Taiwanese media outlet Business Today received a tip-off claiming that the country’s elites have been caught up in a series of fake wine transactions.
They allegedly spent more than NT$1bn (£23.6m) on high-end Burgundy at two merchants – Top 100 Wine and UMC. These wines are now suspected to be fake.
Huang Huihong, who runs Top 100 Wine, has reportedly agreed to accept returns and reimburse his clients. He allegedly revealed that the batch of suspect wines came from Wood Chen, the billionaire former chairman of electronics giant Yageo Corporation.
Wood Chen’s brother, entrepreneur Pierre Chen, is in the process of auctioning off a wine collection known as The Epicurean’s Atlas.
Sotheby’s expects to fetch a record $50m (£39.2m) by auctioning off the ‘mythical’ collection, and it shattered multiple world records earlier this month. There is nothing to suggest a connection between Wood Chen’s wines and those owned by his brother.
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