Sherritt International Corp.: Case Study

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Sherritt International Corp. is a Canadian company which not only provides the expertise to mine and refine Cuba’s nickel at Moa, but is involved in oil extraction, electrical power and natural gas supplies resulting in some Directors of the company are prohibited from entering the US. Being a commercial friend of Cuba is not without problems. These supportive activities associated with one country would normally ensure a degree of friendship and recognition by the recipient one. However, it is possible to watch Cuban State controlled television for days, weeks even months, without mention of Canada. Perhaps the only recognition of the country which actually does most to support Cuba’s economy is when a Canadian company director is jailed for corruption without public trial as was the case with Mr. Tokmakjian who at age 74 was sentenced to 14 years and Mr. Yacoubin who was sentenced to 9 years in jail and a fine of $7 million. Both men had their business assets confiscated. The day following the October 19, 2015 Federal Election in Canada, Cuban TV news busily reported upon the Haitian, Guatemalan and Argentinian Presidential elections…show more content…
Typically, one of our local TRD Caribe shops has an inner office where there are frequently several waiting to obtain remittances sent by friends and relatives through Western Union. Indeed without those remittances that militarily owned shop like others, would have far fewer customers. The US now permits transfers to non-family in Cuba of up to $2,000 per quarter. Western Union fees are 8% for transfers of $150 - $1,000 and 7% for $1,000 - $40,000. The Canadian banks charge a flat fee of $45 for transfers directly into Cuban bank accounts equating to 2.25% on $2,000 or 0.45% on
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