Today's Date: March 29, 2024
Re:wild and Colossal Biosciences team up to leverage revolutionary technology to save critically endangered species on the brink   •   Make-A-Wish and celebrity wish granters announce goal to recruit 1 million people to become "WishMakers"   •   Jamieson Wellness Publishes Inaugural Sustainability Impact Report   •   Equalpride Partners with TransLash Media for Trans Day of Visibility, Amplifying Voices of Black Trans Femmes in the Arts   •   Parkland Corporation Announces the Results of the 2024 Annual General Meeting of Shareholders   •   Taro Pharmaceuticals U.S.A., Inc. Expands OTC Portfolio for Children with the Introduction of bébé Bottoms™   •   Suffolk Kicks off 2024 “Build With Us @ Suffolk” Program in Boston for Trade Partners, Opening Doors for Minority-,   •   Midea Group releases its first-ever ESG brand story with an unexpected VIP visit highlighting its commitment to sustainability.   •   Anaergia Announces Escrow Closing of Second Tranche of the Strategic Investment   •   Fosun Management on 2023 Annual Results: Focusing on Core Industries with Established Advantages   •   Carnegie Learning Named 2024 SIIA CODiE Award Finalist for Best Educational Game and Best AI Implementation in Ed Tech   •   Sypher Secures Strategic Partnership with FAIA to Fuel Growth   •   Visit Visalia Recognizes Autism Awareness Month in April   •   YMCA of the USA Partners With Old Spice To Increase High School Graduation Among Boys And Young Men Of Color Through Mentorship   •   Empire State Realty Trust Receives WELL Health-Safety Leadership Award; Becomes Among the First Commercial Office and Multifamil   •   Amerex Group Unveils Red Carter Swimwear's Revitalized Collection   •   VIRGIN HOTELS CHAMPIONS INCLUSIVE TRAVEL FOR NEURODIVERSE TRAVELERS   •   Anaergia Announces Delay in the Filing of Its Audited Financial Statements and Related Disclosures   •   Coachella Concerned That People Have Sex, Says AHF   •   National University Receives 2024 Military Friendly® Gold Designation
Bookmark and Share

Coalition Seeks Investigation Of Rum 'Deal'

WASHINGTON  - The Board of Directors of the National Puerto Rican Coalition (NPRC) have announced they have made a formal request to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to investigate a deal between Diageo, a UK-based liquor conglomerate, and the U.S. Virgin Islands.  (http://www.nprcinc.org/files/NPRC DOJ letter.pdfhttp://www.nprcinc.org/files/NPRC SEC letter.pdf)

"Diageo has structured an unusual and highly suspect agreement with the government of the U.S. Virgin Islands," said NPRC Chairman Miguel Lausell. "American taxpayers deserve to know why a British-owned company should receive $6 billion from U.S. taxpayers to create only 40 jobs."

"This is a sweetheart deal of such epic proportions that it should shock the conscience of every Member of Congress," said NPRC President & CEO Rafael Fantauzzi. "The subsidy to Diageo is worth about twice the cost of its rum production. The cost of producing a 'proof gallon' (a measurement of alcohol) of rum in a Puerto Rico distillery is $3.07. Diageo stands to receive$6.38 in direct payments for producing the same rum.

"What's most troubling about this sour deal is that Federal and State officials involved in sanctioning it have close personal ties. That is why we are demanding investigations from the Department of Justice and the Securities and Exchange Commission into whether the activities and actions that led us here directly violate or otherwise seek to circumvent U.S. laws and regulations.

"Investigators should ask: How can a publicly-traded company secure a deal so sweet that it is guaranteed profits that exceed 100 percent annually for up to 60 years? How can a corporate entity guarantee revenue inflows to its shareholders, when the 'rebates' are based on a strictly discretionary federal program that Congress may change or eliminate in any given year? In fact, Congress has modified the 'rum cover-over' formula several times over the last few decades.

"We must question whether those involved have something at stake in this deal. We should demand that every one of them be asked, under oath, if they will be receiving any kind of compensation or future deals from this transaction."

For a copy of the press statement:     CLICK HERE


STORY TAGS: HISPANIC , LATINO , MEXICAN , MINORITY , CIVIL RIGHTS , DISCRIMINATION , RACISM , DIVERSITY , LATINA , RACIAL EQUALITY , BIAS , EQUALITY



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News