Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Fah Mai Holdings CEO calls for greater regulation in whisky cask trading By: News Direct April 29, 2024 at 11:48 AM EDT --News Direct--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.Contact DetailsProactive UK+44 20 7989 0813UKEditorial@proactiveinvestors.comView source version on newsdirect.com: https://newsdirect.com/news/fah-mai-holdings-ceo-calls-for-greater-regulation-in-whisky-cask-trading-872426108 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Fah Mai Holdings CEO calls for greater regulation in whisky cask trading By: News Direct April 29, 2024 at 11:48 AM EDT --News Direct--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.Contact DetailsProactive UK+44 20 7989 0813UKEditorial@proactiveinvestors.comView source version on newsdirect.com: https://newsdirect.com/news/fah-mai-holdings-ceo-calls-for-greater-regulation-in-whisky-cask-trading-872426108
--News Direct--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.Contact DetailsProactive UK+44 20 7989 0813UKEditorial@proactiveinvestors.comView source version on newsdirect.com: https://newsdirect.com/news/fah-mai-holdings-ceo-calls-for-greater-regulation-in-whisky-cask-trading-872426108