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National Post (Canada)
August 25, 2011 Thursday
National Edition
Cuba investigates dealings of Canadian trading firm; Tri-star Caribbean
by Marc Frank, Reuters
HAVANA . Cuban authorities are investigating the business dealings of
Canadian firm Tri-Star Caribbean Inc., one of the best-known trading
companies on the island, foreign business and diplomatic sources said
this week.
The cause of the investigation was not clear, but it appeared to be
the latest looking into kickbacks involving Cuban imports, sources
said.
Company president Sarkis Yacoubian was questiond in mid-July, they
said, and since then as many as 50 to 60 people, mainly company sales
personnel, state purchasers and functionaries, have been questioned
and in some cases imprisoned.
Cuban President Raul Castro has made fighting corruption a top
priority since taking over for his ailing brother, Fidel, in 2008, and
in the past year a number of Cuban officials and foreign businessmen
have been charged in graft cases.
Tri-Star Caribbean does business with a broad assortment of ministries
and state-run businesses - from tourism, transportation and
construction to the nickel and oil industries, communications and
public health.
The company has one of the largest foreign trading offices in Havana
and has sold hundreds of millions of dollars worth of transportation,
construction and other equipment and machinery to the communist-run
country since 1996.
Mr. Yacoubian, an Armenian-born Canadian citizen, has always gotten a
tip of the hat from other foreign traders for his deftness at
navigating the turbulent and murky waters of Cuba's export-import
businesses.
"Due to the U.S. embargo and our close links to the United States,
most companies are loath to do business directly with Cuba," said a
Canadian businessman who asked not to be named.
"So the Cubans turn to the trading companies which do the purchasing
and delivery for a high margin and inevitably run into Cuba's security
apparatus, which is tasked in part with circumventing U.S. sanctions,"
he said.
Tri-Star has gained a high profile in Cuba by involving itself in
civic causes and throwing lavish year-end parties for prominent local
and foreign businessmen.
Now those same circles are rife with rumours about who has been
questioned, what might be behind the investigation and Mr. Yacoubian's
whereabouts.
An employee at Tri-Star's headquarters in Novia Scotia said he was not
there and his brother, Greg, reached at a Toronto phone number, said,
"I can't make any comment right now."
A Western diplomat said the investigation was unusual because it is
being carried out by state security services, not the
Attorney-General's office.
August 25, 2011 Thursday
National Edition
Cuba investigates dealings of Canadian trading firm; Tri-star Caribbean
by Marc Frank, Reuters
HAVANA . Cuban authorities are investigating the business dealings of
Canadian firm Tri-Star Caribbean Inc., one of the best-known trading
companies on the island, foreign business and diplomatic sources said
this week.
The cause of the investigation was not clear, but it appeared to be
the latest looking into kickbacks involving Cuban imports, sources
said.
Company president Sarkis Yacoubian was questiond in mid-July, they
said, and since then as many as 50 to 60 people, mainly company sales
personnel, state purchasers and functionaries, have been questioned
and in some cases imprisoned.
Cuban President Raul Castro has made fighting corruption a top
priority since taking over for his ailing brother, Fidel, in 2008, and
in the past year a number of Cuban officials and foreign businessmen
have been charged in graft cases.
Tri-Star Caribbean does business with a broad assortment of ministries
and state-run businesses - from tourism, transportation and
construction to the nickel and oil industries, communications and
public health.
The company has one of the largest foreign trading offices in Havana
and has sold hundreds of millions of dollars worth of transportation,
construction and other equipment and machinery to the communist-run
country since 1996.
Mr. Yacoubian, an Armenian-born Canadian citizen, has always gotten a
tip of the hat from other foreign traders for his deftness at
navigating the turbulent and murky waters of Cuba's export-import
businesses.
"Due to the U.S. embargo and our close links to the United States,
most companies are loath to do business directly with Cuba," said a
Canadian businessman who asked not to be named.
"So the Cubans turn to the trading companies which do the purchasing
and delivery for a high margin and inevitably run into Cuba's security
apparatus, which is tasked in part with circumventing U.S. sanctions,"
he said.
Tri-Star has gained a high profile in Cuba by involving itself in
civic causes and throwing lavish year-end parties for prominent local
and foreign businessmen.
Now those same circles are rife with rumours about who has been
questioned, what might be behind the investigation and Mr. Yacoubian's
whereabouts.
An employee at Tri-Star's headquarters in Novia Scotia said he was not
there and his brother, Greg, reached at a Toronto phone number, said,
"I can't make any comment right now."
A Western diplomat said the investigation was unusual because it is
being carried out by state security services, not the
Attorney-General's office.