Thursday, December 14, 2017

Cutting CL Financial out of Angostura*

Angostura’s distillery at its Laventille factory.

At last Thursday’s post-Cabinet news conference, in a speech that one commentator said “could be appraised as attaining his Churchillian finest hour,” Finance Minister Colm Imbert, left what he clearly felt was his most damaging blow for last: his ministry’s researchers had “discovered” that CL Financial only owns 17 per cent of Angostura and 38 per cent of CL World Brands.
Are the Ministry of Finance’s researchers right, or do they arrive at CL Financial owning 17 per cent and 38 per cent of Angostura and CL World Brands respectively by assuming that the group does not own 51 per cent of Clico and 100 per cent of Clico Investment Bank?
In building his case, Imbert said, “Our research has led us to discover that Angostura is owned 45 per cent by a company called Rumpro, 32 per cent by Clico and 22 per cent by the public.
“Rumpro is owned 100 per cent by a company called CL World Brands, which is incorporated in Scotland.

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