Citigroup has resigned as trustee to the family trusts controlling the Bacardi rum empire. No explanation has been given and Bacardi declined to comment.
The world's largest privately-held spirits group has been looking at a flotation for several years but has yet to persuade all the family members of the benefits.
Bacardi suffered a 21% drop in net profits last year due to falling sales of "ready-to-drink" cocktails like Bacardi Breezers.
The Sunday Times 09/10/05 (Business) page 3.3
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