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TOKMAKJIAN GROUP TRADING COMPANY SHUT DOWN IN CUBA OVER CORRUPTION SCANDAL
September 17, 2011 - 15:36 AMT
PanARMENIAN.Net - Cuba has shut down one of the most important western
trading companies in the country as an investigation into alleged
corrupt import-export practices broadened to a second Canadian firm,
foreign business sources said on Friday, September 16.
According to Reuters, state security agents on Friday watched
who entered the building in Havana's Miramar Trade Center where
Ontario-based Tokmakjian Group, one of the top Canadian companies
doing business on the communist-run island, has its offices.
The company offices on the fourth floor were sealed with a notice
that it had been closed by Cuban State Security.
"We received notice on Monday from the foreign ministry and the Council
of State, which is the procedure in such cases, to stop all dealings
with the Tokmakjian Group," said an employee of a Cuban company that
does business with the firm.
Tokmakjian Group is estimated to do around $80 million in business
annually with the Caribbean island, mainly selling transportation,
mining and construction equipment. The company is the exclusive Cuba
distributor of Hyundai, among other brands, and a partner in two joint
ventures replacing the motors of Soviet-era transportation equipment.
Company officials were not immediately available for comment.
Cuban authorities shut down Canadian firm Tri-Star Caribbean on July
15 and arrested company president Sarkis Yacoubian. The company,
considered a competitor of Tokmakjian Group, did around $30 million
in business with Cuba.
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 did business with around half of the 35 Cuban
state companies authorized to import, from tourism, transportation
and construction to the nickel and oil industries, communications
and public health.
The whereabouts of the man who founded the family business, Cy
Tokmakjian, of Armenian heritage, born in Syria and educated in Canada,
was not clear on Friday.
Tokmakjian, a former mechanic, is a self-made millionaire with
interests in Canada and other countries besides Cuba, where he is a
well known figure. He made his first deal with the Caribbean island
in 1988.
http://www.panarmenian.net/eng/news/78414/
From: Emil Lazarian | Ararat NewsPress
September 17, 2011 - 15:36 AMT
PanARMENIAN.Net - Cuba has shut down one of the most important western
trading companies in the country as an investigation into alleged
corrupt import-export practices broadened to a second Canadian firm,
foreign business sources said on Friday, September 16.
According to Reuters, state security agents on Friday watched
who entered the building in Havana's Miramar Trade Center where
Ontario-based Tokmakjian Group, one of the top Canadian companies
doing business on the communist-run island, has its offices.
The company offices on the fourth floor were sealed with a notice
that it had been closed by Cuban State Security.
"We received notice on Monday from the foreign ministry and the Council
of State, which is the procedure in such cases, to stop all dealings
with the Tokmakjian Group," said an employee of a Cuban company that
does business with the firm.
Tokmakjian Group is estimated to do around $80 million in business
annually with the Caribbean island, mainly selling transportation,
mining and construction equipment. The company is the exclusive Cuba
distributor of Hyundai, among other brands, and a partner in two joint
ventures replacing the motors of Soviet-era transportation equipment.
Company officials were not immediately available for comment.
Cuban authorities shut down Canadian firm Tri-Star Caribbean on July
15 and arrested company president Sarkis Yacoubian. The company,
considered a competitor of Tokmakjian Group, did around $30 million
in business with Cuba.
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 did business with around half of the 35 Cuban
state companies authorized to import, from tourism, transportation
and construction to the nickel and oil industries, communications
and public health.
The whereabouts of the man who founded the family business, Cy
Tokmakjian, of Armenian heritage, born in Syria and educated in Canada,
was not clear on Friday.
Tokmakjian, a former mechanic, is a self-made millionaire with
interests in Canada and other countries besides Cuba, where he is a
well known figure. He made his first deal with the Caribbean island
in 1988.
http://www.panarmenian.net/eng/news/78414/
From: Emil Lazarian | Ararat NewsPress