General Electric (GE) has reached a settlement of upwards of $2.7m over the alleged violation of US economic sanctions on Cuba by its subsidiaries, according to the US Treasury Department. GE found and disclosed the alleged violations to the Office of Foreign Assets Control. Subsidiaries of GE allegedly received more than $8m from Cobalt Refinery, a Cuban entity blacklisted by the US. Cobalt Refinery is a joint venture between GE customer Sherritt and the Cuban government. GE has since ended its relationship with Sherritt International.
General Electric (GE) has reached a settlement of upwards of $2.7m over the alleged violation of US economic sanctions on Cuba by its subsidiaries, according to the US Treasury Department. GE found and disclosed the alleged violations to the Office of Foreign Assets Control. Subsidiaries of GE allegedly received more than $8m from Cobalt Refinery, a Cuban entity blacklisted by the US. Cobalt Refinery is a joint venture between GE customer Sherritt International and the Cuban government. GE has since ended its relationship with Sherritt.