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Wine News

Fine wine investment fraught with fraud and risk

Stories of fine wine fraud and failing to deliver are making the news this week with a jail sentence for one company director (Benedict Moruthoane) of 7.5 years. He ran Templar Vintners and was director of International Wine Commodities Limited and was found guilty of defrauding clients of nearly £1 million by taking their money but not purchasing the wine they'd invested in. Meanwhile, Bordeaux merchant is being sued for failing to deliver paid-for wines and the Union des Grands Crus de Bordeaux (UGC) has become involved, after several of their members complained about the company. say its problems are due to the general economic downturn but that outstanding deliveries are down to 5% of orders and they are trying to resolve the situation.