Armajaro: Difference between revisions
→History: Added latest paragraph in sorry saga and changed chocolate finger to chocfinger - this appears to be the correct or at least current nickname in all news today. |
→History: moved recent developments on Ghana story to original paragraph where it was already mentioned. |
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In August 2002, Armajaro bought three quarters of the 204,380 tonnes of cocoa delivered through the [[Euronext#Euronext.liffe|Euronext Liffe]] exchange under futures contracts. The purchase amounted to more than 5 percent of global cocoa production and produced a £58 million gain. The price of cocoa soared to a 17-year high of £1554 a tonne and sparked fears of a massive jump in [[chocolate]] prices.<ref name="nytimes1">{{cite news|last=Cowell|first=Alan|title=War Inflates Cocoa Prices but Leaves Africans Poor|url=http://www.nytimes.com/2002/10/31/business/worldbusiness/31COCO.html?ex=1036645200&en=5326cbc219cc4fb8&ei=5007&partner=USERLAND|accessdate=27 July 2010|newspaper=[[The New York Times]]|date=31 October 2002}} {{Dead link|date=October 2010|bot=H3llBot}}</ref><ref>{{cite news|last=Fletcher|first=Richard|title='Chocolate finger' makes a £10 million bean as stockpiling gamble pays off|url=http://www.telegraph.co.uk/finance/2857532/Chocolate-finger-makes-a-10-million-bean-as-stockpiling-gamble-pays-off.html|accessdate=27 July 2010|newspaper=The Telegraph|date=13 July 2003}}</ref> Ward denied the company was manipulating the market in an effort to drive prices higher amidst the concerns of traders having difficulties fulfilling cocoa obligations.<ref>{{cite news|last=Batt|first=Carolyn|title=Armajaro denies cocoa squeeze as price soars|url=http://www.telegraph.co.uk/finance/markets/2769944/Armajaro-denies-cocoa-squeeze-as-price-soars.html|accessdate=27 July 2010|newspaper=The Telegraph|date=6 August 2002}}</ref> |
In August 2002, Armajaro bought three quarters of the 204,380 tonnes of cocoa delivered through the [[Euronext#Euronext.liffe|Euronext Liffe]] exchange under futures contracts. The purchase amounted to more than 5 percent of global cocoa production and produced a £58 million gain. The price of cocoa soared to a 17-year high of £1554 a tonne and sparked fears of a massive jump in [[chocolate]] prices.<ref name="nytimes1">{{cite news|last=Cowell|first=Alan|title=War Inflates Cocoa Prices but Leaves Africans Poor|url=http://www.nytimes.com/2002/10/31/business/worldbusiness/31COCO.html?ex=1036645200&en=5326cbc219cc4fb8&ei=5007&partner=USERLAND|accessdate=27 July 2010|newspaper=[[The New York Times]]|date=31 October 2002}} {{Dead link|date=October 2010|bot=H3llBot}}</ref><ref>{{cite news|last=Fletcher|first=Richard|title='Chocolate finger' makes a £10 million bean as stockpiling gamble pays off|url=http://www.telegraph.co.uk/finance/2857532/Chocolate-finger-makes-a-10-million-bean-as-stockpiling-gamble-pays-off.html|accessdate=27 July 2010|newspaper=The Telegraph|date=13 July 2003}}</ref> Ward denied the company was manipulating the market in an effort to drive prices higher amidst the concerns of traders having difficulties fulfilling cocoa obligations.<ref>{{cite news|last=Batt|first=Carolyn|title=Armajaro denies cocoa squeeze as price soars|url=http://www.telegraph.co.uk/finance/markets/2769944/Armajaro-denies-cocoa-squeeze-as-price-soars.html|accessdate=27 July 2010|newspaper=The Telegraph|date=6 August 2002}}</ref> |
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Armajaro is one of three companies that were banned by the Ghana Cocoa Board from operating on the western border of [[Ghana]] after being indicted for facilitating the smuggling of cocoa across Ghana's border with Côte d'Ivoire.<ref>{{cite news|title=Illegal cocoa smuggling: Three firms banned|url=http://news.myjoyonline.com/business/201004/45312.asp|accessdate=27 July 2010|newspaper=Daily Graphic|date=27 April 2010}}</ref> |
Armajaro is one of three companies that were banned by the Ghana Cocoa Board from operating on the western border of [[Ghana]] after being indicted for facilitating the smuggling of cocoa across Ghana's border with Côte d'Ivoire.<ref>{{cite news|title=Illegal cocoa smuggling: Three firms banned|url=http://news.myjoyonline.com/business/201004/45312.asp|accessdate=27 July 2010|newspaper=Daily Graphic|date=27 April 2010}}</ref> Armajaro was barred from trading in 13 districts in western Ghana after a journalist filmed one of its contractors agreeing to smuggle cocoa across the border to Ivory Coast where prices were higher. After the results of an inquiry by the Ghana cocoa board, the ban on Armajaro was lifted in September in all but one district. Bans on two local trading companies, which had been implicated by the same journalist, were also lifted.<ref>http://www.ft.com/cms/s/0/ff9f46be-e52b-11df-8e0d-00144feabdc0.html</ref> The case has caused additional scandal after it was revealed that the British Government had lobbied for Armajaro which was also a significant donor to the Conservative party as well as to Andrew Mitchell, the international development secretary who reportedly intervened on Anthony Ward's behalf after receiving £40,000 in donations from the millionaire's company to his parliamentary office.<ref>http://www.guardian.co.uk/politics/2010/oct/31/andrew-mitchell-ghana-cocoa-armajaro</ref> |
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On July 17, 2010, Armajaro purchased 240,100 tonnes of [[cocoa bean|cocoa]].<ref>{{cite news|last=Farchy|first=Jack|title=Hedge fund develops taste for chocolate assets |url=http://www.ft.com/cms/s/0/e50feefc-9120-11df-b297-00144feab49a.html|accessdate=27 July 2010|newspaper=[[Financial Times]]|date=16 July 2010}}</ref> The buyout caused cocoa prices to rise to their highest level since 1977. The purchase was valued at £658 million and accounted for 7 per cent of annual global cocoa production.<ref>{{cite news|last=Sibun|first=Jonathan|last2=Wallop|first2=Harry|title=Mystery trader buys all Europe's cocoa|url=http://www.telegraph.co.uk/finance/markets/7895242/Mystery-trader-buys-all-Europes-cocoa.html|accessdate=27 July 2010|newspaper=The Telegraph|date=17 July 2010}}</ref> While cocoa beans are perishable, they can be held in storage for several years. |
On July 17, 2010, Armajaro purchased 240,100 tonnes of [[cocoa bean|cocoa]].<ref>{{cite news|last=Farchy|first=Jack|title=Hedge fund develops taste for chocolate assets |url=http://www.ft.com/cms/s/0/e50feefc-9120-11df-b297-00144feab49a.html|accessdate=27 July 2010|newspaper=[[Financial Times]]|date=16 July 2010}}</ref> The buyout caused cocoa prices to rise to their highest level since 1977. The purchase was valued at £658 million and accounted for 7 per cent of annual global cocoa production.<ref>{{cite news|last=Sibun|first=Jonathan|last2=Wallop|first2=Harry|title=Mystery trader buys all Europe's cocoa|url=http://www.telegraph.co.uk/finance/markets/7895242/Mystery-trader-buys-all-Europes-cocoa.html|accessdate=27 July 2010|newspaper=The Telegraph|date=17 July 2010}}</ref> While cocoa beans are perishable, they can be held in storage for several years. |
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Ward, the manager of the hedge fund, has been dubbed "Chocfinger" by fellow traders for his exploits. The nickname is a reference to both the Bond villain [[Auric Goldfinger|Goldfinger]] as well as a British confection.<ref name="nytimes1"/><ref name="nytimes2">{{cite news|last=Werdigier|first=Julia|last2=Creswell|first2=Julie|title=Trader’s Cocoa Binge Wraps Up Chocolate Market|url=http://www.nytimes.com/2010/07/25/business/global/25chocolate.html?_r=2|accessdate=July 27, 2010|newspaper=[[The New York Times]]|date=July 24, 2010}}</ref> |
Ward, the manager of the hedge fund, has been dubbed "Chocfinger" by fellow traders for his exploits. The nickname is a reference to both the Bond villain [[Auric Goldfinger|Goldfinger]] as well as a British confection.<ref name="nytimes1"/><ref name="nytimes2">{{cite news|last=Werdigier|first=Julia|last2=Creswell|first2=Julie|title=Trader’s Cocoa Binge Wraps Up Chocolate Market|url=http://www.nytimes.com/2010/07/25/business/global/25chocolate.html?_r=2|accessdate=July 27, 2010|newspaper=[[The New York Times]]|date=July 24, 2010}}</ref> |
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On October 31st it was reported that Armajaro was barred from trading in 13 districts in western Ghana after a journalist filmed one of its contractors agreeing to smuggle cocoa across the border to Ivory Coast where prices were higher. After the results of an inquiry by the Ghana cocoa board, the ban on Armajaro was lifted in September in all but one district. Bans on two local trading companies, which had been implicated by the same journalist, were also lifted.<ref>http://www.ft.com/cms/s/0/ff9f46be-e52b-11df-8e0d-00144feabdc0.html</ref> The case has caused additional scandal after it was revealed that the British Government had lobbied for Armajaro which was also a significant donor to the Conservative party as well as to Andrew Mitchell, the international development secretary who reportedly intervened on Anthony Ward's behalf after receiving £40,000 in donations from the millionaire's company to his parliamentary office.<ref>http://www.guardian.co.uk/politics/2010/oct/31/andrew-mitchell-ghana-cocoa-armajaro</ref> |
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==References== |
==References== |
Revision as of 10:04, 1 November 2010
Armajaro is an investment firm based in London. The company specialises within the cocoa and coffee markets, managing investments in soft commodity and equity hedge funds. Armajaro is run by Anthony Ward and employs over 1000 people through its subsidiary companies.[1]
Armajaro also has investments in wine production and wine distribution as well as cocoa processing.
Armajero employs a full time meteorologist and has its own weather stations to help anticipate yields of commodities around the world.[2]
History
Armajaro Group was founded by Anthony Ward and Richard Gower in May 1998. That November, Armajaro Securities Ltd gained Financial Services Authority authorisation. Armajaro, in 2001, acquired a wine producing estate in Paarl, South Africa. The company established subsidiaries in Lagos, Nigeria and Abidjan, Côte d'Ivoire and got into the asset management business in 2002.
In August 2002, Armajaro bought three quarters of the 204,380 tonnes of cocoa delivered through the Euronext Liffe exchange under futures contracts. The purchase amounted to more than 5 percent of global cocoa production and produced a £58 million gain. The price of cocoa soared to a 17-year high of £1554 a tonne and sparked fears of a massive jump in chocolate prices.[3][4] Ward denied the company was manipulating the market in an effort to drive prices higher amidst the concerns of traders having difficulties fulfilling cocoa obligations.[5]
Armajaro is one of three companies that were banned by the Ghana Cocoa Board from operating on the western border of Ghana after being indicted for facilitating the smuggling of cocoa across Ghana's border with Côte d'Ivoire.[6] Armajaro was barred from trading in 13 districts in western Ghana after a journalist filmed one of its contractors agreeing to smuggle cocoa across the border to Ivory Coast where prices were higher. After the results of an inquiry by the Ghana cocoa board, the ban on Armajaro was lifted in September in all but one district. Bans on two local trading companies, which had been implicated by the same journalist, were also lifted.[7] The case has caused additional scandal after it was revealed that the British Government had lobbied for Armajaro which was also a significant donor to the Conservative party as well as to Andrew Mitchell, the international development secretary who reportedly intervened on Anthony Ward's behalf after receiving £40,000 in donations from the millionaire's company to his parliamentary office.[8]
On July 17, 2010, Armajaro purchased 240,100 tonnes of cocoa.[9] The buyout caused cocoa prices to rise to their highest level since 1977. The purchase was valued at £658 million and accounted for 7 per cent of annual global cocoa production.[10] While cocoa beans are perishable, they can be held in storage for several years.
Ward, the manager of the hedge fund, has been dubbed "Chocfinger" by fellow traders for his exploits. The nickname is a reference to both the Bond villain Goldfinger as well as a British confection.[3][11]
References
- ^ "Our Approach". Armajaro.com. Retrieved 27 July 2010.
- ^ "Interview with Anthony Ward, Armajaro". Opalesque.TV. YouTube. Retrieved 27 July 2010.
- ^ a b Cowell, Alan (31 October 2002). "War Inflates Cocoa Prices but Leaves Africans Poor". The New York Times. Retrieved 27 July 2010. [dead link]
- ^ Fletcher, Richard (13 July 2003). "'Chocolate finger' makes a £10 million bean as stockpiling gamble pays off". The Telegraph. Retrieved 27 July 2010.
- ^ Batt, Carolyn (6 August 2002). "Armajaro denies cocoa squeeze as price soars". The Telegraph. Retrieved 27 July 2010.
- ^ "Illegal cocoa smuggling: Three firms banned". Daily Graphic. 27 April 2010. Retrieved 27 July 2010.
- ^ http://www.ft.com/cms/s/0/ff9f46be-e52b-11df-8e0d-00144feabdc0.html
- ^ http://www.guardian.co.uk/politics/2010/oct/31/andrew-mitchell-ghana-cocoa-armajaro
- ^ Farchy, Jack (16 July 2010). "Hedge fund develops taste for chocolate assets". Financial Times. Retrieved 27 July 2010.
- ^ Sibun, Jonathan; Wallop, Harry (17 July 2010). "Mystery trader buys all Europe's cocoa". The Telegraph. Retrieved 27 July 2010.
- ^ Werdigier, Julia; Creswell, Julie (July 24, 2010). "Trader's Cocoa Binge Wraps Up Chocolate Market". The New York Times. Retrieved July 27, 2010.