Curated News
By: NewsRamp Editorial Staff
April 29, 2024
Fah Mai Holdings CEO Calls for Greater Regulation in Whisky Cask Trading
TLDR
- Investors can gain advantage by using 'CaskNet' platform to verify the existence and value of whisky casks before purchase.
- The lack of regulations for trading whisky casks leaves the market vulnerable to fraudulent activities, leading to the need for increased transparency.
- Implementing transparency in whisky cask trading will protect consumers from scams and improve industry standards, making the market a safer place for investors.
- Fah Mai Holdings CEO emphasizes the need for regulating the whisky industry to combat fraudulent activities in the trading of whisky casks.
Impact - Why it Matters
The need for greater regulation in the whisky industry, particularly in the trading of whisky casks, impacts consumers and investors by addressing the issue of fraudulent activities. The call for increased transparency in the trading process aims to protect consumers and investors from scams involving non-existent whisky casks, ultimately improving industry standards and safeguarding their interests.
Summary
Fah Mai Holdings Group Inc (OTC:FMHG) CEO Louis Haseman is calling for greater regulation in the whisky industry, specifically focusing on the trade of whisky casks. Haseman highlighted the issue of 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. Current regulations primarily cover the production and storage of Scotch whisky but do not adequately address the trading of whisky casks, making 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 also noted the innovative efforts by Vikki Bruce, who developed 'CaskNet', a platform aiming to provide transparency and potentially mitigate scams by verifying casks.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Fah Mai Holdings CEO Calls for Greater Regulation in Whisky Cask Trading
