This article was last updated on April 16, 2022
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According to the officials of the Canadian firm, Tokmakjian Group, the Cuban officials had offered a deal to release their CEO, who was sentenced to 15 years in prison last week, in return for $55-million and company assets on Monday. 74-year-old Cy Tokmakjian has been convicted of bribery and other economic charges, while two of his closest aides from the Ontario-based transportation firm are also sentenced to 12 and 8 years. Fourteen Cubans were also charged.
The Tokmakjian Group conducted annual business of approximately $80-million with Cuba until it was shuttered in September, 2011. The company has filed claims worth more than $200-million through the International Chamber of Commerce in Paris and an Ontario court. Consequently, the court case is straining Cuba’s relationship with one of its biggest trading partners, Canada. According to western diplomats, such attitude will deter other foreign investors to invest in Cuba at a time when it is actively seeking partners from abroad to do business on the communist-ruled island.
The company lawyers met Cuban officials about the case after Tokmakjian’s detainment in 2011. The Tokmakjian Group’s finance vice-president, Lee Hacker, revealed that “they were … told ‘We’re taking all your assets and in addition you’re going to have to send another $55-million down before Cy will be released.’” Addressing reporters at the company’s Ontario headquarters, he refrained from asserting that the deal had fell through. Cuba has yet to comment on the verdict or the sentencing.
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