Saturday, 14 November 2015

14.11.15 Sherry Week; Rumasa

The II International Sherry Week celebrations were a huge success with more than 1,500 events taking place in 25 countries on 5 continents. The hashtag #Sherryweek reached some 20 million people. There were 200 events in China alone and Britain and the USA tripled the number of events. All sorts of events took place at bodegas, bars, restaurants, universities, wine clubs and hotels. Most notably there were live online tastings and food matching which proved that there is a Sherry for any food anywhere. The Consejo Regulador and the many others involved with making this wonderful event possible are to be wholeheartedly congratulated.

An event in Holland
Thirty two years after the government expropriation of Rumasa the council of ministers has approved the dissolution of the company. The state nationalised the holding company and sold off its constituent companies to the private sector individually because the sheer size of Rumasa made it impossible to sell as a unit. There were so many shareholder claims against the companies that legal history was made, but they have now been dealt with. Rumasa was founded in 1961 by José María Ruiz Mateos who died last September, and the government wants to “close the chapter for good”. While the state stands to receive €160 million from the dissolution of Rumasa, there is still a multitude of claims against Nueva Rumasa, mainly from purchasers of bonds which turned out to be worthless. The state does not own Nueva Rumasa, however.

The Rumasa logo

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