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Case No. CU-77526
[ ]
General Manager
Banco Industrial de Venezuela, C.A.
Miami Agency
1101 Brickell Ave., Suite 900S
Miami, Florida 33131
Dear [ ],
This is in response to your letter dated August 3, 2007, requesting guidance as to whether the Miami Agency of Banco Industrial de Venezuela ( "Banco Industrial"), a person subject to U.S. jurisdiction, can maintain an account for TV Sur considering TV Sur's recent changes in ownership and Board participation that involve Cuba or Cuban nationals.
You state that on June 28, 2007, Banco Industrial obtained information indicating that Cuba had purchased a 14% ownership interest in TV Sur. Additionally, you state that a Cuban national, [ ] is one of seven directors for TV Sur. You provide that TV Sur's bylaws define a quorum as three...
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1) RELEVANT BACKGROUND
The following background is useful, though not essential, for an appreciation of the value of Case No. CU-77526. Case No. CU-77526 is one of the most (if not the only) useful available binding determination from OFAC speaking to the scope of the term “control,” as it applies in the context of the Cuban “National” test at 515.302 of the CACR.
The applicant is the Miami branch of a Venezuelan state-owned bank inquiring about the legality of its US-based account for “TV Sur”. TV Sur (full name: “La Nueva Television del Sur, C.A. (TV Sur),” generally d/b/a/ “TeleSUR”) is a Venezuelan entity formed in 2005. It was “sponsored and originally owned by the governments of Venezuela, Argentina, Cuba and Uruguay” (see e.g. https://www.sec.gov/Archives/edgar/data/103198/000119312517376486/d505622dex99d.htm). By all appearances the entity is (as of...