Rum Distillers to be privatised?

Anthony Phillip, newly-elected Chairman of the Rum Distillers of Trinidad and Tobago (RDTT) is not aware that government wants to privatise the company. Phillip, who is also Managing Director, WITCO, was responding to claims that government wants to divest itself of the rum business. But sources say that the government is intent on privatising the RDTT. Phillip said he was not in a position to talk about government’s intentions but he added that the Board was mandated to revive the operations of the rum distillery and restructure it to make it a profitable entity on an ongoing basis. “Privatisation is something that the shareholder (government) has to determine. The Board of Directors and management will address the issues of restructuring and ensure that the company is profitable on an ongoing basis and does not require any government subvention.”

Another Board member William Benjamin said he was not aware of government’s intention to privatise RDTT. He said when they were given their instruments of appointment they were mandated to bring the RDTT to a viable entity. “That is what we have been doing. We have been developing plans and taking actions to make it a successful and viable entity. Whether they want to privatise or not is a matter for the government and the Divestment Secretariat.” The RDTT now falls under the Ministry of Trade and Industry and is the responsibility of Minister Ken Valley.

Lawrence Duprey, chairman, in a recent interview with Business Day said government lost any chance of getting CL Financial to acquire the distillery since the formation of CL World Brands. Duprey was at the time speaking about the company’s recent acquisition of Thomas Hine and Company Limited. “I have acquired distilleries in Ireland and Scotland and all over the world. They missed their chance,” he said. CL Brands currently has distilleries in different parts of the world including St Lucia.