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.

     The House of Angostura in a statement said, "The integrity of Angostura's international branded rums is not under audit," says Mrs. Genevieve Jodhan, CEO Acting of Angostura Holdings Ltd.  "All our international branded rum products are aged and meet international standards." 

Read More at http://www.trinidadexpress.com/20161203/news/audit-into-angostura-rum-ceo-sent-on-leave-company-using-foreign-bulk-rum-in-local-products-for-export