This is a blog that will take you through the Rum lifestyles of a fine group of people that enjoy the fun and pleasure of fine rums. We will travel to distilleries, partys, and Rum Events to bring you the Rumstyles of all those we come in contact with.
Tuesday, December 6, 2016
Audit of the House of Angostura Rum Practices
The integrity of
Angostura's rum is under audit. Angostura
rum company has been buying bulk rum from Cuba and South America and simply
repackaging it, without substantial changes, and selling it to export markets. This action is in breach of the European
Union's rules of origin with regard to rum blending integrity, and raising questions about the claims for its rum blends true age, according to board
documents from Angostura. Angostura, a publicly
traded company on the Trinidad and Tobago Stock Exchange and could be
fined for its breaches, board minutes have indicated.
Robert G. Wong
Angostura chief executive Robert Wong has been on administrative leave
for two months after the discovery by the board of directors. Robert Wong told the media, “I won't comment just yet. I am not guilty of anything. It's
unfortunate. I am not sure what the motivation is. I understand the present
board wanted a changing of the guard and we had discussed it, but that action
didn't go through.” Angostura has informed the Securities and Exchange Commission (SEC) and appointed Genevieve Johan, executive manager of export and business
development, acting chief executive.
Angostura Aging Bodega
The board of directors first became aware of this issue in August when it was asked to sign off on a $16.5
million purchase of heavy rum concentrate to meet its rum production quota for
2016 and early 2017.Angostura's management could not guarantee the integrity of the
products which had been exported over the past few years as it had not been
sufficiently transformed during the distillation process. The management also could not guarantee
that it had not made false declarations in the export certificates of origins
of exports using heavy rum concentrate in its rum blends.