Fah Mai Holdings CEO calls for greater regulation in whisky cask trading
London, UK
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April 29, 2024 11:48 AM Eastern Daylight Time
Fah Mai Holdings Group Inc (OTC:FMHG) CEO Louis Haseman discusses the need for regulating the whisky industry, particularly focusing on the trade of whisky casks.
In an interview with Proactive's Stephen Gunnion, Haseman highlighted a significant issue with scams involving non-existent whisky casks, referencing a public statement by Fergus Ewing of the Scottish National Party about £4 million worth of fictitious casks sold last year. Haseman emphasized that this figure likely underestimates the true extent of fraud in the industry.
Current regulations primarily cover the production and storage of Scotch whisky but do not adequately address the trading of whisky casks, which has minimal oversight. This lack of regulation makes the market susceptible to fraudulent activities.
Haseman argued for increased transparency in the trading process to ensure that investors are aware of the actual existence and value of the casks they purchase. He noted the innovative efforts by Vikki Bruce, who developed 'CaskNet', a platform aiming to provide transparency and potentially mitigate scams by verifying casks. This initiative represents a step towards improving industry standards and protecting consumers.
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