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Posted: Saturday, June 28 2008. 10:40

Red Alert for En Primeur Buyers

A major pitfall in staying away from En Primeur unless one is sure of the impeccable selling company or negociant is getting crooked by the shady company has again come to the fore with a wine investment company in London under investigation by the police has surfaced with a new name, reports Decanter.

The Bordeaux Wine Trading Company, a wine investment company under investigation by UK police, has reappeared under a different name. Apparently, the company has not fulfilled orders totalling £215,000 placed with it by 11 customers.

BWTC is under watch and is being investigated by the economic wing of the crime branch of police.

One client was sold a case of 2005 Pétrus for £19000, about £5000 below the market price. The client was told that it was a distress sale by another customer who needed quick cash to settle an expensive divorce.

BWTC has now reappeared in north London using a new company name: First Growth Investments. It was registered as a new company name on 23 April 2008 and is not a newly-registered company

Decanter claims that FGI is selling Bordeaux 2007 en primeur, such as 20 cases of Château Margaux at £2645, the current market  rate,  including five years storage and insurance. 

The FGI phone is often answered in the name of Bordeaux Wine Trading Company.

The article has been written by Jim Budd, a member of FIJEV, the Paris based International Federation of Wine and Spirits Writers, with a view to warn the potential gullible investors.

Buying en primeur is in a state of infancy in India and with the current laws allowing up to $100,000 worth of yearly investments it could be a very lucrative investment for wine connoisseurs. This article is an attempt to warn these early birds-editor

 

       

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