SETTLEMENT AGREEMENT OFAC AND THE GENERAL ELECTRIC COMPANY

On 1st October, the US Treasury announced that the General Electric Company has, on behalf of its 3 subsidiaries – Getsco Technical Services Inc., Bentley Nevada, and GE Betz – agreed a settlement of $2,718,581 to settle its civil liability for 289 alleged violations of Cuba sanctions.  The companies accepted payments totalling approximately £8 million from the Cobalt Refinery Company for goods and services provided to an anonymous Canadian corporate customer of GE. The Canadian corporate jointly owned Cobalt, a mining company, with the Cuban government.

https://content.govdelivery.com/accounts/USTREAS/bulletins/2632585

https://www.treasury.gov/resource-center/sanctions/CivPen/Documents/20191001_ge.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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