughout. Appreciate….I shall see you there for the meeting this sat 4 jul. Not to forget Tom as well. Thanks for arranging such an important meeting for all feeling ‘loss’ victims.

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Desmond says 13 years ago

Greetings to everyone,

There is a group discussion this coming Saturday, 4 July 1pm, at Plaza Singapura level 1. in front of starbuck/coffee bean(can’t remember the exact coffee joint), with regards to further actions that may be taken against UAG.

Just an update…this case has been classified as fraud and an arrest warrant has been issued for UAG’s CEO, Dominic. His last known location is in HK, hopefully the authorities can capture him.

Regards,
Desmond.

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    v.vaempuli says 13 years ago

    Hi I have holdings with UAG as well. Both guaranteed buy back as well as bottles with 12 deg. Can someone advice me on what to do?

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      Desmond says 13 years ago

      Hi,

      I think the first thing is have you filed a police report yet?
      By doing so, you are helping the investigation officer consolidate a list of victims under UAG.

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        Philip says 13 years ago

        Hi Desmond

        I too invested with UAG but my holdings only due in Sept. Can I make a police report now ? Can the report be make at a neigbourhood police post ? Would appreciate if you could advice and include me in the group correspondence. My email add Thanks

        Philip Chan

        Reply
    YC says 13 years ago

    Hi,

    I am also a victim. It is a good idea to gather and have a collective approach.

    I will be attending the group discussion on 4July, 1pm at Plaza Singapura together with another of my friend, who is also a victim.

    Desmond – maybe we can touch base offline. You can email me at.

    Regards,
    YC

    Reply
      Desmond says 13 years ago

      Hi YC,

      I have replied to your email.

      Best Regards,
      Desmond.

      Reply
        TBH says 13 years ago

        Hi Desmond

        Thank for the lead.
        I will try to be presence this Sat if I can.
        keep me update

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    CS says 13 years ago

    Hello Desmond,

    I am also a victim and would like to be included in your correspondences if there are any. My email address is:

    Unfortunately I will be out of town for a week from tomorrow so I can’t join in the discussion this Saturday. I will also be making a police report as soon as I get back.

    Thanks for the initiative. I hope to be able to contribute to the discussion after I’m back.

    Regards,
    CS.

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      wong says 13 years ago

      hi my portfolio is maturing in sept but i may as well get in on the updates.
      pls include me in the correspondence also-
      thks much.

      will try to attend the meeting tmw…

      Reply
    Victim says 13 years ago

    Hi Desmond,

    Too bad I missed the meet-up today at plaza singapura. I’m also a helpless victim in this whole uag fraud. Can you include me in the correspondence?

    By the way, latest update is that Dominic Sim is arrested and under going interrogation.

    There is a wine investment company that offers to change the UAG ‘buy-back’ papers into physical bottles. But we have to top up some money in exchange for the physical bottle wines. Does anyone know how true is this offer?

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      Desmond says 13 years ago

      Hi Victim,

      I am not sure about Dominic’s arrest since I have never heard of this news yet and I do not wish to speculate. Shall wait for CAD’s update.

      I guess the general advise is not to take up such good offers by these new investment companies. Reason being, there are alot of new wine investment companies set up recently and most of them, based on what I know, are set up by ex-UAG staff. I believe you don’t want to throw your money into another fraud again right? CAD’s investigation officer has already said not to believe in such companies.

      Regards,
      Desmond.

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Vin says 13 years ago

Hi Guys,

I too am victim of this company is there anyone here who has the latest update on this company and how we can get back our money !

Are there any alternates ?

cheers
vin

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Boon says 13 years ago

Hi Janice,

I can recommend someone that can help you sell off your wine if you want to. You can email me at

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diana wong says 13 years ago

i am also victim of it too.
had been calling the office and email, was told that they are processing the payment but since june, no reply at all from uag and also been checking with the sales rep who sold me the wine investment and was told he is also a victim too.

kindly update me of any news and action .

diana

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7iramisu says 13 years ago

I have invested some stupid wine with UAG, more than 3 yrs ago. They ask me to go and find my own supplier and sell my wine! Can’t reply me when I asked them what is the role of UAG then! I have to go through so much trouble of almost 2 years just to get my inventory report as I split up this investment with my partner – a report that shows just the quantity, but no value!

Can I also get in touch with you guys if you are working out something against that unethical organisation? I’ll be thankful if we can even just get back the principle sum invested.

Thanks!

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Mite says 13 years ago

Hi guys, my portfolio also matured this march but i have yet to get back my money…. can i seek help from u guys too? my email is

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Gary says 13 years ago

Hi Stephanie & Kutoy, Just read some of your correspondence, look like we are the victim of this UAG guaranteed scam. Just contact CAD, Mr Ho confrim that Dominic. the boss of UAG already left the country. What we can do is to get together and ensure the authority go after him asset and work on recovery

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    kutoy says 13 years ago

    gary pls send a note to stephanie so the 3 of us can talk

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    TBH says 13 years ago

    My God! Dominic. the boss of UAG already left the country, really worry our hard earned money gone in the drain. People will just comment us been ‘greedy’, really hope there is “help” to get some money back, we are licking our wound bitterly.

    It seems investments are scary, yet we always been educate to make our wealth grow, I think still go back to olden day, keep them under the pillow.

    I keep calling UAG no reply. Anyone has been to the office?
    Please keep me update, thank you

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Intheknow says 13 years ago

anything too good to be true usually is.

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mud says 13 years ago

I think this topic is outdated….

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east_europe_fraud says 13 years ago

the real kicker is when the brokers themselves “invest” in the wine too 🙂

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Desmond says 13 years ago

I am currently holding to this portfolio of wine that is under UAG’s guaranteed buy-back scheme that will mature next month. However, I think I am going to try to sell it off…
Hopefully can get the money back…..haiz….

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    Stephanie says 13 years ago

    Hey Desmond, would like to contact you regarding this. Do you have an email? I’m also holding on to a portfolio

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      Desmond says 13 years ago

      Hi Stephanie,

      yup..my email is

      Reply
      kutoy says 13 years ago

      hi stephanie, can i contact you as well? i am also holding this portfolio which was supposed to mature last march. been calling their office everyday and sending email everyday but no answer. i went to their office last month and they kept promising to pay. but now i can’t reach them at all.

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        Stephanie says 13 years ago

        Hi Kutoy

        Drop me a mail at and we’ll get in touch. Yes, no one is answering their calls.

        Stephanie

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          Benjamin says 13 years ago

          Hi Steph

          I think it’s important for us to band together to figure out what to do. Heard from CAD that it might be a high court case.

          Pls include me in the mailing list
          Thanks!

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            Eric says 13 years ago

            Hi,

            The link to the Yahoo group is not valid anymore … did a search and found this group, not sure if it is created by the same person.

            http://finance.groups.yahoo.com/group/Singapore-UAG-wine-investment-or-Broker-discussion-forum/

            Anyway, i have joined the group, awaiting approval by the group owner.

            Last but not least, i’m also a fellow victim “investor” of UAG … haiz

            But i invested in physical bottles, didn’t invest in their buy-back scheme as sounds fishy to me plus i didn’t have the cash at that time … else, might have gone in due to greed and forced selling by the broker.

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              Joyce says 13 years ago

              Hi

              Any idea what we can do about this now?

              I’m stuck and not sure what to do next.

              Thanks

              Reply
east_europe_fraud says 13 years ago

i think CASE got it wrong. This should fall under contract law as it is not an investment regulated by MAS.

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