Canadian Taxpayers Flip the Bill for Business (Confiscations) With Cuba's Regime

Wednesday, October 1, 2014
By now, we're all familiar with the 15-year prison term the Cuban regime recently handed to Canadian businessman, Cy Tokmakjian, who was one of Castro's biggest business partners.

Moreover, that the Castro regime confiscated over $100 million worth of the company's assets in Cuba.

And finally, that Cuba's military generals asked for an additional $55 million ransom to release Tokmakjian.

Today's news, which should come as no surprise, is that all of Tokmakjian's business in Cuba was financed and guaranteed by the Canadian government -- to the tune of nearly $400 million.

And now, Canada's taxpayers are stuck with the hefty bill.

Note: Canada's credit agency provided the financing directly to Castro's regime.

That's quite a deal -- for Castro.

From Reuters:

Canada agency financed C$418 million in Cuba deals for Tokmakjian firm

A little-known Canadian federal agency helped put in place a total of $418 million ($373 million) worth of Cuban deals for a firm headed by Cy Tokmakjian, the businessman jailed for corruption in Havana last week.

The Canadian Commercial Corporation (CCC) acts as Canada's international contracting and procurement agency, helping Canadian firms bid for procurement contracts with foreign governments.

When acting as a prime contractor the CCC helps mitigate risks by signing a contract with a foreign government and then a separate contract with a Canadian supplier. This ensures that a company does not need to worry about being paid as long as it fulfills the term of the contract.

In Cuba, the CCC helped Canadian businessmen like Tokmakjian by providing trade financing to Cuban government buyers.