Source: Trinidad & Tobago ExpressSale of Caroni (1975) Ltd rum stock by auction was aborted yesterday two hours after the auction started.
There were no bids following the announcement by auctioneer Edward Soon that bidding would have to start at $7.8 million.
The auction was to have been held at Rum Distillers of Trinidad and Tobago (RDTT), Old Southern Main Road, Caroni, at 11 a.m.
RDTT was set up after Caroni got out of sugar production in 2003, to sell rum manufactured by the company. RDTT has since closed its doors and handed over the sale of its remaining stocks to certified auctioneer Soon.
Sale of the rum stocks was advertised on September 16 and included bulk rum in 5,388 casks in various types and aged from three to 19 years old, bulk rum in vats measuring 60,000 litres and 2,860 cases of bottled rum.
Registered buyers questioned the quantitative loss in quantity since the last inventory, ten months ago before the start of the auction.
RDTT's chief executive officer, Rudy Moore, assured the buyers that the quantity received would not be less than 92 per cent. He said that the base price had taken into account loss by evaporation of four per cent.
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