Canadian businessman Cy Tokmakjian Released from Prison

Cy Tokmakjian (Foto: Tokmakjian Group)
Cy Tokmakjian (Photo: Tokmakjian Group)

The Canadian entrepreneur Cy Tokmakjian was released from prison in Cuba and is now back in Canada, his lawyer Barry Papazian informed the Canadian media on Saturday. The businessman was imprisoned in Cuba for more than three years and was sentenced to 15 years in prison for various crimes, including bribery and corruption.

The digital site Martinoticias also echoed the information and statements by Papazian, in which he says that, “Cy returns home in good health, fantastic sprits, and is looking forward to spending time with his family which includes three loving children and seven excited grandchildren.” The lawyer asked that that the privacy of his employer and his relatives be respected.

Tokmakjian operated business in Cuba for more than two decades, with a value estimated to have reached 80 billion dollars   annually. His company specialized in the import and sale of equipment for transport, mining and construction.

In 2011 Tokmakjian was arrested and was made to wait two and a half years in prison, before charges against him were formally filed. In September 2014 he was sentenced to 15 years in prison for bribery and other economic crimes. Tried in the same case were fourteen Cuban officials as well as two senior executives of the Canadian company, Claudio Vetere and Marco Puche, who were sentenced to 12 and eight years’ imprisonment respectively on charges of fraud, bribery, currency trafficking, counterfeiting bank documents and tax evasion.

The release of Tokmakjian occurs a few months after the new Law on Foreign Investment in Cuba went into effect; through this law the government hopes to attract capital to various sectors of the national economy.

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