Singapore wine company chief executive charged with £7.5m fraud en primeur

Eldric Ko fled Singapore in May 2011, just before authorities launched an investigation into his investment firm, Premium Liquid Assets.

He went on the run for 13 years but was arrested and charged with fraud in May upon his return to Singapore.

Ko, the former CEO of Premium Liquid Assets, now faces 13 additional charges.

These include eight counts of conspiracy to defraud investors, three counts of conspiracy to commit a criminal breach of trust and four counts of profiting from a crime.

In a press release, the police said that Premium Liquid Assets offered to sell to investors at the beginning wine between February 2007 and June 2011.

The company agreed to store the wine on behalf of the investors and promised to eventually transfer it to them.

However, Ko allegedly conspired with another executive, Koo Han Jet, to transfer the funds to an offshore bank account belonging to a company called Grand Millesimes.

He then allegedly transferred the money, totalling 12.7m Singapore dollars (£7.5m), to two bank accounts in Singapore that he controlled.

Investors became concerned when they were repeatedly told they had to wait after being asked about the status of their loans. They eventually reported the company to the police.

Authorities estimate up to 400 investors were defrauded. Court documents show one victim was conned into paying 52,440 Singapore dollars (£31,000) for 36 bottles of wine that were never cashed.

Ko’s case was adjourned until September 6. Those found guilty of fraud could face up to 10 years in prison and a fine, according to Strait Times.

The publication also said that criminal breach of trust could result in a sentence of seven years in prison, while those found guilty of profiting from their own criminal conduct could be sentenced to up to 10 years in prison and/or fined up to 500,000 Singapore dollars (296,000 British pounds).

Police have not yet released any information about the case against alleged co-conspirator Koo.