Cuba releases Canadian entrepreneur charged of corruption

Cuba has freed a Canadian businessman who was sentenced to 15 years in prison on corruption charges, his company said on Saturday.

Cy Tokmakjian, 74, was declared guilty in September by the Cuban authorities of bribery, fraud and tax evasion, among other charges. He had been held in custody for more than three years.

The Cuban government also confiscated about 100 million U.S. dollars in assets from the Tokmakjian Group, mostly in bank notes, according to a release of the company.

The Tokmakjian Group, based in Vaughn, Ontario, has operated for two decades in the Caribbean country by supplying vehicles, motors, and construction equipments, turning into one of the most successful foreign companies associated with Havana.

It moved about 80 million dollars a year for its business in Cuba before being closed down in September 2011.

The accusations against the Tokmakjian Group involved two other Canadian executives, sentenced to eight and 12 years respectively, as well as 14 Cuban officials, including a former vice-minister of the sugar sector, sentenced to terms ranging from six to 20 years.

The Tokmakjian case occurred in a time when the government of President Raul Castro intends to attract foreign investors and inject fresh capital into the country's battered economy.

The issue has soured Cuba's relations with Canada, which is one of the Caribbean island country's most important trade partners. Enditem.