Split over future of rum refinery
A difference of opinion among the Ward family over the proposed sale of The Rum Refinery at Mount Gay Ltd has resulted in the resignation of three prominent members from the board of directors.
Managing director of the centuries-old St Lucy refinery Dr Frank Ward told the Midweek Nation yesterday the decision of his father Dr Frank Ward Snr, himself, and his uncle Louis Ward, the former board chairman, to step down was taken at a recent shareholders meeting.
Saying he could not speak about further negotiations on the sale, Ward suggested any questions about the future direction and policy of the company should be directed to new chairman Bryan Wellington who resides in Trinidad.
“What you are dealing with is a big difference within the family as to the direction of the company and the equity that the shareholders have in the company and may get the rid of,” Ward said.
He explained in a telephone interview: “Most of the old board of directors declined to be re-appointed because the old board of directors were of the opinion that the company should accept the offer from an interested party and when it appeared this was not going to happen, they took the decision that they were going to demit office or do not seek re-election.”