Case No. CU-76354, License No. CU-76354 [Application included]

Date issued: May. 23 2008

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TURBOFAC Commentary (958 words)

Notes:

1) The CEC is a U.S. entity owned predominantly by U.S. persons and, per OFAC’s determination, is not a Cuban “National” within the meaning of 515.302 of the CACR. However, substantially all of the assets of CEC consist of “a claim in the amount of approximately U.S. $267 million, plus accrued interest, against the Government of Cuba, certified by the U.S. Foreign Claim Settlement Commission,” which is an asset that OFAC regards as property in which Cuba has an interest (see Notice Regarding the Transfer of Claims against Cuba Certified by the Foreign Claims Settlement Commission). Such claims are, essentially, judgments against the Cuban government.

2) OFAC determines that, based on the foregoing (see the “letter dated June 22, 2006” in the PDF file), Cuba “has an interest in CEC’s shares” such...