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It is not difficult to question the integrity of the company simply by googling "Australian Wine Index Scam" amidst a growing list of high profile fraud cases happening in Singapore such as Assets Wine Management(AWM), Universal Asset Group (UAG), which has left thousands of investors stranded. Australian Wine Index executed a very clever investment scam usually comprising of three stages. Stage one involves targetting the greed. This is done through enticing unwitting buyer into committing large sum of money into buying wines, promising exaggerated yield and guaranteed returns in 3 years time. Unknown to buyers, these wine were sold at way above market price. The company will then prey on the investor's impatience to wait 3 years for maturity by scamming them the second time. This involves tricking the buyer into buying more wines usually with claims that these wines takes less than a year to sell as compared to the earlier ones. The tactic has successfully created thousands of small investors holding on to tiny portfolios of 1 or 2 wines with no way of exit which is naturally so, given that the wines were bought way above market. Final phase of the "Triple Whammy" involves fear. The fear of losing an opportunity to exit. The shanghai auction completes the hat-trick in scamming investors a third time into parting with their money for fear of not be given a chance to enter for the auction.
The complaint has been investigated and resolved to the customer’s satisfaction.
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They are afraid to face existing clients as most of the agreement had matured & most clients will be demanding buy back on all the wines.
Called this guy from AWI, Robert.
This is his reply "We will not be doing any payouts or offers to AWI clients for the next 30 days. We are sourcing better solutions for yourself and AWI."
Another delaying game.
I just received information the TBW in Jakarta is under relocation and restructuring from 31 October 2014 till further notice.
This is a totally ### isn't? geez..
Hi all... Any one could help or info if foreigner could also file reports to singapore police since TBW registered in singapore? Please help :(
TBW office in Jakarta shutdown the operation and ran away with my investment!
Hello.
First time to Google AWI because I couldn't contact anyone from their office. So disheartened to see it to be a scam! I bought a lot back in 2007 and have been requesting for exit since its maturity in 2010. Thing is, I am not in Singapore anymore.
Any advise what to do to get back even a percentage of my investment or even the wine bottles themselves?
@swat13477
Did you manage to contact tbw? I can't get hold of my portfolio manager at all.
They always have excuses. Worst customer services ever. Better to put your money in bank than invest in them!
totally agreed! They are the worst customer service I've ever known
Anyone has made police report ? Any outcome? Should we all go to make police report?
Hi, did anyone of you being approach by a ex broker claiming that he can help to sell the wine. In return he is asking for 10% commission n he will only get the money after he have sell the Wine. But the wine likely to be only at less than 30% price of what you buy.
@stsl, hmmm sounds very strange for me.. I'm sure this is one of their strategy to gain other profit from us..
Not sure. He claimed he was being approached by some investors like us to help to sell the wine. He is not collecting any money out front but will only get the commission after we received payment for the sold wine. Anyway, really don't know who we can trust and also what to do next.
@stsl, my ex broker is very helpful. And yeah, he tried to help me by hooking me up with Mark Herd and even the CEO Guillianno Matta, but then they ignored me. And for me personally, it's kinda unfair to put all the blames to the brokers as most of them didn't even know that TBW is crap. Just a thought
Yes i am that Awi ex staff and i'm selling clients wine, if you feel this is strange you can verify with me or even you guys can even ask me to meet up too i've got nothing to hide, sorry for being about rude here i help you guys cos i can earn some com for myself too no one works for free to be honest, i only get the com when u get your money simple and payment is not being paid by my but the buyer.when someone tries to help u guys say its strange when no one stand forward you guys say no one is helping..sorry if i'm being rude here
Michael Kurnia is one of the broker in TBW Jakarta!
Latest reply from AWI Robert...
"I have been instructed to tell you that we will not be issuing any checks at the moment. As said before wine sales are in the hole right now across all offices. You have three options, take your wine out for sale or consumption, wait a bit longer until the market improves or take your own actions, No one want the latter, but that is the situation at the moment"
Anyone been able to contact CWT? I just want to take my wine out but no response from them when I tried to contact them!
Our wine used to be stored at Menlo. It is said now in CWT. We did not receive any letter from AWI or Menlo for moving storage. We also never authorized for this moving. It seems wine we bought is still belong to AWI. How can this happen? I just wonder if my wine is still existing. If missing, I can make the police report on stolen.
I have the same issue when I tried to contact them to withdraw my wines. There is no answer from them since 25th Feb 2015.
I was told that the only logistic person that can handle withdrawal of wines is a person called Jelin. I called many times and each time the receptionist told me she is not in and each time I left a message, she did not call back. I tried to call Guillanno but also could not reach him. What else can we do?
Same here. Have been calling the logistic several weeks. Either all not in or all left for lunch.
Can we make a police report?
told you guys i can help but no one cares i can even ask the clients ive helped selling their wines to verify if you guys dont believe
limper... pls check your inbox.
I am looking not looking to sell my wines. Just looking to withdraw them from storage. Can you help?
sorry for the late reply, i can try my best to help in all areas, for those who have pmed me i will call u guys asap as im handling some other clients too pls do allow me some time thks
new address in penang : Gurney Paragon
limper... have pm you. pls check your inbox.
limper, I want to get my money back through you too, pls furnish your contact. Thanks
Hi there, I have tried reading all of these posts and have gotten quite dizzy. I have several cases of wines stored with CWT under my name. My wine was originally invested in a company that totally defrauded its customers and I lost some of my investment. However, the three cases I have are now in CWT and I paid AWI in March of 2014 to help me to sell them at auction with additional wines that they have thrown in. I now understand that this 1) may never happen or 2) was never intended to happen and 3) may be a scam. I would love some advise as to what most people are doing? Who to contact for assistance? Any advise what so ever would be greatly appreciated. I actually saw my wines in February of 2014 right before I sent them over to CWT (under my name with an account password and user name). I can not access that CWT account anymore and am trying to contact CWT. Let me know if there is any kind of class action law suit currently going on...or if there is something else on can do.
Thanks Charles (now in the US)
Dear All,
sorry for the late reply as i've been busying helping clients to get their wines back.sorry if i've replied your pm late, i've given afew forum members my contact for them to contact me directly as i'm really busy at times thus did not time to log in everyday to check.
Hi LImper...any assistance you could provide would be appreciated...I have failed to reach CWT logistics about my wine that is stored under my name with them. I have kind of given up with AWI and am not sure what to do now. Could I get your email or contact details.
Thanks so much. Charles (An AWI investor)
Now I've lost all forms of communication with them. They ignored my emails and phones. Anyone can help me here?
I am in the same boat too Micheal...I have no idea what to do next. I have a few cases of wine in limbo (and supposed to be under my name with CWT).
Hi All, I initiated a law suit again AWI. Pls let me know whether you have also signed the contract and pay them a big sum to engage them selling your wines. Pls sent your message to below email: awilawsuit@gmail.com
Would love to know more about the suit...have emailed you.
hi chaz, noted.already reply.welcome other investors contract me also. awilawsuit@gmail.com
I also have contacted a person to email you. You should be receive it by now.
Hi all, sorry for not being active much on the forum to provide updates, it seems that there are more things happening then expected in there now, i would suggest to do a check on your wines and speak to them carefully
Limper, would you disclose something about 'more things happening than expected' so that we can be more prepared to speak carefully?
I just go to their office today since I bought an exit plan in 2013. According to the plan, the company should buy my wines because they could not sell my wines during the agreement. However, their new so called 'director' denied the exit plan and told me it was illegal. They wouldn't buy back my wines and he gave me a new plan. Let me invest more and changed my wines to rums. Then they would sell my wines/rums in one year. Can I trust them again?