Robert Parker's reported investor has close ties to fine wine merchant
- Friday 21 December 2012
Soo Hoo pictured in Singapore in 2011
Soo Hoo’s wife Josephine Ng Choo Ping is a senior director of Hermitage Wine, the company Soo Hoo founded and has since left. She is also listed as the majority shareholder of the company.
On 13 December Decanter.com reported that Soo Hoo Khoon Peng is the main shareholder in the syndicate that has invested in Wine Advocate.
As of 26 November 2012 Soo Hoo himself is also listed as a majority shareholder of Hermitage Wine, although he has recently left the company.
Ms Ng Choo Ping confirmed to Decanter.com that she ‘is and will continue to be a director of Hermitage Wine.’
Asked if she could comment on any possible conflict of interest between her husband’s holdings in Wine Advocate, and her directorship of Hermitage Wine, she said any such questions would have to be put to Wine Advocate, and declined to comment further.
Neither Wine Advocate nor Robert Parker have responded to requests to comment.
Hermitage Wine is a Singapore retailer which also offers wine investments and wine futures, particularly Bordeaux. Its website says ‘Many wines from Bordeaux, Burgundy and the Rhone are sold en primeur’.
It adds, ‘Experienced merchants will make an offer based on their judgment of quality. Prices may change based on factors like demand, supply and Parker ratings.’
In terms of its investment arm, Hermitage says, ‘Wine investing has existed for hundreds of years. Records made over the past 300 years demonstrate that fine wine is one of the most stable, high-yielding, low-risk investments in the world. Wine prices are unaffected by general elections, stock market fluctuations, inflation or changes in interest rates.’
Although callers to Hermitage Wine are informed that Mr Soo Hoo ‘has just left the company’, records with Singapore business authorities, which were seen by Decanter.com on 17 December 2012 list him as the second largest shareholder in Hermitage Wine.
Registered in March 2009, the private limited company was first incorporated in May 2006 as Ermitage Private Limited.
Hermitage Wine has paid up capital of SG$1,489,276 against 1,400,000 shares spread between nine people.
According to the records Soo Hoo has the second largest stake with 533820 ordinary shares. Josephine Ng Choo Ping is the largest shareholder with 547820 shares.
Together – according to the official records – the couple controls 73% of Hermitage Wine.