The founder of Nant Distting appeared in court earlier this week under charges of defrauding investors in a whisky investment scheme. Whisky investment fraud has become popular in the last two decades, relieving victims of hundreds of thousands of dollars.
The distillery founder, now accused, appeared in a video conference during a scheduled hearing at Hobart Magistrates’ Court on Wednesday, 29 January. Keith Batt did not enter a plea at the even though he was prompted to do so.
According to an affidavit of the case, the businessman was charged with 736 criminal offenses. The cases include
- 622 counts of fraud,
- Over 66 counts of stealing and
- 48 counts of “dishonestly acquiring a financial advantage relating to the whisky scheme.”
News Media Flock Whisky Investment Scheme Trial
Despite Batt’s absence, several news media, including the Australian Broadcasting Corporation(ABC), attended the trial. ABC reported that the crimes from 2007 to 2016 amounted to AU$586,680 in alleged offenses.
The Nant Distillery in Bothwell, Tasmania, sold vast quantities of barrels to investors, promising to repurchase them later. However, the barrels were never filled.
The affidavit also disclosed that some clients purchased more than ten barrels, with one customer buying 13 barrels for AU$3,667 each. Batt has defrauded 13 entities, including 10 individuals, couples, and families, one company, and two retirement funds.
The Case Against Nan Distilling
The whisky investment scheme charges against Batt appeared in 2017 when an equity group, Australian Whisky Holdings, made the discovery. The company found over 700 whisky casks sold under Nant Distilling Company’s barrel investment scheme. None of these casks were filled or registered.
Worst yet, none of the barrels even existed.
Shortly afterward, the planned acquisition of NANT Distillery was terminated. The NANT Group’s planned sales were unsuccessful, and Keith Batt was arrested.
That same year, Australian Whisky Holdings purchased the Nant Estate and started managing the barrel management project.
The accused is scheduled to reappear in court in May 2025.
