17th December 2010

Choc Finger offloads his cocoa

'Choc Finger', aka Anthony Ward of Armajaro Holdings, has now sold the immense stockpile of cocoa he's been sitting on since July when he cornered the market by buying up and taking delivery of 240,000 tonnes of cocoa beans.

That £658 million purchase represented about 15% of global stocks and drove cocoa prices up to a 33-year high.

According to the Financial Times, Armajaro has incurred a small loss on its cocoa position and will have financial and warehousing costs for holding the cocoa since late July, around $7m-$10m per month.

Choc Finger was also in the news recently over revelations that the Tory international development secretary Andrew Mitchell intervened on his behalf in Ghana, having received £40,000 from Armajaro Holdings while in opposition.

This was despite the fact that Andrew Mitchell's department is responsible for promoting development and the reduction of poverty, not British business interests overseas.

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.