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CUBAN GOVERNMENT SHUTS DOWN CANADIAN COMPANY
BYLINE: Diego Moya Ocampos
Global Insight
September 19, 2011
Security forces on Friday (16 September) shut down the offices
of the Tokmakjian group, a Canadian company based in Ontario and
operating in Cuba, which conducted sales of construction, transport
and mining equipment and was the representative of Hyundai on the
Communist island. The Tokmakjian group has been operating in Cuba
since 1988. It is not clear if any arrests have been conducted so
far. The company is run by Canadians of Armenian origin.
Significance:The Tokmakjian group constituted one of the biggest
commercial companies in Cuba and operated a USD80-million-per-year
business. The closure of the company is likely to have an impact on
the Cuba's economy, which is going through a process of opening up
the private sector. This is the second Canadian company operating in
the same sector to have closed this year after Tri-Star Caribbean,
Tokmakjian's competitor, was also closed on 15 July as part of an
investigation into corrupt import-export procedures. So far, it seems
that both investigations are connected and more broadly form part of
incumbent president Raul Castro's crackdown on corruption
From: Baghdasarian
BYLINE: Diego Moya Ocampos
Global Insight
September 19, 2011
Security forces on Friday (16 September) shut down the offices
of the Tokmakjian group, a Canadian company based in Ontario and
operating in Cuba, which conducted sales of construction, transport
and mining equipment and was the representative of Hyundai on the
Communist island. The Tokmakjian group has been operating in Cuba
since 1988. It is not clear if any arrests have been conducted so
far. The company is run by Canadians of Armenian origin.
Significance:The Tokmakjian group constituted one of the biggest
commercial companies in Cuba and operated a USD80-million-per-year
business. The closure of the company is likely to have an impact on
the Cuba's economy, which is going through a process of opening up
the private sector. This is the second Canadian company operating in
the same sector to have closed this year after Tri-Star Caribbean,
Tokmakjian's competitor, was also closed on 15 July as part of an
investigation into corrupt import-export procedures. So far, it seems
that both investigations are connected and more broadly form part of
incumbent president Raul Castro's crackdown on corruption
From: Baghdasarian